Credit card

Say “hello” to the Hello Alice credit card

In a bid to increase the availability of credit – including deals that improve credit scores – small business stimulation platform Hello Alice launched the Hello Alice Small Business Mastercard on Tuesday August 16th.

The card, issued in conjunction with Mastercard and First National Bank of Omaha, comes with joint programs such as cash back. The card also includes “expert trading advice” and “powerful trading insights,” said Tuesday’s (Aug. 16) announcement. Additionally, cardholders who complete certain tasks on the Hello Alice platform will receive points on their cards.

The card will also include features to help business owners with limited or poor credit increase their scores. The card will include secure and unsecured options.

On its website, Hello Alice stated that the card will carry an annual percentage rate of 0% on purchases and transfers made during the first six months after opening and after that the annual percentage will increase to “ 14.99% to 23.99% depending on your creditworthiness”.

Elizabeth Gore and Carolyn Rodz, co-founders of Hello Alice, said in a prepared statement that the card was designed to “break down long-standing barriers to mentorship, access to credit and financial health. of those who have traditionally been denied access.” They said business owners who were not part of the previous majority populations find it “particularly” difficult to access capital during economic booms or busts. .

Mastercard North America President Linda Kirkpatrick said in a prepared statement that the card is part of the company’s “mission to build a more inclusive digital economy by providing small businesses with the financial tools and capital they need to thrive”. She also said the card will help close the gaps in wealth and opportunity faced by black communities.

Hello Alice said in the announcement that $70 million in grants to fund “credit enhancements” by 2025 would help 30,000 small business owners get $1 billion in access to credit.

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