Alibaba.com and Mastercard Team up to Launch U.S. Co-Branded Business Credit Card Powered by Cardless
The card offers benefits such as 3% cashback and a 90-day order protection, aiming to enhance value for small businesses in global sourcing
LAS VEGAS, Sept. 5, 2024 /PRNewswire/ -- Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce and a business unit of Alibaba International Digital Commerce Group, announced a partnership with Mastercard and Cardless to offer a co-branded credit card designed to reward businesses for cross-border and domestic sourcing purchases through Alibaba.com. Created to meet the needs of small business owners, the Alibaba.com Business Edge Credit Card will be the company's first co-branded U.S. credit card.
This new credit card will enable Alibaba.com buyers in the U.S. to earn rewards on all of their purchases in the form of cashback, or special financing terms. The waitlist for the Alibaba.com Business Edge Credit Card is live as of Thursday, September 5, 2024, and the credit cards will be available for application later this year.
Amongst the benefits that the new card offers businesses are a choice of 3% cashback or 60-day interest-free payment terms on purchases of up to $40,000 made on Alibaba.com per year. After that, cardholders will continue to earn 1% cashback on purchases made on the platform. For purchases made outside of the platform, cardholders will earn 2% cashback on other business expenses such as advertising and dining*, and 1% on all other purchases where Mastercard is accepted.
Purchases from Alibaba.com made with the Business Edge Credit Card are also eligible for an extended 90-day order protection through Alibaba.com's Trade Assurance service, as well as Mastercard World Elite benefits, with access to products and services that help boost productivity, reach new customers and give peace of mind with cyber protections.
"The Alibaba.com Business Edge Credit Card is the latest way we are adding value for businesses leveraging our platform, especially small and medium-sized enterprises (SMEs)," said Rah Mahtani, Head of Marketing, NA at Alibaba.com. "Partnering with Mastercard has allowed us to bring together our insights into the needs of SMEs and deliver a product that can help them to grow their business and more easily manage their finances."
"Small businesses succeed when they can unlock the full potential of digital tools, resources and the network that supports them," said Ginger Siegel, Head of Small Business in the U.S. at Mastercard. "Working with Alibaba, we can provide small business owners with access to 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."
"We're excited to partner with Alibaba.com to launch the Alibaba.com Business Edge Credit Card," said Michael Spelfogel, President and Co-Founder of Cardless. "This card marks the start of our expansion into innovative financial solutions for small business owners, and will empower U.S. businesses by simplifying sourcing and offering valuable rewards."
Upon approval, businesses are also eligible to receive a $100 sign-on bonus after spending $3,000 in the first 90 days of account opening, up to $100 in Alibaba.com coupons every year after meeting spending minimums, and bi-monthly discounts on Alibaba.com Logistics shipping costs, valued at up to $120 per year. The card has a $199 annual fee.
For more details on the Alibaba.com Business Edge Credit Card, visit https://air.alibaba.com/app/sc-assets/checkout-lp/pages_cardless_lp.html.
To schedule a press interview, please contact Mike Hong at [email protected]; Alyssa Rosenblatt at [email protected]; or Nina Felicidario at [email protected].
*Rewards earned on Business Expenses are based on merchant classification codes.
About Alibaba.com
Launched in 1999, Alibaba.com is a leading platform for global business-to-business (B2B) e-commerce that serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering all aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently. Alibaba.com is part of Alibaba International Digital Commerce Group.
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.www.mastercard.com
About Cardless
Cardless is the leading fintech innovator in co-branded credit card product development, serving the credit card needs of Simon Property Group, LATAM Airlines, and other major organizations. Cardless is backed by Activant Capital, Pear VC, Commerce Ventures, HNVR, Clocktower, Brian Kelly, Founder of The Points Guy, and the Founders of Plaid, Bonobos, Flatiron Health. Cards are issued by First Electronic Bank. For more information, please visit cardless.com.
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SOURCE Alibaba.com