Magazine article American Banker

Elevate Credit Introduces a Subprime Credit Card

Magazine article American Banker

Elevate Credit Introduces a Subprime Credit Card

Article excerpt

Byline: Kevin Wack

Elevate Credit, which specializes in lending to subprime consumers, is adding a credit card to its suite of products.

The Today Card, announced Thursday, offers customers with blemished credit records some of the features that are typically available to cardholders with prime credit scores.

For example, the card will come with a mobile app that customers can use to make payments and receive alerts. It will also offer free credit score monitoring, the Fort Worth, Texas-based company said.

Elevate's card will run on Mastercard's network and be issued by Capital Community Bank of Utah. It will compete in a segment of the credit card market that has grown more competitive in recent years.

There were 75 million subprime credit card accounts in the U.S. in the fourth quarter of 2017, up from 52 million four years earlier, according to data from the American Bankers Association. …

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