Freelancer Credit Card Developer’s Long-Awaited Dream Comes True

There is a wide variety of freelancers in the world today. Freelancers are active in many fields, from web development, web design, and photography to sales, marketing, planning, public relations, and accounting. By the way, the author is also a freelance writer.

In 2024, the freelance population is expected to reach 13.03 million, with the economic scale of freelancers at a remarkable 20.32 trillion yen. Despite this, only 45.9% of freelancers use credit cards (either personal or business) according to the “Freelancer Reality Survey 2024.” The strong perception that “freelancers have unstable incomes” seems to make it difficult for them to pass credit card screenings.

In modern life, with cashless payments and online transactions, not having a credit card can be inconvenient in many situations. To address this need, Lancers Inc., which operates the freelance matching platform “Lancers,” along with Marui Group and Epos Card, has co-created a credit card specifically for freelancers.

This credit card is called the “Lancers Card Visa,” and it’s a Visa card, which has the largest number of member stores worldwide.

We spoke with Ryoichi Ueno, a director at Lancers and the leader of the project team, to learn about the birth of the card and its unique features.

Decided not to think with a corporate employee mentality

――Why did you decide to create a credit card for freelancers?

“Our company has grown alongside freelancers under the mission of empowering the individual. We wanted to create an environment where freelancers can work with more peace of mind. That was the origin of developing the ‘Lancers Card Visa.’

For example, freelancers experience significant fluctuations in income, right? There’s inevitably an increase or decrease in income from month to month. We’ve long had the challenge of figuring out how to provide financial support for that part of their cash flow.

At that time, we had an opportunity to talk with Marui Group, and we found that our goals and feelings were aligned. That’s when we decided to proceed with the development of a credit card designed specifically for freelancers.” (All quotes are from Ueno)

――The fluctuation in monthly income is a given for freelancers, but it’s a serious issue.

“When I got involved with this project, I realized that we should not approach it with the company employee mentality. For instance, the difference in how we perceive schedule changes is very noticeable.

If a deadline is postponed until next month, an employee might think, ‘Oh, that’s good.’ But for a freelancer, a schedule change means payment will be delayed.”

――I can completely empathize with that, as I am also a freelancer.

“While progressing with the project, we conducted interviews and surveys with freelancers. We also reviewed information about their income and expenses. What stood out to me first was that their expenses weren’t much different from those of employees.

However, I was shocked by the range of income. Even individuals who make a good income annually sometimes experience a month with only 50,000 yen in payments. Changes in the schedule lead to delays in payment, creating periods of financial gaps between peaks in income.”

Credit based on work achievements as a freelancer

――If you were supposed to receive a significant payment in a month but only receive “50,000 yen,” you certainly cannot pay your bills. Is that why you focused on a function design that can cover income fluctuations?

“Yes, that’s why we introduced the ‘skip payment’ feature, which allows you to change payments up to six months in the future. Traditional credit cards were designed with the assumption of regular income from salaried employees, but this card is tailored to the unique circumstances of freelancers. By allowing payments to be postponed up to six months, it enables adjustments to match sudden changes in income.”

――Being able to extend payments for up to six months is very helpful.

“That was a difficult challenge to implement. The team from Marui Group put in a lot of effort to make this work.”

――When it comes to credit cards, you can’t avoid the issue of credit. I personally have experienced being turned down by a credit card in the past. How did you address this issue?

“Our company has a track record of matching clients with freelancers. By having applicants apply for the card through their accounts, we can incorporate past performance data into the credit assessment.

Each freelancer’s work is directly linked to trust and reliability. This system allows us to provide a card to individuals who might have previously been rejected. For Marui Group, it’s a way of controlling the risk while still taking it on, which I think is a good initiative for all three parties.”

――Is the number of projects you’ve completed used as a measure of creditworthiness?

“Not just the number of projects or income, but we also consider positive factors like the way freelancers engage with their clients. Freelancers who receive high ratings from their clients are more likely to meet client satisfaction. So, in the long term, we believe they have the potential to earn well, and that contributes to a higher credit rating.”

――Just to confirm, this card is exclusive to Lancers members, right?

“Currently, yes. However, we do plan to expand in the future. As I mentioned earlier, we’re still in the process of testing how data such as work performance and client interaction can contribute to credit. This may take some time.

For now, having an account with our company is a prerequisite, but anyone can apply as long as they have an account. There are no set standards for the amount of work experience required.”

――Can you offer some advice to readers?

“Freelancers should separate their personal and business credit cards for tax filing purposes. Applications began on March 24, and we plan to offer more benefits moving forward.

These days, freelancers are not the opposite of salaried employees. It’s not uncommon for people to wear both hats. In the past, becoming a freelancer was seen as quitting your job, but now there are many ways to work, reflecting the diversity of career paths.

There may be times in life when you want to try freelancing, and other times when you seek the stability of a salaried position. It’s perfectly okay to move between both, or even balance them. Freelancing doesn’t need to feel like an unattainable goal.”

It’s no longer an era where freelancing means complete independence. It’s worth considering a more flexible approach to freelancing and integrating a freelancer-oriented credit card into your plans.

●IInterview Cooperation: Lancers
https://www.lancers.jp/

Source: “Freelancer Reality Survey 2024”
https://www.lancers.jp/research_news/2024/

●ILancers Card Visa

 

●ICard issuer: Epos Card Co.
●INo admission fee No annual fee forever
●INo membership fee, no annual fee
https://www.eposcard.co.jp/memberservice/pc/freelance/freelance_card_landing_preload.do