A new credit card that rewards spending for women-owned businesses will hit the market in early April 2021. Qualifying may be easier than many others rewards credit cards.
Image courtesy Seneca Women
Seneca Women’s card is supported by the Seneca women Management and media platform, together with Deserve and Mastercard. There is no annual fee and offers:
2% discount on the cardholder’s highest monthly spending category.
1% discount on all other purchases.
The card’s 3% and 2% rewards are capped at a total of $ 500 per month. So you can earn a maximum of $ 15 per month or $ 180 per year in these bonus categories.
To redeem the Cashback Awards, cardholders can receive bank statement credits in increments of $ 25. Another option is to redeem donate the rewards to women-oriented non-profit organizations.
Those who wish to apply for the card can join a waiting list to be the first to be notified when it officially launches.
More about Seneca Women’s map
The Seneca Women Marketplace includes more than 1 million women owned businesses where cardholders can shop either online or in person to earn the rewards. Goods include clothing, groceries, and jewelry.
Unlike many reward cards, you don’t need good to excellent credit (usually) Credit scores of 690 or higher) to get it. It may be available to those with only average credit (score at least 630). Average credit is also known as fair credit.
In announcing the card’s launch, Sharon Bowen, a Seneca Women partner and former commissioner for the U.S. Commodity Futures Trading Commission, spoke about the historic significance of a card that focuses on rewarding women-owned businesses.
“Less than 50 years ago, women could be rejected for a credit card based solely on their gender,” she said in a statement. “And today women continue to face inequalities, from racial and gender pay gaps to lack of access to capital for women entrepreneurs to disproportionately bear the economic impact of the business pandemic. ”
This card, she added, is part of the answer to those challenges.
“We believe the map is a meaningful way to accelerate gender equality and create a better future for all.”