Mastercard has teamed up with Elevate Credit, a provider of online credit to non-prime borrowers, to develop a card aimed at the "New Middle Class", those US adults whose lack of credit history or irregular income excludes them from traditional borrowing. The card, called MasterCard, is designed for people who have been out of work and are looking for ways to build credit. Elevate’s center focuses specifically on the “New Middle Class,” a growing cohort of productive yet credit-constrained Americans with credit scores lower than 700 and little to no savings. Eligibility for a card will be assessed using alternative sources to help those with limited or poor credit history and the card is expected to become available this year.
Mastercard has teamed up with Elevate Credit, a provider of online credit to non-prime borrowers, to develop a card aimed at the "New Middle Class", those US adults whose lack of credit history or irregular income excludes them from traditional borrowing. The card, called MasterCard, is designed for people who have been out of work and are looking for ways to build credit. Eligibility for a card will be assessed using alternative sources to help those with limited or poor credit history and the card is expected to become available this year.