If the customer desires, the card could even include no name or account number on it, making transactions anonymous and the card useless to thieves who would need the PIN number in order to use it.

"Traditional, and even online, incumbents have been charging what adds up to billions of dollars of fees every year that ultimately comes out of consumers' pockets," Case said in a statement earlier this week.

The concept is enough to get Wall Street excited: Revolution Money has already raised $50 million in venture capital funding from companies that included Citibank and Morgan Stanley.

Not surprisingly, its first partner is AOL, who will allow payments through the AIM service. Details on its RevolutionCard platform were not immediately available.

The online payment system could be seen as a threat to PayPal and Google Checkout, while its credit card concept could significantly shake up the long-entrenched personal credit industry, which has three large players -- American Express, MasterCard and Visa -- and a host of others with limited reach.

More on the card can be found at the Revolution Money website.