Mastercard and Deserve Launch Credit Card to Advance Women in the Economy
- Credit Cards
- 05.03.2021 05:18 pm
The Card by Seneca Women is the first-ever credit card that rewards cardholders when they shop from women-owned businesses and drives donations to women-focused nonprofits
Seneca Women, a global leadership and media platform, together with Mastercard and Deserve today announced a credit card created to advance women in the economy. The Card by Seneca Women, scheduled to launch this Spring, is the first-ever credit card to reward cardholders for shopping at women-owned businesses that are included in the Seneca Women Marketplace. The Marketplace for cardholders will launch with over 1 million women-owned businesses. The Card also helps drive donations to women-focused nonprofits.
“It was less than 50 years ago that women could be turned down for a credit card based solely on their gender. And today, women continue to face inequalities, from racial and gender pay gaps to lack of access to capital for women entrepreneurs to disproportionately bearing the economic impact of the pandemic,” said Sharon Bowen, Seneca Women Partner, Board Member of Intercontinental Exchange and Neuberger Berman, and the first African American Commissioner of the U.S. Commodity Futures Trading Commission. “The Card by Seneca Women is part of our answer to these challenges. We believe the Card offers a meaningful way to help accelerate gender equality and create a better future for all.”
Cardholders will get 3% cash back* when they shop from women-owned businesses included in the Seneca Women Marketplace. The Marketplace for cardholders will launch with more than 1 million women-owned businesses and will grow as cardholders and others nominate additional businesses for inclusion. The Card also provides 2% cash back* on purchases in cardholders’ top spending category for the month and 1% cash back* on every other purchase. The Card has no annual fee.
To make a greater impact, cardholders will be able to use their rewards to support women-focused nonprofits that are part of the Women’s Economic Future Fund. The fund was created by Seneca Women in partnership with Rockefeller Philanthropy Advisors with founding contributors P&G and Mastercard to bolster nonprofits that serve and support women.
“Connecting consumers to women-owned businesses and nonprofits has never been more important than now,” said Kim Azzarelli, Co-Founder and CEO of Seneca Women. “Women-owned businesses were hit particularly hard by the pandemic and they also have the potential to help drive economic renewal. Women also influence the lion’s share of purchasing power. The Card and Marketplace reward consumers who use their purchasing power to shop from women-owned businesses. It also provides a way to use rewards to support nonprofits that advance women at a time when these nonprofits need it most.”
Cardholders will also have ongoing access to the Seneca Women community, featuring special events, the Marketplace, and media programming, including shows on the Seneca Women Podcast Network. The waitlist to apply for The Card by Seneca Women is open now and is located at www.card.senecawomen.com. A credit card for small businesses is anticipated to follow later this year.
“At Mastercard, we are endlessly inspired by the ideas and leadership of women entrepreneurs. We also understand how hard the last year has been on women business owners and particularly women of color. The Card by Seneca Women represents a collective step forward — it’s a landmark moment that will have a real impact, and we are proud to help shape the new era of women’s economic empowerment,” said Ann Cairns, Vice-Chair of Mastercard.
"It's not just about equity," said Kalpesh Kapadia, CEO and Co-Founder of Deserve. "Diversity is the cornerstone of a successful and healthy national and global economy. We cannot thrive unless all of us thrive. Deserve is proud and humbled to power this exciting new initiative from Seneca Women, which will empower so many to achieve."
“Research shows time and again that when we support women, everyone benefits. Women invest in their families and communities, and help create a better world for all,” said Ambassador Melanne Verveer, Seneca Women Co-Founder and former United States Ambassador-at-Large for Global Women's Issues. “The Card is the ultimate win-win-win, rewarding consumers who shop their values, benefitting our communities and economy, and making a positive difference for women everywhere. Simply put, a world of possibilities starts with The Card.”
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