SmartyPig Introduces the SmartyPig Cash Rewards Prepaid MasterCard Card, offering Customers 10% Cash Back at Thousands of Select Retailers
DES MOINES, IA, - SmartyPig, the leader in goal-based savings, today unveiled the SmartyPig Cash Rewards Prepaid MasterCard®. The SmartyPig Cash Rewards Prepaid MasterCard provides significant value for cardholders with no monthly maintenance, customer service or reload fees, while providing the opportunity to earn up to 10 percent cash back at more than 9,000 select U.S. retailers.
With the SmartyPig Cash Rewards Prepaid MasterCard, SmartyPig online savings account holders now have the option to load funds anytime through their online account onto a prepaid MasterCard that can be used anywhere Debit MasterCard is accepted. Cardholders earn automatic cash back when they use the card to make purchases at select retailers across the U.S. The cash-back savings that are earned can then be transferred back to a SmartyPig savings account to help savers reach their goal faster or can be left on the SmartyPig Cash Rewards Prepaid MasterCard to use toward future purchases.
“With consumers today looking for payment tools that can help them with their daily finances, provide added value, and avoid growing bank fees and high-interest credit cards, the SmartyPig Cash Rewards Prepaid MasterCard is a great solution,” said Bob Weinschenk, CEO, SmartyPig. “Now our customers have even more flexibility in how they redeem the funds they put toward their savings goals and are able to earn valuable rewards on their everyday spending, as well.”
The SmartyPig Cash Rewards Prepaid MasterCard was developed in response to requests from SmartyPig savers wanting additional redemption options with added flexibility, as well as ways to make everyday spending more financially rewarding. The SmartyPig Cash Rewards Prepaid MasterCard provides both - acceptance anywhere Debit MasterCard is accepted and cash-back savings on everyday purchases. All without the typical load and monthly fees seen with most other prepaid cards, the high fees being added on to standard bank accounts and the trappings of credit card debt.
“More than ever, we know that consumers are increasingly looking for ways to get more from the financial services industry, whether it be from the payment products in their wallets or from tools to help them be more financially responsible,” said Neil Dugan, Group Head, Global Prepaid Solutions, MasterCard Worldwide. ”It is our commitment to provide a flexible prepaid model that enables innovative partners like SmartyPig to address consumers needs while also driving their own business objectives"
SmartyPig, the leader in online social banking, helps customers save for specific savings goals while earning high interest, as well as cash back savings on everyday purchases. Family and friends can also securely contribute to an account via social networks like Facebook and Twitter. SmartyPig’s back-end system is based on proprietary, patent-pending technology and features the latest in security standards. Launched in April 2008, SmartyPig is extremely popular with consumers throughout the U.S. and in Australia where it partnered with Australia and New Zealand Banking Group Limited (ANZ) to launch www.smartypig.com.au. SmartyPig’s U.S. banking relationship is with BBVA Compass and all funds held on deposit are FDIC insured up to the applicable legal limits. To date, SmartyPig customers have created more than $1 billion in goals. For more information on how to get started, please visit http://www.smartypig.com and follow us on Twitter: www.twitter.com/smartypig.
BBVA Compass is a trade name of Compass Bank. Compass Bank is a member of the FDIC.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2009, $2.5 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network — the fastest payment processing network in the world — MasterCard processes over 22 billion transactions each year, has the capacity to handle 140 million transactions per hour, with an average network response time of 140 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com.
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