Neon Money Club has partnered with American Express (Amex) to launch the Neon Money Club Cream American Express Card, making it the first Black-owned company to establish an American Express Card.
Neon Money Club, co-founded by Luke Bailey and Jackie Liao, is an invite-only money club that aims to create an environment that allows users to become financially empowered while bypassing hurdles often faced.
Members get access to invest in the US stock market, hyper-relevant financial content, and now their new Cream Card.
The Cream Card
Neon Money Club designed the Cream Card and the program that powers it in collaboration with American Express Network and Evolve.
Evolve is there as an issuing bank – meaning that it is Neon’s partner bank that enables the Cream Card to be issued.
The American Express Network ensures that purchases can be made globally wherever American Express Cards are accepted.
The card allows users to have more actionable measures toward financial wellness, as qualified members can invest on the Neon Money Club platform and have access to the Amex credit card network.
The Cream Card lets users invest in Neon Money Club’s reward points in the US stock market through Neon Money Club’s app.
Card members can buy into the experiences and brands they love as consumers and become asset owners by using their rewards for stocks on the US stock market through the Neon Money Club app.
Features include users earning bonus points with friends and earning up to 800 individual bonus points monthly when they form crews by connecting with other cardholders.
Turning spending into growth
“We’ve always viewed the American Express brand as the closest experience to making financial wellness a life. This partnership was carefully crafted with the community in mind and allows Neon Money Club to propel our mission to our members,” he said.
Amex members will also earn 1.5 points on all spending on the Cream Card, and their points will double in value when cardmembers redeem them to buy stocks on the Neon Money Club app or website.
“You can’t stop people from spending, but you can take spending and turn it into growth,” Bailey told AFROTECH.
“So this card will actually be the first credit card that incentivizes you to actually grow yourself.”
