ST. LOUIS--(BUSINESS WIRE)--Commerce Bank announced today that it will serve as the exclusive bank issuer of the Austin-based Charity Charge MasterCard®. Charity Charge is a public-benefit corporation offering a unique credit card program that allows cardholders to automatically donate 1% of every purchase to the non-profits, K-12 schools, colleges, universities or religious organizations of their choice.
This collaboration with Charity Charge is, at the core, a reflection of Commerce Bank’s commitment to the community. “Giving back is engrained in our culture. In 2015, Commerce and its related foundation provided more than $3 million in community support. We were immediately drawn to Charity Charge’s mission to empower socially conscious consumers to give back and we’re proud to support this important effort,” said Chad Doza, senior vice president of consumer card products at Commerce Bank.
The Charity Charge MasterCard will work just like any other credit card; the only difference being the rewards earned, 1% cash back for every transaction, will be donated directly to support the charities of the cardholder’s choice. Cardholders are able to select up to three non-profits at a time and have the flexibility to change the recipients of their donation at any time. Any 501(c)(3) in the United States including K-12 schools, colleges, universities or religious organizations are eligible. Cardholders are able to track their impact using an online dashboard and Charity Charge underwrites all cardholder donation process fees, allowing 100% of what cardholders earn to be given to their selected organization(s). Currently, donations earned with a Charity Charge credit card are not tax deductible.
Speaking to the relationship with Commerce Bank, Stephen Garten, founder and CEO of Charity Charge states, “Everyone has a connection to a greater cause or a charitable organization. The mission of Charity Charge is to empower consumers’ desire to give back to any nonprofit of their choice in a way that’s effortless and convenient. We are thrilled to work with an organization like Commerce that understands the importance of supporting communities where we live and work. This community-minded focus is very much a part of Commerce’s business model and we’re fortunate to have found a like-minded organization to play such a crucial role in offering this card to consumers.”
The ever-important millennial consumer segment is one that is largely concerned with charitable giving and community involvement. Speaking to this, Doza, states, “at Commerce, we understand the importance of introducing innovative payment technologies to meet the needs of this demographic. toggle®, for instance, is a payment feature offering our customers choice and flexibility – two factors that are very important to millennials. We view our relationship with Charity Charge through a similar lens – reaching cause-minded consumers in a way that seamlessly aligns with their lifestyle and purchasing habits.”
The Charity Charge credit card will offer chip technology, no annual fee and a low introductory APR for the first 6 monthly billing cycles after opening an account. Other features include $250,000 travel insurance, price protection which provides reimbursement should cardholders find a lower price for an eligible new item within 120 days from the date of purchase, an extended warranty and emergency assistance virtually anytime, anywhere and in any language. The card is also supported on mobile wallets including Apple Pay™.
Those interested can sign up via Charity Charge’s website (http://charitychargecard.com/) to join the priority list and be one of the first to get the card. The public launch of the card is June 20th.
About Commerce Bank
Commerce Bank, is a subsidiary of Commerce Bancshares, Inc. (NASDAQ: CBSH), a $24.5 billion regional bank holding company, as of March 31, 2016. For 150 years, Commerce Bank has been meeting the financial services needs of individuals and businesses. Commerce Bank provides a diversified line of financial services, including business and personal banking, wealth management, financial planning, and investments through its affiliated companies. Commerce Bank operates in more than 350 retail locations in the Central United States and has a nationwide presence in the commercial payments industry. Commerce Bancshares also has operating subsidiaries involved in mortgage banking, leasing, credit-related insurance, private equity and real estate activities.
For additional information, please visit www.commercebank.com.