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A new kind of credit card just opened its waitlist – inviting women to sign up for a unique opportunity to beat the pink tax through targeted rewards. Sequin launched an early access email list on Oct. 24, 2019, with plans to announce more card details over the coming months.In an article on Medium announcing the launch, Sequin founder and CEO Vrinda Gupta describes her inspiration for the card as deeply rooted in women’s financial experiences.
“Sequin’s mission is to pay back the absurd cost of womanhood – from the ‘pink tax’ (estimated to cost us $1,350 per year) to the luxury tax on feminine care products (not a luxury). We’re aiming to address a 7 point gender credit score gap – which, by the way, exists because we’re paid less,” said Gupta in the announcement.
See related: The pink tax: What it is and how you can battle it
According to the Sequin website, the new card will attack these issues by offering cash back on commonly pink-taxed purchases – including beauty products and dry cleaning. The card will have a flashy, metallic design that allows it to double as a mirror.
Since Sequin is still in its early stages, it is also not yet clear how accessible the card will be. The product aims to help women improve their credit, but rewards cards are typically reserved for those who already have a good credit score (above 670).
A step in the right direction toward beating the pink tax?
Sequin is entering a heated battle – the deep-rooted financial struggle women have faced for decades. By allowing women to build their credit scores and earn rewards on pink-taxed items, it is easy to see how the card could make women’s financial lives easier.
See related: The hidden cost of being a woman
But is this the best solution for beating the pink tax, gender pay gap and credit score gap? Issues like the gender pay gap are nuanced, complicated problems that require systemic change to overcome. Critics argue that rewards that offset the pink tax are a band-aid solution compared to addressing the need for gendered products in the first place – or encouraging companies to price men’s and women’s products equally.
Since Sequin is still in early development stages, it still remains to be seen all the steps the card will take to address gendered issues. Targeted rewards are a good place to start, but they may not be enough.
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