MasterCard Worldwide today announced the launch of the World Debit MasterCard card, a premium debit card that provides U.S. consumers with unique rewards and savings opportunities, purchase protection, and security benefits.
KeyBank, a wholly owned subsidiary of KeyCorp (NYSE: KEY) , today became the first financial institution to introduce World Debit MasterCard to its customers.
"The KeyBank World Debit MasterCard is a significant breakthrough in KeyBank's ability to meet the needs and preferences of its diverse customers with a premium payment product," said Carl Stauffeneger, Senior Consumer Product Manager, KeyBank. "As a relationship bank, we understand and are addressing our cardholders' high expectations for value."
World Debit MasterCard cardholders are eligible for discounts on a variety of products and services, and have access to enhanced customer service and security features. The KeyBank World Debit MasterCard will also feature MasterCard PayPass contactless payment functionality. This offers cardholders increased speed and convenience at the point of sale by allowing them to "Tap & Go" at the more than 141,000 merchants that accept PayPass.
"In today's economy, savvy consumers are looking to get the most value for every dollar they spend," said Patricia Preston, Senior Vice President, U.S. Debit Product Management and Development, MasterCard Worldwide. "As the first financial institution to offer its customers the World Debit MasterCard, KeyBank is taking an innovative step to ensure that affluent consumers have a debit card that is working harder for them."
The World Debit MasterCard card is designed to maximize the benefits realized by affluent consumers who choose debit as their method of payment. Like other financial demographics, these consumers are increasingly turning to debit cards for their everyday purchases to help manage their spending. MasterCard research has found that nearly one in four (24%) of these consumers use their debit card daily. Debit remains the fastest growing form of payment as consumers continue to migrate to electronic payments and away from cash and checks.
Features of the World Debit MasterCard include:
- MasterCard Savings Plus -- World Debit MasterCard cardholders gain premium-level access to MasterCard Savings, which provides Debit MasterCard cardholders with merchant-funded discounts and special offers from thousands of merchants (standard access is free to all Debit MasterCard cardholders). Premium-level access, a $29.95 annual value that is included in this program at no cost, enables World Debit MasterCard cardholders to take advantage of enhanced savings (ranging from 20 percent to 50 percent), as well as limited-time offers and special events. MasterCard Savings Plus offers statement rebates, a MasterCard feature made available by KeyBank.
- Personal security benefits -- including Zero Liability to prevent liability in the event of unauthorized use of a card, ID Theft Resolution that provides credit bureau notification, ID Theft Affidavit and other services, and Wallet Protection for reporting and locking out lost or stolen cards.*
- Purchasing peace of mind -- in the form of programs for Purchase Assurance, Satisfaction Guarantee, Price Protection and Extended Warranty.*
- Financial controls -- including Overdraft Protection.