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Fifth Third Bank Issues World Debit MasterCard to Bring Enhanced Value to Customers’ Everyday Spending
Debit Card Offers Enhanced Rewards, Exclusive Offers and Greater Consumer Protections
Purchase, N.Y., Oct. 19, 2009 -- MasterCard Worldwide (NYSE:MA) today announced that Fifth Third Bank is now issuing the World Debit(TM) MasterCard® card, the industry's only premium debit card that provides U.S. consumers with access to enhanced rewards, unique offers and savings opportunities and greater purchase protection. By offering World Debit MasterCard to its customers, Fifth Third Bank is now providing a custom-tailored debit product that meets the unique, everyday spending needs of its high-spend and reward-seeking debit cardholders.
"The Fifth Third Bank World Debit MasterCard provides our customers with a premium payment product that features a rich mix of relevant rewards, security, protection, financial control, and exceptional customer service," said Jon Groch, Fifth Third Bank director of Bankcard Services. "This enhancement to our card program will help ensure that our cardholders enjoy added premium value combined with strong rewards specifically matching their payment needs."
World Debit MasterCard cardholders are eligible for exclusive rewards offerings, including an exceptional rewards point program, and premium access to the MasterCard Savings(TM) program, an innovative savings program that provides U.S. consumer debit and prepaid MasterCard cardholders with significant merchant-funded discounts and special offers from thousands of merchants across the country. In addition, they can enjoy enhanced built-in security features and consumer protections for greater peace of mind when shopping. The Fifth Third Bank World Debit MasterCard also features access to Priceless.com/World, through which cardholders gain unique access to events and games and can take advantage of exclusive opportunities for hotels, shopping and travel.
Groch adds, "The Fifth Third Bank World Debit MasterCard also is a key feature of the Bank's new Rewards Checking package, offering customers reward points for their everyday banking activity including debit card purchases and direct deposits to their checking account."
"Consumers today are turning to their debit cards, instead of cash and check, for everyday purchases," said Patricia Preston, senior vice president, U.S. Debit Product Management and Development, MasterCard Worldwide. "By adding the World Debit MasterCard to its debit portfolio, Fifth Third Bank will accelerate this trend for its high-usage cardholders, by further increasing the benefits that paying with a debit card provides to this important customer segment."
The World Debit MasterCard card is designed to maximize the benefits realized by high-spend and reward-seeking 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. Debit remains among the fastest growing forms of payment as consumers continue to migrate to electronic payments and away from cash and checks.
Features of the Fifth Third World Debit MasterCard include:
- Enhanced rewards program - Cardholders can earn one point for every $1 spent on signature purchases, and enjoy no limit on how many rewards points they can earn each year.
- When combined with the Fifth Third Rewards Checking account, customers also can earn one point for every $10 in direct deposits to their checking account.
- MasterCard Savings Plus(TM) - World Debit MasterCard cardholders gain premium-level access to MasterCard Savings, which provides Debit MasterCard cardholders with merchant-funded discounts and benefits, such as limited-time offers, free shipping and hundreds of special offers each day from thousands of merchants (standard access is free to all U.S. consumer Debit MasterCard cardholders). Premium-level access, a $29.95 annual value that is included in this program, enables World Debit MasterCard cardholders to take advantage of enhanced savings (ranging from 20 percent to 50 percent), as well as special events. (www.savings.mastercard.com )
- Personal security benefits - including Zero Liability to prevent cardholder 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.*
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $116 billion in assets, operates 16 affiliates with 1,306 full-service Banking Centers, including 100 Bank Mart locations open seven days a week inside select grocery stores and 2,371 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2009, has $180 billion in assets under care, of which it managed $24 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ National Global Select Market under the symbol "FITB." Member FDIC.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com .
Source: Company press release.
