On Monday June 17, 2019, Mastercard launched their True Name card initiative. This will allow transgender and non-binary customers to have their chosen names appear on their cards. Mastercard reports that nearly one-third (32%)* of individuals who have shown IDs with a name or gender that did not match their presentation reported having a negative experience which included being denied services, harassment or being attacked. I invited K. Kenneth Davis, aka âThe Trans Capitalist” to dive deeper into the significance of for the LGBTQ+ community.
An exciting event for Pride 2019 that everyone is buzzing about is that Mastercard created âTrue Name Cardsâ that allow people of the transgender and non-binary community use their chosen names on credit and debit cards. A good friend of mine, Ready to Stare, asked me to write my opinion on this topic as I am a person who is transgender and works within the financial industry.
First, let me introduce myself. Hi! My name is K. Kenneth Davis, aka ââ The Trans Capitalist is my brand and business that I have created to teach financial literacy, specifically to the transgender community to help us become financially stable and independent. Being a black transgender male (female to male) who started from nothing, as many of trans brothers and sisters, I experienced first hand many of the financial challenges that we have to overcome if we want to live comfortably in our truth.
Why Mastercard’s True Name Card Matters
It’s significant that there were transgender and non-binary individuals such as Nina Kossoff and Lucas Elliot directly involved in the process to bring Mastercards True Name card to life. I do agree that this is a great thing that Mastercard has done for our community.
I still remember the day, I chose my new name and felt a great sense of pride that only lasted for a few moments. I realized that no one would take me seriously for no other legal document reflected it. This is a significant step for my trans brother and sisters, especially in terms of acceptance and safety because we no longer have to risk being âoutedâ when its time to pay for anything in person.
Trust me, I remember all too vividly all the instances when it was time to pay the check at a restaurant. I would feel sweat rolling down my back, the instant rush of anxiety, the queasiness in my stomach praying that the waiter wouldnât call the name of the card aloud to see who it belongs too. I watched the waiters face change, head tilt in confusion as they apologized and misgendered me because the pronouns they thought they were using at the beginning of the night of âhe/himâ was wrong because in their hand they felt they had proof that I was a female because my debit card displayed my birth name.
Those experiences always made me so anxious whenever someone suggested to eat out. Letâs not forget the emotional pain and dysphoria it caused too. I kid you not, it got so bad to the point I refused to walk into stores until my name was legally changed.
Financial Literacy for the Transgender Community
I do have a suggestion that would make Mastercardâs True Name card an even stronger display of unity. It would have been lit if Mastercard, in addition to the True Name cards, offered workshops to help us avoid the pitfalls of credit card debt. Or even better partnered up with other corporations they work with to hold quarterly job fairs to support transgender and non-binary individuals find jobs. This could help cut down the rapidly increasing unemployment rate within the trans* community.
The expenses to be trans or non-binary in America is at an all-time high – exceeding $100,000 in the United States depending on chosen procedures. For example, the costs of trans medical expenses, surgeries, name changes in addition to the necessary needs of shelter, food, and transportation are astronomical. Even harder when we are continually discrimination in the workforce. How else will we find the money to place on our debit card or pay off our credit card debt?
I want readers to remember that Mastercard is a large corporation that adds fuel to the debt machine. Credit cards are ranked to be the easiest and quickest way to fall into debt. Secondly, it was smart for Mastercard to create True Name Cards because they just increased their company profits exponentially. How do you ask? The LGBTQ+ community is currently the fastest growing demographic in the world, has the most massive âspendingâ power and if you combine that with the fact that anytime someone makes a purchase using a Mastercard, Mastercard has something to gain as well from this transaction.
Making an Impact Beyond Pride
We are in a time where millennials are more politically involved than ever, and it has been raised numerous times that corporations need to be held accountable when it comes to supporting the . Just slapping a pride flag on your logo is not going to cut it anymore. Let us stop celebrating corporations for making small steps when they have the power to make huge strides. I ask you to continue to hold corporations accountable. Continue to ask them to invest in us, our wellbeing, and partner to create solutions.
Mastercard’s True Name card is a tangible step in the affirmation of the transgender and non-binary community. This eliminates the stress of having a card with a name that doesn’t match your true identity. I hope to see Mastercard invest in the financial literacy and employ more transgender folks along with this launch helping to empower our community even more.
Want to see more posts from The Trans Capitalist? Let us know what you would like him to discuss next in the comments below!
K. Kenneth Davis also known as “The Trans Capitalist” is a proud Transgender Male committed to you Financially thriving through every transition! Kenneth passionately works to educate the LGBTQIA community on the importance of Financial Literacy. He earned a B.S. in Civil Engineering from Rochester Institute of Technology and received a Masters of Finance from Pace University Lubin’s School of Business in 2018. Apart from being a financial literacy advocate, he offers in-person workshops for colleges and universities, helps increase and strengthens queer* businesses, & help develop programs for LGBT identifying homeless youth to become financially independent. He is passionate about boosting the LGBT Economy to new heights.