US-based online credit solutions provider Elevate Credit has teamed up with Mastercard to develop a new credit card for people without any or with low credit scores.
With plans for commercial launch over the coming months, the companies will integrate an on/off functionality into the new card to ensure better security.
The card, which is set to leverage advanced data analytics, will be accompanied by a provision for tracking credit score, a full service mobile application, custom purchase options and fraud alerts.
Elevate Credit general manager of Bank Products, Jason Goldberg said: “Through this alliance, we hope to bring a prime customer experience to millions of people in the non-prime market, including many credit card features traditionally reserved for those with very high credit scores.”
The partnership is in line with Mastercard’s Inclusive Futures project aimed at providing solutions for underserved customers who experience ‘inconsistent benefits’.
Mastercard executive vice-president of Digital Partnerships Sherri Haymond said: “By aligning with companies such as Elevate, we can create digital products and services to help manage finances and speed payments, making lives easier and safer for one-third of the US workforce.”