AUSTIN, Texas, Jun. 04 /CSRwire/ - Charity Charge, a public benefit corporation, announced today a new credit card designed to specifically address the needs of nonprofits. The Charity Charge Nonprofit Business Mastercard, issued by Commerce Bank, is the first-of-its-kind to turn business expenses into rewards that support nonprofit operating models. Launch clients include charities such as local chapters of the United Way, The Junior League, YMCA, Global Impact, The Toby Keith Foundation, and 1% for the Planet.
Kate Williams, CEO of 1% for the Planet said, “When we learned that we could shift our business expenses to a Charity Charge credit card, it was an easy decision. We like that using the card integrates giving back into every purchase we make. The automatic cash-back rebates are great, and the fact that no personal guarantor is required allows us to further reduce our organization's risk and liability.”
While traditional small business cards used by nonprofits include various fees and different rewards systems, the Charity Charge Nonprofit Business Mastercard keeps it simple and adds business perks, including:
Access to Mastercard’s global network, travel and security/theft protection programs;
No annual fees;
1% cash rebates on a monthly basis directly to nonprofits’ credit card statements;
Custom-branded cards with the organization’s logo; and
Discount program to access more than 200 vendors, such as FedEx, Enterprise, and Staples.
“Today marks an exciting step forward as we roll out the first business credit card designed for nonprofits,” said Stephen Garten, founder and CEO of Charity Charge. “There are more than 1.5 million nonprofit organizations in the U.S. spending more than $1.8 trillion dollars each year, which shows how much nonprofits can benefit from a new credit card model that helps them manage expenses and earn cash back.”
Nonprofit, academic, and religious organizations can benefit from advanced expense management features in the Charity Charge Nonprofit Business Mastercard platform that are not typically available to smaller organizations. These tools enable built-in online expense reporting and employee card limits, ensuring that nonprofits can effectively manage expenses.
“Doing well by doing good is a key aspect of Mastercard’s business strategy,” said Ed Glassman, EVP, Account Management, North America at Mastercard. “This program, which is exclusively designed for nonprofits, is an innovative way to help them conduct their business while turning expenses into rewards.”
“Global Impact’s partnership with Charity Charge has been meaningful,” said Luis Guardia, Chief Business Officer of charity Global Impact. “Part of Global Impact’s purpose is to incubate and support innovative nonprofits, as well as help streamline their financial operations. Charity Charge allowed us to quickly secure credit cards for our nonprofit clients that would have otherwise taken months.”
Nonprofits with a two-year history of revenue and spending can request to be pre-qualified for the new card in just a few days by visiting www.charitycharge.com. The Charity Charge Nonprofit Business Mastercard is underwritten by Commerce Bank, a commercial credit card issuer since 1968.
A collaborative partnership with GuideStar also speeds up the application process for nonprofits. It saves them time from tracking down financials and reduces paperwork because Charity Charge can quickly retrieve the necessary financial data for requesting a credit line.
About Charity Charge
Charity Charge is a public benefit corporation headquartered in Austin, Texas. Charity Charge’s mission is to empower nonprofits by maximizing their impact through intelligent financial technology services. The company was founded in 2012 by noted social entrepreneur Stephen Garten to honor his father’s legacy and one rule: “Always do the right thing.” Follow Charity Charge on Facebook, Instagram, Twitter and YouTube@CharityCharge.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
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