Mastercard, Seneca Women & Deserve unveils new Credit Card to help accelerate gender equalityMastercard, along with Seneca Women, a global leadership and media platform, and Deserve, has announced a credit card created to advance women in the economy.
The Card by Seneca Women, scheduled to launch later this year, rewards cardholders for shopping at women owned businesses included in the Seneca Women Marketplace. It also helps drive donations to women-focused non-profits.
“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. 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,” 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.
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Cardholders will get 3% cashback when they shop from women-owned businesses included in the Seneca Women Marketplace. The Marketplace for cardholders is to be launched with more than 1mn women-owned businesses and is expected to grow as cardholders, and others nominate other businesses for inclusion. The Card also provides 2% cashback on purchases in cardholders’ top spending category for the month and 1% cashback on every other purchase.
“Connecting consumers to women-owned businesses and nonprofits has never been more important than now. 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,” said Kim Azzarelli, Co-Founder and CEO of Seneca Women.
Cardholders can also use their rewards to support women-focused nonprofits that are part of the Women’s Economic Future Fund. Seneca Women created the fund in collaboration with Rockefeller Philanthropy Advisors with founding contributors P&G and Mastercard to bolster nonprofits that serve and support women. Cardholders will also have ongoing access to the Seneca Women community.