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A new credit card that rewards spending on women-owned businesses will hit the market in early April 2021, and it may be easier to qualify for than a lot of other rewards credit cards.
The Card by Seneca Women is backed by the Seneca Women leadership and media platform, along with Deserve and Mastercard. It will have no annual fee and will offer:
3% cash back on purchases from women-owned businesses listed in the Seneca Women Marketplace (more on this below).
2% back on cardholders’ top monthly spending category.
1% back on all other purchases.
The card's 3% and 2% rewards are capped at a total spend of $500 per month, so the most you could earn in those bonus categories is $15 per month, or $180 per year.
To redeem the cash back rewards, cardholders can receive statement credits in increments of $25. Another redemption option is to donate the rewards to women-focused nonprofits.
Those interested in applying for the card can join a waitlist to be the first notified when it officially launches.
More about The Card by Seneca Women
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. Merchandise includes clothing, food and jewelry.
Unlike many rewards cards, you don't need good to excellent credit (typically credit scores of 690 or higher) to get it. It's potentially available to those with only average credit (scores of at least 630). Average credit is also known as fair credit.
In the announcement of the card's launch, Sharon Bowen, a Seneca Women partner and former commissioner of the U.S. Commodity Futures Trading Commission, spoke of the historical significance of a card that focuses on rewarding women-owned businesses.
“It was less than 50 years ago that women could be turned down 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 bearing the economic impact of the pandemic.”
This card, she added, is part of the answer to these challenges.
“We believe the card offers a meaningful way to help accelerate gender equality and create a better future for all.”
Card image courtesy of Seneca Women