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Specifications and mastery grading schemes have been growing in popularity in higher education over the past several years, and reports of specifications grading and other alternative grading systems are emerging in the chemistry education literature. The general goal of these alternative grading approaches is to reduce the reliance on high-stakes exams and give students a more transparent pathway to achieving the course learning outcomes. More importantly, relying less on infrequent high-stakes exams may help reduce historical equity gaps in introductory gateway STEM courses. Herein, we describe the implementation of two versions of mastery grading systems in large enrollment general chemistry courses at a public R1 institution. Class-wide course outcomes, equity gaps in performance on a common final exam, and student feedback on their experience navigating these grading schemes are presented. We show that combining mastery grading with interactive courseware tools improved the average performance on a common final assessment for under-represented minority (URM) students by 7.1 percentage points relative to an active control course that used infrequent high-stakes exams.