A new credit card coming this spring will reward you for shopping at women-owned businesses
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This spring, Seneca Women and Deserve will launch a credit card to support women-focused businesses.
The Card by Seneca Women will earn 3% cash back when you shop at eligible women-owned businesses.
The card also earns 2% back in your top spending category, and 1% back on everything else.
This spring, The Card by Seneca Women, a credit card by a global leadership and media platform focused on the principle of advancing women and girls, will launch in partnership with Deserve and Mastercard.
“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 US Commodity Futures Trading Commission, in a press release.
“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.”
If you’re interested in applying, you can now reserve your spot on Seneca Women’s waitlist. Here’s what you should know about the card.
The Seneca Women Card offers cash-back rewards
The Card by Seneca Women doesn’t offer a welcome bonus or upscale benefits, and doesn’t charge an annual fee. It earns 3% cash back when you shop at women-owned businesses found on the Seneca Women Marketplace, where over 1 million companies will be listed.
The Marketplace platform lists over 1 million boutique brands that are owned by women. You can search companies by product category or location, and they include merchants that sell jewelry, apparel, food, toys, and beauty products.
Additionally, the card will offer 2% cash back on your monthly top spending category, and 1% unlimited cash back on all other purchases. However, the 3% and 2% cash-back categories are capped to a maximum of $500 in combined spending each month.
As a cardholder, you will be granted ongoing access to the Seneca Women community, which hosts special events and media programming, including shows on the Seneca Women Podcast Network.
You can align your spending with your values
If you’re looking to earn more rewards by supporting women-owned businesses, this card may be for you. Not only does it promote shopping at women-owned businesses, but cardholders can also choose to allocate their rewards to women-focused nonprofits that are part of the Women’s Economic Future Fund.
Another finding from the LeanIn.org foundation shows that working women, including those who are entrepreneurs, faced what is coined as a “double-double shift,” as those with families found themselves caring for sick or elderly family members and homeschooling kids during the pandemic.
Is The Card by Seneca Women the best option for you?
The Card by Seneca Women isn’t the best option if you’re looking to maximize your cash back on everyday purchases. While it does give you an incentive to shop at women-owned businesses, if your goal is to earn the most rewards for your spending, there are plenty of other no-annual-fee credit cards that offer better rates of return. Some of these cards also offer substantial welcome bonuses.
Or consider the Citi® Double Cash Card, which offers unlimited 2% cash back (1% when you make a purchase and 1% when you pay it off) on all eligible purchases.
Laila Maidan is the personal-finance-storytelling fellow at Insider. She covers personal stories about peoples’ financial journeys. Have a story about a financial accomplishment to share? Email firstname.lastname@example.org.