MasterCard International has announced a new turn-key loyalty and rewards program for credit card and debit card issuers it says is targeted at small to medium-sized financial institutions and processors. Called "Preferred Rewards," the company says the product delivers a "cost-effective solution to enhance cardholder acquisition, retention and usage, while offering appealing financial incentives to cardholders."
"The MasterCard Preferred Rewards package offers similar competitive advantages to current customized card-user loyalty and reward programs without the large financial investment associated with development and implementation, staffing, and data processing resources," MasterCard stated. "Cardholders earn points for using their cards and have options for reward choices in the three most desirable award categories: travel and entertainment, merchandise, and gift certificates."
MasterCard said that InterCept, Inc., a provider of technology products and services for financial institutions and merchants, will be the first to offer Preferred Rewards through the EFT Services division beginning in the fourth quarter of 2003.