Cashet Cards, a new credit card targeting independent film and TV productions hit the market Thursday, offering 1 percent cash back on purchases, vendor discounts and custom cost controls.
"We'll give credit to the production," Paul Rogers, chief operating officer of Cashet told TheWrap. Producers often use personal plastic on passion projects because individual film or TV productions aren't able to generate a large enough credit profile to qualify for major card accounts.
The company, based in Los Angeles, is supported by completion bond giant Film Finances and Europe-based Fintage House.
The cards are deposit-secured with no fees. Credit limits are based on what a production is estimated to spend in two weeks. The billing is weekly with 7 days to pay. The cash rebates are paid a few weeks after the charges.
Producers can monitor budgets with the card's online accounting tools, Rogers said, and control expenditures on a department-by-department basis.
"You could, for example, limit a driver's card to fuel purchases or particular ZIP codes," Rogers said, "or set it up so that the card can only be used for purchases which qualify for certain tax incentives."
Film Finances clients represent more than $2 billion in film and TV expenditures annually. Netherlands-based Fintage House oversees $1 billion in film revenues, and is a leading music industry royalty collections service.
Occupant Entertainment used the card in making the film "Better Living Through Chemistry" as part of a soft launch in May.