The Woman Card

The Woman Card

with Pink Tax Payback Rewards

Women pay about 7% more for everyday products like razors, shampoo, clothing, healthcare. Over a lifetime, the Pink Tax costs about $82,000.

We’re leveling the playing field with 7% cash back*.

Get back what you’ve been overcharged. Simple as that.

We’re Not Your Grandfather’s Bank

Because Your Grandmother Couldn’t Even Have One

Let. That. Sink. In.
For most of American history, women couldn’t own property, open bank accounts, or access credit without male permission. The financial system wasn’t designed for them; it was designed to exclude them. So women did what women do: they built their own. Credit unions were born from communities that banks refused to serve, and at Element FCU, we carry that legacy forward. This International Women’s Day, we’re not just celebrating progress, we’re exposing the truth about how far women have had to fight for something as basic as a bank account, and we’re providing the tools to keep building wealth on their own terms.

The Pink Tax Calculator | Element Federal Credit Union

💸 The Pink Tax Calculator

Discover how much extra you've paid just for being a woman

Did you know? Women pay an average of 7% more for similar products compared to men. From razors to shampoo to dry cleaning, the "Pink Tax" costs women thousands over a lifetime.

Your Pink Tax Reality Check

💇‍♀️ Personal Care Products

$0

Extra paid on razors, shampoo, deodorant, and other daily essentials since age 18

👗 Clothing & Dry Cleaning

$0

Women's clothing costs more and dry cleaning charges extra for women's garments

🩹 Healthcare & Products

$0

Period products, medications, and healthcare services often cost more for women

🚗 Services & Insurance

$0

Car repairs, insurance premiums, and other services where women often pay premium prices

💔 TOTAL PINK TAX PAID

$0

What If You Invested That Money Instead?

If you invested your Pink Tax payments in a diversified portfolio with a 7% annual return...

$0

That's your potential wealth if the playing field was level.

Let's Change This Together

Element Federal Credit Union believes in financial equality. We're a credit union, which means we're owned by our members, not shareholders. Every decision we make puts YOU first.

Open an account today and start building the wealth you deserve.

Join Element
Element Federal Credit Union | International Women's Day 2026

Calculator Estimates are for Educational Purposes Only

The Pink Tax Calculator provides estimates based on published research and national averages. Individual results vary. This is not financial advice. Consult a financial advisor for personalized guidance.
Read full site disclaimer.

Consumer Reports has a great video on the Pink Tax. You can view it here.

In Honor of International Women’s Day

The Woman Card

Interested in The Woman Card? Let’s talk!

Earn 7% cash back* on qualifying purchases in designated categories including personal care & beauty, clothing & dry cleaning, healthcare & wellness, children’s products, and home goods & services.*

You can’t know where you’re going until you understand where you’ve been.

Explore the history of women and money—from being legally barred from owning property to building wealth-generating institutions of their own. These aren’t feel-good stories. They’re battle chronicles. And they explain exactly why credit unions exist.

Two histories. One truth: Women built their own path when the system blocked the door.

