Employees toiling under the Golden Arches now have access to an impressive credit card from McDonald's; one that provides discounts at local merchants of up to 50% off, as well as big price breaks at national retailers. Employees can save up to $1,500 using the card, the burger giant says.
So is it the “Big Mac” of credit cards?
We’ll get to that in a second, but first let’s push the stereotypes aside. Many middle-income Americans moonlight at McDonald's part-time to augment their incomes in a time of great economic strife. Such consumers are perfectly able to qualify for most credit cards. Even young workers just starting out might make McDonald's their first full-time job and are adopting some good personal finance habits.
But when you work at a fast-food restaurant chain, you’re not exactly breaking the bank. And absent any other income, you might not be the credit risk that credit card companies are looking for. Below is a list of what the average McDonalds worker earns per hour (from Payscale.com)
- Cashier -- $7.34
- Fast Food Worker -- $7.57
- Assistant Manager, Fast Food -- $9.54
- Restaurant Manager -- $9.64
- Cook, Fast Food -- $7.40
- Combined Food Preparation and Serving Worker -- $7.55
- Sales Clerk/Cashier -- $7.46
That’s why you have to give McDonald's some credit here. Yes, the company doesn’t pay a great hourly wage, but at least it’s offering employees a good shot at a credit card, with some honest benefits that can help workers with their monthly budgets.
That’s no small accomplishment. Only 51% of Americans aged 18 to 24 - a prime demographic for McDonald's employment - indicated they had used a credit card in the last month, according to a 2009 survey by Javelin Research. That means McDonald's is offering credit to a wide swath of Americans who may not otherwise be able to get one.