New MasterCard launches rewards program

LAS VEGAS - MasterCard Worldwide announced Nov. 14 the launch of a new rewards program that enables banks to build loyalty programs unique to their brands and to cross-sell retail bank and credit products more effectively.

 

MasterCard will offer relationship rewards programs beginning in early 2007.

 

Through the program, banks will have the ability to customize programs to include earned-reward points based on deposit or investment balances, the number of products held, transactional elements, online bill payment, direct deposit, and promotional events such as a mortgage application/approval. Rewards from personal and small business products also can be commingled.

 

"Financial institutions are looking for ways to enhance cross-sell and retention efforts, and an innovative loyalty program like MasterCard's relationship rewards is a critical element of this strategy," said Patricia Preston, group head of Debit Product Management Americas for MasterCard.