Women and Money: A History of Breaking Barriers

Women & Money:
A History of Breaking Barriers

200 Years of Fighting for Financial Freedom

For most of human history, women couldn't own property, open bank accounts, or control their own money. The fight for financial equality has been long, brutal, and is still ongoing. Every right we have today was won through the courage, persistence, and sacrifice of women who refused to accept "no" as an answer. This is their story—and ours.
1800s - 1900s: The Foundation
1839
Mississippi Married Women's Property Act
Mississippi becomes the first state to allow married women to own property in their own name. Before this, everything a woman owned—even her clothes—belonged to her husband upon marriage.
First Legal Victory
1848
New York Married Women's Property Act
New York allows married women to own property, sign contracts, and keep their own wages. A revolutionary concept that slowly spreads to other states over the next 50 years.
1862
Homestead Act (Limited Access)
Single women and widows can claim federal land, but married women cannot—their husbands must file. Still, thousands of women become landowners for the first time.
1900
Most States Allow Women to Control Property
By the turn of the century, most (but not all) states permit married women to own and control property. However, banking access remains severely restricted.
1920
Women win the right to vote—but still can't open bank accounts without male permission in most states
1920s - 1960s: Slow Progress, Major Barriers
1920
19th Amendment Passes
Women gain the right to vote nationwide. Political power begins, but financial power lags far behind. Banks still require husbands or fathers to co-sign for accounts.
1935
Social Security Act
Creates retirement benefits, but married women's benefits are tied to their husbands. Divorced women often lose everything. Widows receive survivor benefits—but only if their husband worked.
1963
Equal Pay Act
Makes it illegal to pay women less than men for the same work. Enforcement is weak, loopholes are massive, but it's a crucial first step toward pay equity.
1960s
Banks Still Require Male Co-Signers
Throughout the 1960s, single women need their fathers to co-sign for bank accounts and loans. Married women need their husbands. A woman's income doesn't count for mortgage applications.
Widespread Discrimination
1970s - 1980s: The Revolution Accelerates
1971
Supreme Court Rules for Working Mothers
Phillips v. Martin Marietta Corp. rules that employers cannot discriminate against mothers of young children. A small win, but the "motherhood penalty" in wages persists to this day.
1972
Title IX Passes
Prohibits sex discrimination in education. More women pursue higher education and professional degrees, building the foundation for financial independence.
1974
Equal Credit Opportunity Act (ECOA)
THE BREAKTHROUGH. The Equal Credit Opportunity Act prohibited sex-based discrimination in lending, allowing women to apply for credit and build credit histories in their own names without requiring a husband’s co-signature.
GAME CHANGER
1975
Women Can Finally Get Credit Cards
Following ECOA, banks can no longer require husbands to co-sign for women's credit cards. Women begin building credit in their own names for the first time in American history.
1978
Pregnancy Discrimination Act
Employers can't fire or refuse to hire women for being pregnant. However, unpaid maternity leave and the motherhood wage gap remain massive barriers to wealth accumulation.
1980s
Women Enter Workforce in Record Numbers
With new legal protections, women flood into the workforce. However, they face a persistent wage gap, limited advancement opportunities, and the "second shift" of unpaid domestic labor.
1990s - 2000s: New Battles, Persistent Gaps
1993
Family and Medical Leave Act (FMLA)
Guarantees unpaid leave for family and medical reasons. A step forward, but unpaid leave disproportionately hurts women who can't afford to take it, widening the wealth gap.
1994
Violence Against Women Act
Addresses domestic violence, which has devastating financial consequences for women. Abusers often control finances, destroy credit, and leave women financially trapped.
2006
Women Become Majority of College Students
For the first time, women earn more bachelor's degrees than men. Yet they still earn less, face discrimination in male-dominated high-paying fields, and carry more student debt.
2009
Lilly Ledbetter Fair Pay Act
Makes it easier for women to challenge pay discrimination. Named after a woman who worked at Goodyear for 19 years before discovering men in her position earned 40% more.
2010s - Present: The Fight Continues
2010
Affordable Care Act Requires Maternity Coverage
Insurance companies can no longer charge women more or exclude maternity care. Reduces one barrier to women's financial security, though healthcare costs remain devastating for many.
2020
COVID-19 Pandemic Exposes Fragility
Women lose jobs at higher rates, leave workforce to provide childcare, and face increased domestic violence. Decades of progress erased in months for millions of women.
Ongoing Crisis
2024
The Wage Gap Persists
Women still earn approximately 82 cents for every dollar men earn (varies by measurement methodology). For women of color, the gap is even wider. At current rates of change, full pay equity remains decades away.
Still Fighting

The Reality Today (2026)

Statistics below are approximate and based on recent national data (2024-2025). Individual experiences and regional variations may differ.

💰 The Wage Gap

Women earn approximately 82¢ to every $1 men earn (varies by source and methodology). Black women: approximately 67¢. Latina women: approximately 57¢. This compounds over a lifetime into a massive wealth gap.

👶 Motherhood Penalty

Mothers earn approximately 70 cents for every dollar fathers earn. The gap widens with each additional child.

💳 The Pink Tax

Women pay an average of 7% more for similar products. Over a lifetime, this costs tens of thousands of dollars.

📉 Retirement Crisis

Women retire with 30% less in savings than men, live longer, and are more likely to face poverty in old age.

🏠 Homeownership Gap

Single women face higher mortgage rejection rates than single men with the same credit scores and income.

