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PURCHASE, N.Y. -- MasterCard Worldwide launched a debit card rewards program in collaboration with Upromise that allows cardholders to save money for college when using the card at participating retailers, including 14,000 gas stations in the U.S.
"Upromise's number one priority is to help our seven million members grow their college savings," said David Rochon, senior vice president of partner management at Upromise. "Debit cards are becoming the preferred means of payment for everyday purchases for an increasing number of consumers, making this program with MasterCard a powerful new savings tool for our members."
The program comes from the exclusive partnership between MasterCard and Upromise. It allows debit MasterCard members that are also enrolled in the Upromise program to earn college savings when they purchase items with the card at participating retailers. Savings can be earned at more than 23,000 grocery and drug stores, 8,000 restaurants and other retail locations in addition to the 14,000 gas stations that are affiliated with the Upromise merchant coalition.
BancorpSouth, BankAtlantic, BECU and Provident Bank are assisting the program by awarding additional bonus college savings, up to three percent of the price of the eligible purchases, on debit card purchases within the Upromise merchant network. The savings will be automatically deposited into the member's Upromise account. In addition, certain Upromise merchant partners will also fund additional contributions.
"The Upromise MasterCard debit rewards program is the only one of its kind and makes debit MasterCard an even more appealing payment option for everyday purchases," said Patricia Preston, senior vice president of MasterCard Worldwide. "We expect that our customers and merchants that are in the Upromise program will all experience increased levels of customer spending and loyalty, and participating debit MasterCard cardholders will receive a truly meaningful reward for card usage while building a better life for their family and friends."