NEW YORK, March 5, 2021 /PRNewswire/ -- 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 will also help 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 will also provide 2% cash back* on purchases in cardholders' top spending category for the month and 1% cash back* on every other purchase. The Card will have 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 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."
About Seneca Women
Seneca Women is a global leadership and media company centered on the principle that advancing women and girls will fast-forward us to a more equitable and prosperous world. Seneca Women focuses on driving impactful media and thought leadership through its media properties including the Seneca Women Podcast Network with iHeartMedia and founding partner P&G; signature thought leadership events at Davos, the Metropolitan Museum of Art and the New York Stock Exchange; a weekly newsletter; and significant partnerships with the public and private sectors. The Card by Seneca Women and the Seneca Women Marketplace seek to expand this work by supporting women-owned businesses and nonprofits. Seneca Women was co-founded by Ambassador Melanne Verveer, the first U.S. Ambassador for Global Women's Issues, and Kim Azzarelli, a corporate, legal and media executive, who together co-authored the best-selling book Fast Forward: How Women Can Achieve Power and Purpose, who were joined by Sharon Bowen, former Commissioner of the U.S. Commodity Futures Trading Commission. Connect with Seneca Women at senecawomen.com and learn about the Card at card.senecawomen.com.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
Through a digital-first, mobile-centric, highly configurable credit card solution, Deserve is powering the future of fintech. Using machine learning and alternative data, Deserve partners with universities, associations, financial institutions, fintechs, and modern consumer brands to develop, rapidly deploy and power white label and co-branded credit card programs for any audience. Deserve is a venture-backed fintech company whose investors include Goldman Sachs, Sallie Mae, Accel, Pelion Venture Partners, Aspect Ventures, and Mission Holdings. Connect with Deserve on Facebook, LinkedIn, and Twitter or visit http://www.deservecards.com and http://www.deserve.com for more information.
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SOURCE Seneca Women