🎓 Student Debt Burden

Women hold approximately two-thirds of all student loan debt in the United States, taking longer to pay it off due to lower earnings.

52 YEARS
It's only been 52 years since women could legally open a bank account without male permission.

The barriers may be invisible now, but they're still there.

Historical Information

Historical content is compiled in good faith from publicly available sources. While we strive for accuracy, some details may be subject to scholarly interpretation. We welcome corrections from credible sources.
Read full site disclaimer.

Women's Financial Institutions: A History of Self-Determination

Women's Financial Institutions:
A History of Self-Determination

When Traditional Banks Said No, Women Built Their Own

For most of American history, women were systematically excluded from the financial system. Unable to access credit, open accounts, or build wealth through traditional banks, women created alternative financial institutions rooted in mutual aid, cooperation, and community support.

Here's the truth about financial exclusion: When you lock people out of the banking system, they don't just accept it. They organize. They pool resources. They create alternatives. And those alternatives often work better than the system that rejected them.
Early Women's Financial Institutions (1800s - Early 1900s)
Women's Savings Banks & Deposit Institutions
1860s-1870s
Boston, New York, Philadelphia
In the decades following the Civil War, as women entered the workforce in greater numbers, they faced a fundamental problem: nowhere safe to save their earnings. Traditional banks required high minimum deposits, charged excessive fees, or simply refused to serve women without male co-signers. In response, women's savings institutions emerged in major cities. These weren't technically credit unions, but they were precursors—financial cooperatives designed specifically to serve working women who had been excluded from the traditional banking system.

Significance:

These early institutions proved that women were reliable savers and borrowers, directly challenging the banking industry's sexist assumptions. They laid the groundwork for the credit union movement that would follow.

The Credit Union Movement Emerges (1900s - 1930s)
Early American Credit Unions
1909-1930s
Industrial Communities Nationwide
The first American credit unions formed in immigrant and working-class communities where traditional banks wouldn't operate. While not exclusively for women, these institutions served populations heavily composed of women workers—mill workers, garment workers, domestic workers, telephone operators. The cooperative structure meant members had equal voting rights regardless of their account balance. For women who had never been treated as equals in any financial institution, this was revolutionary.

Why This Mattered for Women:

Credit unions operated on the principle of "people helping people" rather than profit maximization. This meant they were willing to serve populations that traditional banks considered "unbankable"—including women, immigrants, and low-wage workers. One member, one vote meant women had actual power in these institutions.

Teachers' Credit Unions
1920s-1930s
School Districts Nationwide
During the Great Depression, teachers—a profession dominated by women—often went unpaid for months as school districts ran out of money. Banks refused to lend to teachers because they considered education "unstable employment." Teachers responded by forming their own credit unions, pooling whatever income they had to create emergency funds and small loan programs for each other. These credit unions helped women educators survive the Depression and proved that professional women's financial cooperatives could thrive.

Legacy:

Many educators' credit unions operating today trace their roots to these Depression-era women's initiatives. They demonstrated that women in female-dominated professions needed—and could successfully operate—their own financial institutions.

Mutual Aid Societies & Financial Cooperatives (1890s - 1960s)
African American Women's Mutual Aid Societies
1890s-1960s
Throughout the American South and Urban North
Facing double discrimination—both as women and as Black Americans—African American women created extensive networks of mutual aid societies, burial insurance funds, and informal lending circles. Organizations including church groups, fraternal organizations, and community associations operated cooperative savings programs. These weren't formal credit unions, but they functioned similarly: members pooled resources, helped each other through emergencies, and built collective financial security in the face of systematic exclusion from white-owned banks.

Historical Importance:

These networks preserved and built Black wealth during periods of extreme violence, economic terrorism, and legal discrimination. They funded education, supported families during crises, and helped Black women buy property and start businesses despite total exclusion from traditional financial institutions. This history of mutual aid directly influenced the Black-owned credit union movement that emerged in later decades.

