Elevate Launches Prime Credit Card for Non-Prime Consumers
Fort Worth, TX – July 18, 2018 – Elevate Credit, Inc. (“Elevate”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, and Capital Community Bank of Utah announced the launch of Today Card powered by Mastercard. As the first non-prime credit card with a full suite of prime features, Today Card will be issued by Capital Community Bank of Utah (“CCBank”) and will specifically help expand access to credit for members of the New Middle Class, the nearly 160 million non-prime Americans who are too often overlooked by mainstream financial institutions.
Today Card was designed with prime features to help expand access to credit for non-prime consumers with a credit card product that promotes responsible use. Today Card offers a family share feature where customers can request additional cards with access to a specified portion of one’s credit line, including alerts and the ability to turn a card on or off; this feature provides greater access to more underserved consumers. Today Card also offers free credit score monitoring and a full-service mobile app along with custom purchase and fraud alerts.
“This is an exciting new product for Elevate and our customers,” said Jason Goldberg, Today Card General Manager. “In combination with our advanced data analytics and underwriting capabilities and the mobile-first approach for the product, the new Today Card powered by Mastercard includes features that until now had only been offered to prime consumers. We’re excited to offer features that make life convenient for real middle-class consumers on the go. We offer the ability to check your transactions or balance, pay your bill through our mobile app, or even pay your bill with a debit card.”
Today Card benefits include:
- Mobile first experience – Available on iOS and Android devices, customers can pay and control their account from the mobile app and receive push notifications
- Credit lines up to $3,500
- Rates as low as 29.99% (variable based on Prime)
- Zero liability fraud protection
- Fraud alerts and custom purchase alerts your way – through email, SMS, or push notifications through the mobile app
- Family share feature – For a $10 one-time fee per card, customers can receive additional cards for family members, turn the cards on and off, and assign portions of their credit line to each user
- Credit score monitor – Customers can view credit score and monthly credit reports
The pilot program has launched and as of today, a waitlist has been established for consumers to express interest in applying for the card in the future.
“CCBank is excited to partner with Elevate on this groundbreaking new credit card product. We pride ourselves on building partnerships with innovative companies that offer customer-first, needs-driven products,” said Mike Watson, CEO of Capital Community Bank.
Last year, a PwC study found that 82% of banks plan to increase bank and fintech partnerships. Today, Elevate, CCBank, and Mastercard are making this a reality. The same study concluded that community banks must find a way to utilize technology to compete in today’s market – Today Card powered by Mastercard does just that.
“We are proud to be partnering with Capital Community Bank of Utah and Mastercard for this new product, as we believe fintech and bank partnerships are the way of the future and important for fintech’s long-term success,” said Ken Rees, CEO of Elevate.
As part of the Mastercard Inclusive Futures project designed to address the needs of people who often juggle multiple jobs, variable paychecks and inconsistent benefits, Elevate previously announced a partnership with Mastercard in April 2018.
About Capital Community Bank
Founded in 1993, Capital Community Bank is a full-service, community-focused financial institution, headquartered in Utah. CCBank prides itself on finding innovative ways to extend lending solutions to customers nationwide. The bank offers both revolving and installment financing programs, in addition to traditional consumer and commercial banking services.
Elevate (NYSE: ELVT) has originated $5.5 billion in credit to more than 2 million non-prime consumers to date and has saved its customers more than $3 billion versus the cost of payday loans. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic, Sunny and Today Card. For more information, please visit https://www.elevate.com.