Purple Credit Card FAQs
What is the First Citizens Purple credit card about?
The First Citizens Purple credit card is the first “credit card for a cause” in the local market. This credit card allows you, the cardholder, to contribute monetarily each month towards the cause of “Ending Violence Against Women”, via the credit card itself.
How exactly does the cardholder contribute monetarily each month?
You choose your contribution amount of either $25, $50, $75 or $100 monthly, during the credit card application process.
The contribution amount is programmed on the card during the card creation process and every month, on the card’s statement date, the credit card is charged with the chosen contribution amount.
How is this card different to other First Citizens credit cards?
The main difference is the element of contributing to the cause of “Ending Violence Against Women.” This is mandatory in order to be given this card. Other distinguishing elements are cash back rewards and a “lowest in market” annual fee for credit cards in the “Classic” category.
So how will the Funds being collected be used to help “End Violence Against Women”?
The funds collected from customers’ credit card accounts will be deposited and kept in the Fund for the Advancement of Women account. Monies from this account will be disbursed twice per year, in April and November, to three well established Non Governmental Organisations (NGOs), to assist in the funding of their operations and programs which aim to end violence against women.
What are the names of the (NGOs) to receive funding from the Fund for the Advancement of Women?
- Coalition Against Domestic Violence
- The Rape Crisis Society of Trinidad and Tobago
Collectively the Purple Card Funding will assist these NGOs with costs in the areas of:
- Providing professional counseling services – supporting the survivors of domestic violence and rape
- Administrative costs associated with managing the day to day ‘business’ of the NGOs
- Significant operational costs e.g. security, related to running shelters used to accommodate/protect survivors of domestic violence and rape
Will the Purple Card Fund be helping individuals?
Yes, the work of the three NGOs directly benefit individuals who seek their support/ assistance. So while the funds go directly to the NGOs, survivors of domestic violence and rape are the real beneficiaries.
Is First Citizens itself contributing to the Fund?
Yes. First Citizens will be contributing $200,000 each year to the Fund for the Advancement of Women.
How will the cardholder know what is being done with the Funds he/she contributes?
- A quarterly newsletter will be sent to First Citizens Purple Card customers providing details in terms of the activity of the fund i.e. , how much was distributed to the NGOs , what specifically the funds were used for and the year to date balance in the account.
- Information will be provided online on a dedicated First Citizens Purple Card page which will provide similar details included in the newsletter but will be updated on a more regular basis.
What kind of financial oversight will there be for the Fund for the Advancement of Women?
The Fund for the Advancement of Women will be managed by the Committee for the Advancement of Women.
This Committee will comprise five members, i.e. two (2) senior First Citizens staff and three (3) independent members. The role of an accountant has been identified as critical and so one (1) First Citizens member and one (1) independent member will be accountants.
In addition, activity of the Fund for the Advancement of Women will be disclosed and highlighted in published Audited Financials each year.