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Sequin: Banking designed with women’s best interests in mind - literally!
May 9, 2023
Tl;dr ✨The Sequin Membership✨ unlocks access to a personalized Sequin Rewards Visa® Debit Card, High-Interest Checking Account: 3.56% APY**** (HYSA rates on checking, so your money isn't locked away in order to grow!), and $1300+ in value with expert-led financial education, community, and discounts on Sequin Perks Partners like Parade, Flex, and more!
I was rejected from the credit card I built at Visa.
Hi everyone! We’re Vrinda + Mark, two payments experts (Visa & PayPal) on a mission to close gender-based financial gaps - more below. I developed the Chase Sapphire Reserve at Visa, and was rejected (!) because I lacked credit history due to heavy debit usage. Turns out, 70% of women’s spend is primarily on debit like mine was (Visa data).
__The financial world was designed to leave women out of the narrative. __
Women could be rejected from bank accounts, credit cards, and business loans until 1974 - not ancient history. Despite the fact that women control over $20T in consumer spending globally, women continue to be systemically disadvantaged when it comes to our finances:
-Women’s spend is disproportionately linked to traditional checking accounts, that earn low to no interest (Visa data).
-Women are 18% more likely to pay avoidable banking fees like overdraft fees and other “gotchas”, costing $218/yr on average.
-Women lack financial education which leads us to manage our finances suboptimally, including paying higher interest rates, carrying credit card debt, or being rejected from credit cards more often.
The original Sequin Card concept was a debit card that builds credit. However, we sunset that product to address gendered financial gaps when they start - with young women’s checking accounts.
*The Sequin Membership is designed with women’s best interests in mind - literally. *
✨The Sequin Membership✨ unlocks access to a personalized Sequin Rewards Visa® Debit Card, High-Interest Checking Account: 3.56% APY**** (HYSA rates on checking, so your money isn't locked away in order to grow!), and $1300+ in value with expert-led financial education, community, and discounts on Sequin Perks Partners like Parade, Flex, and more!
Our Sequin Membership model allows us to align with women’s interests:
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Your checking balance earns high interest, while remaining accessible (3.56% APY**** as of 10/27/23).
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Unbiased Recommendations: Sequin doesn’t rely on affiliates, so we can provide unbiased credit card recommendations as well as personalized debt payoff plans and credit-building recommendations!
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No surprise fees, overdrafts, minimums, or “gotchas”.
*Banking built by women, for women (all genders welcome!). *
Women’s financial health is at a five-year low. Here’s how Sequin Members spark joy:
- Financial education: workshops, how-to guides, and courses.
- Community: talk money, woman to woman.
- Personalized Coral-Colored Card: Write a favorite motto/affirmation “Who run the world!”
- Fight the Pink Tax!: $500+ in savings on women’s health and wellness partners.
*Who is the Sequin Membership for? *
When products are designed with women in mind, they work better for everyone (all genders welcome). The Sequin Membership is especially powerful for heavy-debit users, those working towards a credit goal (building credit/paying off debt), or anyone who has had a negative experience with their traditional bank. Our ideal member is a young professional woman who is looking to step into her financial power with confidence and maintain confidence throughout her life’s financial goals.
__Our Ask 🙏🏼 __
- Become a Sequin Member (bonus: share your feedback with us at founders@sequincard.com).
- Share this post! Please help spread the word (women are less likely to talk about finances).
- Connect us with any women-focused brand partners!
- *quick blurb to copy & paste: Two Visa & PayPal experts launch the Sequin Membership geared towards empowering women financially. Learn more at www.sequincard.com!
Disclaimer:
Opinions expressed here are author's alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. The content on this page is accurate as of the posting date however since then some of the offers may have expired. Please see the bank's website for the most current credit card offers.
Fight the Pink Tax.
Join the movement with Sequin Rewards Visa® Debit Card & Checking Account today!
Terms & Conditions
All genders welcome!
Sequin is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC.
