Many major banks are beginning to adopt preferred name credit cards, with the hopes of creating a safer and more accommodating space for members of the LGBTQ+ community who use their services. Citi is the latest bank to join MasterCard's True Name initiative. When debuting back in 2019, the credit card company referred to a study by the National Center for Transgender Equality that revealed that "32% of people whose IDs list incorrect names or genders have faced such issues as harassment and denial of services." The campaign seeks to end the misrepresentation of non-binary and trans people when it comes to the finance space.
In order to opt-in for the preferred name credit card, individuals need only to request it and no legal name change is required.
Preferred Name Credit Cards
Citi is Seeking to Accommodate Trans and Non-Binary Customers
Trend Themes
1. Preferred Name Credit Cards - Credit card companies are developing preferred name credit cards to end the misrepresentation of non-binary and trans people in the finance space.
2. True Name Initiative - MasterCard's True Name initiative is inspiring banks to accommodate members of the LGBTQ+ community through preferred name credit cards.
3. Safer Banking Spaces - Creating safer and more accommodating spaces for members of the LGBTQ+ community to use financial services is a trend being adopted by many major banks through preferred name credit cards.
Industry Implications
1. Banking - The banking industry is responding to the need for more inclusive and accommodating services for members of the LGBTQ+ community through preferred name credit cards.
2. Credit Cards - The development of preferred name credit cards is disrupting the traditional credit card industry by offering new and inclusive options for customers.
3. Finance - Through the True Name initiative and the creation of preferred name credit cards, the finance industry is able to address the needs of non-binary and trans people that were previously ignored.