The women who built these institutions understood something fundamental: financial exclusion isn't just about money. It's about power, dignity, and the right to determine your own future. They didn't wait for permission—they built alternatives.
— Financial Historian Reflecting on Women's Economic Self-Determination
The Modern Era: Continuing the Mission (1970s - Present)
Self-Help Credit Union
Founded 1980
Durham, North Carolina
Self-Help Credit Union was founded with a mission to serve communities that traditional financial institutions underserved or exploited—including women, particularly women of color, single mothers, and low-income women. The credit union has consistently focused on fair lending practices, financial education, and advocacy against predatory lending that disproportionately targets women. Self-Help has helped thousands of women achieve homeownership, start businesses, and escape cycles of predatory debt.

Ongoing Impact:

Self-Help continues to demonstrate that serving communities traditional banks ignore isn't just morally right—it's financially sound. Their work proves that women, given access to fair financial services, are excellent customers and community builders.

Why Credit Unions Matter for Women

Democratic Structure

One member, one vote—regardless of account balance. Women have equal voice and power in credit union governance, something denied to them in traditional banking for generations.

Not-for-Profit Mission

Credit unions exist to serve members, not maximize shareholder profits. This means they can take chances on "risky" borrowers—like women without credit history or single mothers—that traditional banks reject.

Community Focus

Credit unions understand their members' lives. They see that a single mother with stable employment is a good credit risk. They recognize that caregiving gaps in work history don't indicate unreliability. They look at the whole person, not just a credit score.

Financial Education

Credit unions pioneered financial literacy programs designed specifically for populations that banks had excluded. These programs help women build credit, understand their rights, and make informed financial decisions.

The Legacy: Why This History Still Matters

🏦 Alternative to Predatory Banking

Women—especially single mothers, women of color, and low-income women—remain prime targets for predatory lenders. Credit unions offer a safer, fairer alternative rooted in the same cooperative principles that helped women survive financial exclusion for generations.

💪 Economic Empowerment Through Ownership

When you join a credit union, you become an owner, not just a customer. This matters especially for women who were historically barred from ownership of any kind—property, businesses, or financial institutions.

🤝 Community Accountability

Member ownership creates accountability. Discrimination is harder to hide when your neighbors own the institution. Credit unions can't ignore the needs of women in their communities without facing direct member pressure.

📚 Proving Banks Wrong

Every successful credit union loan to a woman, every business started, every home purchased proves that the banking industry's historical exclusion of women was never about financial risk—it was about discrimination. Credit unions challenged and continue to challenge those assumptions.

🌍 Global Inspiration

The model of women's financial cooperatives born in America inspired microfinance movements worldwide. From Bangladesh to Bolivia, women's financial self-help organizations lift millions out of poverty using principles pioneered by excluded American women.

✊ Continuing the Fight

While legal discrimination has ended, structural barriers remain—wage gaps, motherhood penalties, wealth disparities. Credit unions continue serving women facing barriers that traditional banks ignore or exploit, carrying forward a 150-year tradition of financial justice.

Element FCU Continues This Legacy

We're not just a credit union. We're part of a tradition of financial institutions built by and for people that traditional banks excluded. Our commitment to serving all members fairly isn't marketing—it's our founding principle.

When you bank with a credit union, you're not just a customer. You're an owner. A member. Part of the movement.

Join Element

Historical Information

Historical content is compiled in good faith from publicly available sources. While we strive for accuracy, some details may be subject to scholarly interpretation. We welcome corrections from credible sources.
Read full site disclaimer.

Disclaimer - International Women's Day

Disclaimer & Important Information

International Women's Day 2026 Educational Materials

⚠️ Educational Purpose Only

The information, calculators, and historical content provided on this page are for educational and informational purposes only. They are designed to raise awareness about financial barriers affecting women and to promote financial literacy. This content does not constitute financial, legal, or professional advice.

Pink Tax Calculator Disclaimer

The Pink Tax Calculator provides estimates only. Calculations are based on:

  • Published research studies and academic reports on gender-based pricing disparities
  • National averages and statistical data from consumer protection agencies
  • General assumptions about product purchasing patterns and service usage

Individual results will vary significantly based on personal purchasing habits, geographic location, brand preferences, and lifestyle choices. The calculator uses generalized data and should not be considered a precise calculation of any individual's actual expenditures or losses. Investment growth projections assume a consistent 7% annual return and do not account for market volatility, fees, taxes, or individual investment choices.

This calculator is not financial advice. For personalized financial planning, please consult with a qualified financial advisor.

