According to the 2019 American Express State of Women-Owned Businesses Report, the number of women-owned businesses is growing two times the rate of all businesses nationwide. Forty-two percent of all businesses are owned by women. These numbers show how important it is to support these businesses, especially now…
According to the 2019 American Express State of Women-Owned Businesses Report, the number of women-owned businesses is growing two times the rate of all businesses nationwide. Forty-two percent of all businesses are owned by women. These numbers show how important it is to support these businesses, especially now that we’re coming out of the pandemic, which has hit small women-owned businesses especially hard.
The best way to support these businesses is to patronize them. A new credit card called the Card by Seneca Women will promote spending at women-owned businesses by rewarding such spending.
Additionally, the card will offer monthly bonus cash back in the cardholder’s top spending category and an option to donate rewards to nonprofits that support women’s financial growth, safety and health.
What is The Card by Seneca Women?
The Card by Seneca Women is a new cash back credit card product issued by Mastercard, designed to support women-owned businesses.
The Seneca card will offer 3% back when you shop from eligible women-owned businesses, 2% back on your monthly top spending category and 1% back on everything else.
Earning 3% back can prove lucrative if you pick women-owned businesses for your regular spending. The 2% cash back category can also be convenient if you prefer a simple credit card strategy or if you need a card to reward you in a spending category your other cards don’t have covered.
Note that the rewards in the combined 3% and 2% categories are capped at $500 monthly.
Rewards redemption options
Since the Seneca card is a new product yet to open for applications, not all the details are available, including information on how cardholders will be able to redeem their cash back rewards.
However, the card’s website mentions an option to donate rewards to nonprofits in the Women’s Economic Future Fund. The fund was created by Seneca Women and Rockefeller Philanthropy Advisors to support nonprofit organizations working to advance women’s economic empowerment and health. The nonprofits the fund supports include Justice for Migrant Women, Safe Horizon, YWCA and others.
See related: Women’s guide to charitable giving
Eligible Seneca Women businesses
You can earn 3% back at over 1 million eligible women-owned businesses included in the Marketplace by Seneca Women. If your favorite women-owned business isn’t in the marketplace, there’s an option to nominate it.
Some examples of businesses spotlighted in the marketplace include Drybar, Sudara loungewear, Caire Beauty skincare and many more. You can even listen to some of the business owners’ stories by following links on the page that will take you to Made by Women podcast episodes.
How to join the waiting list
Even though you can’t apply for the Seneca card yet, there’s an option to join the waiting list. All you need to do is provide your name and email on the card’s website. This way, you can be among the first to apply for the new card.
Note that adding yourself to the waitlist doesn’t guarantee approval. The issuer will still evaluate your application to determine whether you qualify.
The Card by Seneca Women will allow you to vote with your money and earn rewards while doing so. We’re excited about this new product and hope to see more innovative credit cards created with women business owners and consumers in mind.