Alibaba.com Teams Up with Mastercard to Launch Business Edge Credit Card in the US
SAN FRANCISCO, CA – September 6, 2024 – Alibaba.com, the B2B e-commerce platform under Alibaba Group’s International Digital Commerce Group, has announced a partnership with Mastercard and Cardless to launch a co-branded credit card aimed at rewarding businesses that make cross-border and domestic purchases through Alibaba.com.
The Alibaba.comBusiness Edge credit card, designed specifically to cater to the needs of small business owners, will be the company’s first co-branded credit card in the United States.
The new credit card will offer US-based Alibaba.combuyers rewards on all their purchases, either in the form of cash back or special financing terms. The waitlist for the Alibaba.com Business Edge credit card opened on Thursday, September 5, 2024, with applications openinglater this year.
The card offers businesses a range of benefits, including:
- Cash back rewards: 3% cash back on Alibaba.com purchases up to $40,000 annually, with the option to choose 60 days of interest-free financing instead. After exceeding the$40,000 threshold, cardholders will continue to earn 1% cash back on platform purchases.
- Rewards on other purchases: 2% cash back on other business expenses such as advertising and dining, and 1% cash back on all other purchases accepted by Mastercard.
*Enhanced order protection: Purchases made on Alibaba.com using the Business Edge credit card benefit from Alibaba.com’s Trade Assurance service, providing extended 90-day order protection. - Mastercard World Elite benefits: Cardholders will enjoy a range of exclusive benefits, including access to travel and lifestyleperks.
- Productivity and business growth tools: The card provides access to products and services designed to enhance productivity, attract new customers, and ensure online security.
The Alibaba Business Edge credit card is our latest way to add value for businesses using our platform, especially small and medium-sized enterprises, said RahMahtani, Head of Marketing for North America at Alibaba. Partnering with Mastercard allows us to combine our insights into the needs of small businesses and deliver a product that can help them grow their businesses and manage their finances more easily.
Ginger Siegel, Head of US Small Business at Mastercard, echoed the sentiment,stating, Small business success hinges on their ability to unlock the potential of digital tools, resources, and the networks that support them. By partnering with Alibaba, we can provide small business owners with a range of benefits, such as payroll management tools, daily task assistants, business education, and savings at thousands of merchants,all designed specifically to help them build and grow.
Michael Spelfogel, President and Co-Founder of Cardless, expressed excitement about the partnership, stating, We are thrilled to partner with Alibaba to launch the Alibaba Business Edge credit card. This card marks our foray into providing innovative financial solutions for small business ownersand will empower US businesses by simplifying procurement and offering valuable rewards.
In addition to the ongoing benefits, businesses approved for the card will receive a $100 sign-up bonus after spending $3,000 within the first 90 days of account opening. They will also be eligible for up to$100 in Alibaba website coupons annually, provided they meet the minimum spending requirement, and receive Alibaba logistics shipping discounts every two months, up to $120 annually. The card carries an annual fee of $199.
The launch of the Alibaba.com Business Edge credit card signifies a strategic moveby Alibaba to further solidify its position in the US market and cater to the growing needs of small businesses seeking to leverage the power of cross-border e-commerce. By offering a comprehensive suite of benefits and rewards, the card aims to empower businesses to thrive in the increasingly competitive global marketplace.
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