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.
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's features will include purchase and fraud alerts, credit score monitoring, a full-service mobile app and on/off functionality. 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.