Neon Money Club Partners with American Express to Launch Credit Card

Published 5 months ago

Neon Money Club, a tech company co-founded by Luke Bailey and Jackie Liao, has announced a partnership with American Express (Amex) to release a credit card aimed at challenging financial norms. The innovation of this card lies in its design and benefits, which include the opportunity for users to invest reward points in the U.S. stock market.

This partnership marks Neon Money Club as the first Black-owned tech company to release an American Express Card. Started in 2021, the club’s initial vision was to empower its users financially by bypassing conventional financial jargon, and this move is in line with that. Now, qualified members can take actionable steps toward financial wellness by investing on the Neon Money Club platform and accessing the Amex credit card network.

The Cream Card Advantages

The card, known as the Cream Card, extends its rewards not just to the cardholder but also to their friends. As Bailey put it, the aim is to turn spending into growth, turning the card into an incentive for personal growth. The card will also double the value of points when users invest in themselves, and cardholders can earn up to 800 bonus points a month by connecting with others.

Design and Functionality

Aside from financial benefits, Bailey is enthusiastic about the card’s design, featuring a matte cream color on metal. The card also offers 1.5 points on all spending, and these points will double in value when redeemed to purchase stocks on the Neon Money Club app or website.

Premium benefits such as shopping, travel, dining, services, entertainment offers, presale ticket access, global dining benefits, and purchase protections will be accessible through Amex’s offers.

An Effort to Break the Debt Cycle

The card also aims to break the cycle of debt common with many credit cards. Bailey emphasizes that the goal is not for cardholders to revolve and pay interest, but to maintain a good credit score. As such, the card does not charge interest, helping to prevent cardholders from getting caught in a debt cycle.

The partnership between Neon Money Club and American Express is a step forward in making financial wellness accessible to more people, with the hope of fostering a community that can grow and invest together.