World's First Non-profit Business Credit Card Unveiled

Set up in 2016, Charity Charge originally started to make it easier for people to donate their 1% cash-back to their favorite non-profit when making purchases. Now, the company has created the first ever card specifically for non-profits to use for their own business purchases.

The Charity Charge Nonprofit Business Mastercard, issued by Commerce Bank, is the first-of-its-kind to turn a non-profit's business expenses into cash rewards that can be used to fund operations.

Non-profits spend over $1.8 trillion each year, and it is surprising how the sector has been neglected by the banking sector in terms of providing a loyalty mechanism for customer retention. 

The new card has no fees and gives 1% cashback to the non-profit when employees purchase goods. The main benefit is that it does not require an individual signer on the hook for the entire organization. This is a sticking point for non-profits who may wish to access traditional credit cards.

At a time where nonprofits are drop in donations for the first time in 4 years, the card could offer a welcome boost to the balance sheet. Whilst the card may not be perfect for all organisations, it is a welcome step in providing improved financial services to an under-served sector.