EqualityCard, the credit card that combines shopping with giving, has announced the launch of a new prepaid debit card.
Philanthropy Ventures, LLC describes EqualityCard as “an initiative to revolutionize charitable giving.” Started in February 2014, the number of new cardholders and LGBT nonprofits signing up has been steadily increasing ever since, and just five quarters later it has raised nearly $40,000 for over 90 LGBT non-profit affiliates. All funds were generated from tax-deductible donations equal to 1 percent of purchases with the card—at no cost to the cardholders.
According to a press release shared with 429Magazine, a strong response to the brand led the company to develop “a General Purpose Reloadable (GPR) Prepaid Visa Debit Card under the same distinctive EqualityCard® brand…GPR prepaid cards are one of the fastest growing segments of the financial services industry as they provide a valuable alternative for individuals and communities that are underserved by traditional banking products.”
As a prepaid debit card, this version of the EqualityCard is not paired with a credit line, but is instead pre-loaded with funds by the cardholder in order to make purchases in person and online.
The founder/CEO of Philanthropy Ventures LLC, EqualityCard creator Nick Lepetsos, said in a statement, “We have been so inspired by the positive and energetic response from the LGBT community over the past year that we began looking for other ways that we could add value for our cardholders and the LGBT non-profits that mean the most to them. A prepaid debit card with the same distinctive EqualityCard® branding seemed like the perfect next step.
“During our first year of operation, we realized that for a number of individuals in the LGBT community, a credit card may not be the right fit for them for a variety of reasons. Several such individuals conveyed to me how much it would mean to them to be able to carry and use the EqualityCard® brand, and to give back to the LGBT community…
“At that point, we knew that we had to develop a prepaid card to allow every individual in the LGBT community to become part of the EqualityCard® family.”
At its launch, EqualityCard had just over a dozen original non-profit LGBT affiliates. Sixteen months later, it has expanded to ninety-four, ranging from small community organizations to those with national impact. The EqualityCard Project is led by a Board of Advisors, which is made up of individuals from all over the LGBT movement and from nearly every state in the US.
More information about the EqualityCard prepaid Visa debit card can be found here.