The Sequin Rewards Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. FDIC insurance is available for funds on deposit through Thread Bank, Member FDIC.
Your deposits qualify for up to a maximum of $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions regarding the sweep program.
+ Terms and conditions apply to the cashback rewards program. See http://sequincard.com/rewards-terms for details. Cashback rewards earned will be credited to your account on the second day of the month. ATM transactions, the purchase of money orders or cash equivalents, and account funding made with your debit card are not eligible for cashback. Please refer to the Rewards Terms and Conditions for more details. No minimum opening deposit required to open a Sequin High-Interest Checking Account & $25 minimum opening deposit required for a Sequin Rewards Checking Account.
Earn cashback rewards at a rate of 6% on eligible categories in a calendar month in which you spend at least $500 on the Sequin Visa® Rewards Debit Card. If you make less than $500 in settled debit transactions on the Sequin Visa® Rewards Debit Card in a calendar month, you earn cashback rewards on debit transactions at a rate of 0.5% cashback on eligible categories.
§ We are not affiliated, associated or endorsed by the brands we list on sequincard.com. All names, marks, emblems and images are registered trademarks of their respective owners. Any product names, logos, brands, and other trademarks or images featured or referred to within the Sequin website (sequincard.com) and/or on any social media forum are the property of their respective trademark holders. We declare no affiliation, sponsorship, nor any partnerships with any registered trademarks.
† The interest rate on your account is 3.50% with an Annual Percentage Yield (APY) of 3.56% for a Sequin High-Interest Checking Account, and 1.00% with an Annual Percentage Yield (APY) of 1.01% for a Sequin Rewards Checking Account effective as of 01/04/2024. Rate is variable and is subject to change after account opening. Rate is compounded daily and credited monthly. No minimum deposit required to open a Sequin High-Interest Checking Account & $25 minimum deposit required for a Sequin Rewards Checking Account. Fees may reduce earnings.
National average bank interest rate is 0.07% APY as of October 2023. Obtained from the FDIC.
1 Sequin Consumer Deposit Account Agreement
2 With a Sequin High-Interest Checking Account (available to Sequin Members), you get up to four international ATM fee reimbursements per month, up to $20.00. Sequin Members will receive their reimbursement by the 10th day of the following month.
3 Sequin University, Credit Tools, and Perks are not affiliated with Thread Bank. Sequin Member results are based on a 2022 study of 100 participants over a period of three weeks. Results may vary.
Sources:
|| Women have more anxiety about finances than men, Morning Consult Pro, 2024
|| 14% of women go into debt for beauty, Lending Tree, 2023
|| Women are less likely to invest our assets, Magnify Money, 2019
|| Women pay higher interest rates and more in fees - while investing less, FINRA, 2012
|| Debit cards don’t usually earn rewards, Banks.com, 2024
|| Women pay 30% more in overdraft fees as compared to men, BankingDive, 2019
|| Most cards are black and blue, CanStar, 2022
|| Women were granted rights to bank accounts and debit cards only 50 years ago, Forbes, 2023
|| Sequins were a Venetian gold currency until, over time, the reflective metals became decorative accents, Research Gate, 2013
|| Everyday products and services cost women $188,000 more over our lifetimes, BankRate, 2023
|| Women pay more for the same everyday goods and services, such as razors, deodorant, and hair care 42% of the time, DailyCampus, 2024
|| We've selected "Pink Tax" categories based on where women typically spend more on everyday products and services, GoBankingRates, 2024
Content for Educational and Informational Purposes Only. Our Service is designed to provide you with a general overview regarding finance, credit, and investing. It is not designed to be a definitive finance guide or to take the place of advice from a qualified financial planner or other professional. Given the risk involved in investing of almost any kind, there is no guarantee that the investment methods suggested will be profitable. We will not assume liability of any kind for any losses that may be sustained as a result of applying the methods suggested through the Service, and any such liability is hereby expressly disclaimed.
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