Historical Information Disclaimer

The historical timelines and narratives are compiled from multiple sources and represent our good-faith efforts to present accurate information. However:

  • Historical dates, facts, and events are based on publicly available research, academic sources, and historical records
  • Some historical details may be subject to scholarly debate or varying interpretations
  • We have made reasonable efforts to verify information but cannot guarantee absolute accuracy of all historical claims
  • Historical accounts may reflect sources available at the time of publication and may be updated as new research emerges

Element Federal Credit Union has compiled this historical information in good faith for educational purposes. While we strive for accuracy, we acknowledge that historical research is complex and subject to interpretation. We welcome corrections or additional information from credible sources.

Credit Union History Disclaimer

The history of women's credit unions is documented to the best of our knowledge based on available historical records. Please note:

  • Many early women's financial cooperatives operated informally and left limited written records
  • Dates and specific details may vary across different historical sources
  • Some organizations mentioned may have changed names, merged, or ceased operations
  • This is not an exhaustive or complete history of all women's credit unions

The stories and accounts included represent significant examples of women's financial organizing but are not intended to be a comprehensive historical record. We acknowledge there are many more stories and institutions not included here.

Statistical Information Disclaimer

Current statistics on wage gaps, economic disparities, and financial barriers are based on:

  • U.S. Census Bureau data
  • Bureau of Labor Statistics reports
  • Academic research and peer-reviewed studies
  • Reports from financial institutions and consumer advocacy organizations

Statistics represent national averages and may not reflect individual circumstances or specific geographic regions. Economic data is subject to change and is current as of the date of publication. Wage gap statistics vary depending on methodology, data sources, and demographic categories examined.

No Legal or Financial Advice

Nothing on this page should be construed as legal advice, financial advice, investment advice, or professional guidance. The content is educational only. For specific advice regarding your personal financial situation, please consult with:

  • A licensed financial advisor for investment and financial planning questions
  • A qualified attorney for legal matters
  • A certified public accountant for tax-related questions
  • Element Federal Credit Union staff for information about our specific products and services

Element Federal Credit Union Products & Services

References to Element Federal Credit Union services, accounts, and programs are for informational purposes. All products and services are subject to approval and eligibility requirements. Terms, conditions, fees, and availability may vary and are subject to change. Please contact Element Federal Credit Union directly or visit our website for current product information, rates, and terms.

Membership eligibility requirements apply. Not all individuals may qualify for membership or all products and services.

Links and External Resources

This page may contain links to external websites or references to third-party research. Element Federal Credit Union does not control, endorse, or assume responsibility for the content, accuracy, or opinions expressed on external sites. Links are provided for informational purposes only.

Updates and Corrections

Element Federal Credit Union reserves the right to update, modify, or correct information on this page at any time without notice. We are committed to accuracy and welcome feedback. If you believe any information is inaccurate or requires correction, please contact us at Team@ElementFCU.org.

Limitation of Liability

Element Federal Credit Union, its officers, directors, employees, and agents shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising from the use of or reliance on information contained on this page. This includes but is not limited to decisions made based on calculator estimates, historical information, or statistical data presented.

Element Federal Credit Union is federally insured by the National Credit Union Administration (NCUA).

The views and opinions expressed in historical narratives and educational content are for informational purposes and do not necessarily reflect the official policy or position of Element Federal Credit Union.

© 2026 Element Federal Credit Union. All rights reserved.
Last Updated: March 2026

Pink Tax Payback Rewards FAQ

Everything you need to know about fighting back against unfair pricing

The Basics

What is the Pink Tax Payback Card?

The Pink Tax Payback Card is a credit card from Element Federal Credit Union that gives you 7% cash back on purchases in categories where women historically pay more than men for the same or similar products and services.

It's our way of fighting back against gender-based pricing discrimination. Every time you buy an overpriced product, we put money back in your pocket.

What is the "Pink Tax"?

The Pink Tax refers to the practice of charging women more for products and services that are identical or very similar to those marketed to men. Studies show women pay approximately 7% more on average for:

  • Personal care products (razors, shampoo, deodorant)
  • Clothing and dry cleaning services
  • Toys and children's products
  • Healthcare and wellness items

Over a lifetime, the Pink Tax costs women approximately $82,000.

