It's a good idea, but like any scheme, can be worked around. If it's a standalone application (i.e. not perpetually online), a keygen could be written, and thus

It's a good idea, but like any scheme, can be worked around. If it's a standalone application (i.e. not perpetually online), a keygen could be written, and thus the names that are used to create the keys are garbage names / gibberish. In either case, people could buy valid copies of your software with fraudulent or stolen credit card information and share those keys. Only the crackers (red zone) have the emotional burden of performing credit card fraud, while the more moderate pirates still benefit.