The financial wellness company Credit Sesame has launched the Sesame Credit Builder, a Mastercard (NYSE:MA) debit card designed to help people build their credit.
According to the San Francisco-based company, Sesame Credit Builder is designed to strengthen a credit score by building a positive payment history with everyday debit purchases. Unlike a traditional secured credit card, applicants are not required to undergo a credit check or an upfront security deposit, and there are no interest charges on the card.
“Creating pathways for financial security and access is core to Mastercard’s mission of powering economies and empowering people,” said Tim Montgomery, senior vice president for digital partnerships, North America, at Purchase-headquartered Mastercard. “Credit Sesame aims to democratize financial wellness and empower consumers to take charge of their own financial health. Sesame Credit Builder can do just that and help even more consumers improve their credit.”
“Finance plays a crucial role in everyone’s lives ”“ however, for the nearly two-thirds of U.S. households who are living paycheck-to-paycheck and relying on credit to manage their day-to-day expenses, a good credit history is vital to their financial health,” says Adrian Nazari, founder and CEO of Credit Sesame. “The new Sesame Credit Builder Mastercard brings inclusion and breaks down the barriers for everyone and specially people with low or limited credit history to build better credit history. We are making it easy for more Americans to get credit for the money they spend and the payments they make.”