Who can get the Pink Tax Payback Card?

The Pink Tax Payback Card is available to all Element Federal Credit Union members who meet standard credit qualifications. You must:

  • Be a member of Element FCU (or eligible to join)
  • Be at least 18 years old
  • Meet creditworthiness requirements
  • Have sufficient income to support credit payments

This card is available to everyone, regardless of gender. We believe fighting unfair pricing benefits everyone.

How It Works

Which purchases earn 7% cash back?

You earn 7% cash back on qualifying purchases in these categories:

  • Personal Care & Beauty: Razors, shampoo, skincare, cosmetics, haircare products, salon services
  • Clothing & Dry Cleaning: Women's apparel, alterations, professional cleaning services
  • Healthcare & Wellness: Over-the-counter medications, menstrual products, health supplements, pharmacy purchases
  • Children's Products: Toys, clothing, and gear marketed specifically to girls
  • Home Goods & Services: Household items, cleaning products, personal services

Important: Categories are determined by merchant category codes assigned by the credit card payment network. Not all merchants are included in designated categories.

How do I know if my purchase qualifies for 7% cash back?

Qualifying purchases are determined by the merchant category code (MCC) assigned by the credit card payment network, not by the specific products you buy. For example:

✅ Likely to Qualify:

• Purchases at drugstores, beauty supply stores, salons
• Dry cleaning services
• Clothing retailers
• Toy stores

❌ May NOT Qualify:

• General merchandise stores (like Target or Walmart) even if buying qualifying products
• Online marketplaces with mixed category codes
• Warehouse clubs

When do I receive my cash back?

Cash back is earned at the time of purchase and credited to your account monthly. You'll see your rewards posted each month you have qualified purchases.

There is no minimum redemption amount. Your cash back is automatically credited to your account each month.

How can I use my cash back?

Your cash back is credited directly to your credit card account as a statement credit, which reduces your balance.

Is there a limit to how much cash back I can earn?

No. There is no cap on the amount of 7% cash back you can earn on qualifying purchases. The more you spend in qualifying categories, the more you get back.

Application & Eligibility

How do I apply?

You can apply for the Pink Tax Payback Rewards Card:

  • Online: Visit elementfcu.org and click "Apply Now"
  • In Person: Visit any Element FCU branch
  • By Phone: Call us at 304-721-4145

You'll need to provide basic information including your Social Security number, income, and employment details.

I'm not an Element FCU member. Can I still apply?

Yes! You can join Element FCU and apply for the Pink Tax Payback Rewards Card at the same time. Most people in our service area are eligible to join. Check your eligibility at elementfcu.org or ask when you apply.

What credit score do I need?

We evaluate each application individually based on your complete credit profile, not just your credit score. Factors we consider include:

  • Credit score and credit history
  • Income and employment stability
  • Debt-to-income ratio
  • Existing relationship with Element FCU

We encourage you to apply even if your credit isn't perfect. As a credit union, we look at the whole picture.

How long does approval take?

Most applications receive a decision within minutes to 24 hours. In some cases, we may need additional documentation, which could extend the timeline to 3-5 business days.

Once approved, you'll receive your Pink Tax Payback Rewards Card within 7-10 business days.

Common Questions

Can I have multiple Pink Tax Payback Rewards Cards?

You can have one Pink Tax Payback Rewards Card per member. However, you can request authorized user cards for family members, which will earn rewards on the same account.

What happens to my cash back if I return a purchase?

If you return a purchase that earned cash back, the cash back for that purchase will be deducted from your rewards balance.

Can Element FCU change the rewards program?

Element FCU reserves the right to modify or discontinue the rewards program with 30 days' notice to cardholders. However, our commitment to fighting the Pink Tax is central to this card's mission, and we have no plans to reduce or eliminate the 7% cash back benefit.

Is the Pink Tax Payback Rewards Card only for women?

No. The Pink Tax Payback Rewards Card is available to all Element FCU members who qualify, regardless of gender.

While the Pink Tax disproportionately affects women, we believe fighting unfair pricing benefits everyone. Plus, many cardholders use their rewards to support the women in their lives—partners, daughters, mothers, friends.

Still Have Questions?

Our team is here to help you understand the Pink Tax Payback Rewards Card and how it can work for you.

Contact Us