Elevate Credit, Inc. (Elevate), a tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, announced on Thursday the launch of its Today Card, powered by Mastercard, for non-prime consumers. According to Elevate, 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 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.
Elevate reported that the 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. The 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. While sharing more details about the Today Card, Jason Goldberg, Today Card General Manager, stated:
“This is an exciting new product for Elevate and our customers. 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.”
Other 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
Ken Rees, CEO of Elevate, also commented:
“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.”
Mike Watson, CEO of Capital Community Bank, added:
“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.”
The pilot program has launched and a waitlist has been established for consumers to express interest in applying for the card in the future.