Mastercard partners with Alibaba.com and Cardless to launch new credit card with rewards
From Nasdaq: 2024-09-06 13:01:00
Mastercard partners with Alibaba Group Holding Limited’s business-to-business e-commerce platform, Alibaba.com, and fintech innovator Cardless to introduce a co-branded credit card, Alibaba.com Business Edge Credit Card. The card aims to benefit small business owners with rewards like 3% cashback on Alibaba.com purchases and enhanced cybersecurity protections. It will have an annual fee of $199.
The new card offers a rewards structure with 3% cashback on Alibaba.com purchases, 2% cashback on other business expenses like advertising and dining, and 1% cashback for all other purchases. Cardholders can also enjoy Mastercard World Elite perks, such as enhanced cybersecurity, productivity tools, and 90-day order protection through Alibaba.com’s Trade Assurance service.
Mastercard anticipates higher card usage due to the enticing features, leading to increased net revenues from payment network fees. This strategic partnership reflects Mastercard’s commitment to innovation and growth through new card offerings, following a 7% year-over-year increase in payment network net revenues in the second quarter. Mastercard’s shares have gained 11.9% in the past year.
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Read more at Nasdaq: Mastercard Partners Alibaba.com to Launch a New Credit Card