MasterCard Program Offers Points for Variety of Services

PURCHASE, N.Y. – MasterCard’s advisory unit has begun promoting a service it says lets consumers earn rewards for using a variety of financial products and services, not just payment cards. The company said Fifth Third Bancorp, Cincinnati, has been using the service to pool rewards points earned by its customers on credit and debit cards. MasterCard said the service incorporates technology that can integrate several banking products, such as brokerage services, mortgages, and savings and checking accounts Jon Groch, senior VP with Fifth Third’s card division, told American Banker it is using the MasterCard service to ease the “clutter” of rewards programs for consumers and to solidify relationships with them. Groch said about 10,000 customers are enrolled in the program it calls “53PointShare.”