Neon Money Club continues to stand on its principles of breaking traditional norms in the fintech space.
According to information provided to AFROTECH, Neon Money Club— co-founded by Luke Bailey and Jackie Liao — has scored a partnership with American Express (Amex) to launch a credit card that will challenge norms through its design and benefits, which include allowing users to invest reward points in the U.S. stock market.
What’s more, Neon Money Club now becomes the first Black-owned tech company to launch an American Express Card.
“In 2007, I got my first American Express Card. In 2023, we’re launching our own,” Bailey told AFROTECH. “We’ve worked so hard over the past year to deliver NOT just another financial product, but a universal symbol of financial wellness through premium design and intention. We did it our way.”
The announcement reflects the heart beat of Neon Money Club’s vision, which dates back to its inception in 2021. As AFROTECH previously shared, the digital invite-only money club uniquely packages information by curating investment playlists that center a particular theme. The intention is to create an environment that allows users to become financially empowered while bypassing the hurdles often tied to conventional financial jargon.
Now, users will have more actionable measures toward financial wellness as qualified members will be able to invest on the Neon Money Club platform and have access to the Amex credit card network.
Additionally, users of the Cream Card will not only be able to reap the rewards of the card for themselves, but they can also extend these perks to their friends.
“We like to put our walk where our talk is, and what we want people to think about their financial wellness is the same way they think about their clothing. You can’t stop people from spending, but you can take spending and turn it into growth. So, this card will actually be the first credit card that incentivizes you to actually grow yourself,” Bailey told AFROTECH.
He added, “If you’re a points hoarder, just imagine if you can drop them into the stock market. And we’re going to double the value of your points when you invest in yourself, and you’ll also be able to share it with friends and you’ll be able to add people to your crew with the card,” he said. “And if they have the card, y’all will earn up to 800 bonus points a month just for being connected because we really want to foster community.”
Outside of the financial gains the card will provide users, Bailey is equally as passionate about the card’s design, which features cream coloring.
“A lot of people don’t go the extra mile to design a credit card. They think of it as a secondary thing,” Bailey explained. “We wanted to make a luxury device and we found out how to get matte cream color onto metal, and we just really fought hard to design it because we want people to know that when we put a physical product in this world, that we worked really hard on it. But that’s what happens when you put folks like us into these positions to do these kinds of moves. We think a little differently, and we approach things with care.”
Thoughtfulness and consideration are built into the card’s DNA. In fact, Amex members will earn 1.5 points on all spending on the Cream Card, and as aforementioned, their points will double in value when cardmembers redeem them to buy stocks on the Neon Money Club app or website, according to the press release.
Furthermore, the card will allow cardmembers to secure premium benefits through Amex’s offers “(for shopping, travel, dining, services, entertainment, etc.), presale ticket access, global dining benefits, and purchase protections.”
“We were inspired by Neon Money Club’s mission to make financial wellness accessible to more people, and we wanted to elevate that experience by offering their customers access to the benefits of the American Express Network,” explained William Stredwick, senior vice president and general manager of global network services, North America at AmEx, in a news release.
The perks won’t stop there, Bailey also reveals cardholders won’t have to worry about getting caught in a debt cycle.
“So the way that most banks make money is off of people revolving and paying interest,” Bailey told AFROTECH. “So, what we said was one we don’t want people to revolve. We want you to keep your credit score good, and we don’t want to make money off interest because we don’t want to trap people in a debt cycle…So, you’re not getting charged interest. You’re not carrying a balance and you’re not affecting or impacting your credit score.”