MasterCard Announces First Issuers For Upromise MasterCard Debit Rewards Program

PURCHASE, N.Y., Oct. 18 /PRNewswire/ -- MasterCard Worldwide today announced the launch of an innovative debit card rewards program that will provide cardholders a new way to save for the rising costs of higher education. BancorpSouth, BankAtlantic, BECU* and Provident Bank are the first four financial institutions to offer the new program, which is currently available to eligible Debit MasterCard customers.

The program is a result of an exclusive debit relationship MasterCard has with Upromise. It will allow Debit MasterCard cardholders of participating financial institutions, who are enrolled in the Upromise program to automatically earn bonus college savings contributions while making everyday purchases with participating Debit MasterCard cards. Cardholders can earn these savings on purchases made at the more than 23,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, and thousands of retail store locations in the Upromise merchant coalition.

As part of the rewards program, BancorpSouth, BankAtlantic, BECU and Provident Bank will award bonus college savings on eligible debit card purchases made within the Upromise merchant network. These bonus contributions, which will be equal to one to three percent of the price of eligible purchases, will be automatically deposited into a member's Upromise account. Upromise merchant partners will also fund additional contributions. Cardholders will then have the option of having the funds put into participating 529 college savings plans. In the same way that 401(k) plans help families save for retirement, 529 plans are designed to help families save for college education.

"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, MasterCard Worldwide. "We are very excited to launch this program with BancorpSouth, BankAtlantic, BECU, and Provident Bank, a group of financial institutions that collectively are widely dispersed across the country. 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."

According to a November 2005 report from Sebago Associates, average college tuition increased roughly 160 percent from the academic years of 1977- 1978 to 2004-2005, while real average family income over the same time period rose only 33 percent.

"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."

MasterCard and Upromise will provide BancorpSouth, BankAtlantic, BECU and Provident Bank with marketing collateral and ongoing support. The program will be exclusive to the four issuers for a period of one year, after which MasterCard and Upromise will evaluate if and how to expand the offering to additional customers.

*BECU: The state of Washington's largest credit union. About MasterCard Worldwide

MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes more than 14 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to http://www.mastercardworldwide.com/.

About Upromise

Upromise's mission is to help families realize the dream of college. The Upromise Services division includes our popular Rewards Service, which allows families to automatically save money for college while making everyday purchases at more than 23,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, thousands of retail stores and more than 430 online shopping sites. Upromise's partners include Citi(R), Coca-Cola(R), ExxonMobil Corporation, Kimberly-Clark, McDonald's(R), JCPenney.com, LandsEnd.com, Sears.com, and hundreds of others. More than seven million parents, grandparents, and family friends have joined Upromise-and our partner contributions today represent the largest private source of college aid in America. Upromise also makes it easy for families to invest in tax-advantaged college savings plans and to use contributions to pay off student loans. The 529 college savings plans are offered through Upromise Investments, Inc. (member NASD/SIPC). Upromise is a wholly owned subsidiary of SLM Corporation , commonly known as Sallie Mae, the nation's leading provider of savings-and-paying-for college programs. Upromise is headquartered in Needham, Mass., and has more than 300 employees. For additional information, visit http://www.upromise.com/ or call 781.707.8400.

Contacts: Joanne Trout, 914-249-6644, joanne_trout@mastercard.com Jeff Dahncke, 212-445-8217, jdahncke@webershandwick.com Marina Mortimer, Upromise, 781-707-8471, mmortimer@upromise.com