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How Strangers Connecting to Your Wi-Fi Network Can Earn You Rewards

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“Give and you shall receive.” That seems to be the motto of the new Wi-Fi device called Karma. Mashable reported on this nifty new device that is projected to launch at the end of 2012.

How does it work?

Similar to features found in the iPhone 4S (AAPL) and some Android (GOOG) models, the $69 Karma hardware functions as a 4G hotspot courtesy of Clearwire (CLWR). Users can buy bandwidth for $14.99 per gigabyte.

When someone else is searching for an open network and selects your Karma hotspot using Facebook (FB), the user will get 100MB of free data and, in turn, you receive 100MB of free data for every user who connects.

I’m not done explaining the all of exceptional benefits of this hotspot. Remember that user who jumped onto your open Karma network and received 100MB of free data? Well, he can carry over his remaining balance to use when he finds another Karma open network.

Now doesn’t that sound pretty cool?

“It is not tied to a device, or to a network, but to you,” co-founder Steven van Wel explains in the Mashable story.

Some of Karma’s best features include the absence of contracts, overage fees, or subscriptions. That means no more selling your soul for two years just for an Internet connection. Plus, the hardware lasts up to eight hours on a single charge.

The device also offers more tools for social networking. When the Karma hotspot owner is logged into Facebook he can see who is using his network, while users can send a thank you note to their Wi-Fi host.

I’m sure we’ll be seeing a lot from Karma in the near future. The company just announced a deal with American Airlines that will offer free in-flight use of device to frequent flyers, plus the car service company Uber will be adding Karma in their fleet of cars.

Before you make the switch to Karma, don’t forget to do your research. Mashable reports that plans offered by AT&T (T), Verizon (VZ) and T-Mobile offer 5GB of data per month starting at $50. So figure out how much data you usually use. If you’re watching a lot of movies on your computer or iPad and you’ve gotten hit with huge overage fees by your provider, then Karma might be for you.

I know I’ll be looking into purchasing Karma as soon as it’s available. I would like to be contract free and a little more zen.

(See also: How to Keep Verizon and AT&T From Screwing You Over and How to Charge Your iPhone or Android Like James Bond)
POSITION:  No positions in stocks mentioned.