Payment Card News

MasterCard's New VIP Corp Cards

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MasterCard added another flavor to its global business card product portfolio yesterday with the launch of the ‘MasterCard Corporate Executive Card’. This is MasterCard’s first attempt at enhancing one of its corporate card products. The new program offers “VIP” treatment with higher credit limits and premium level benefits and services. Among the enhanced benefits package is ‘Concierge Services’ which provides travel assistance, translator services and assistance with meeting facilities and event tickets. In the U.S., Household Credit and GE Capital will be targeting large corporations for the new program while AT&T Universal will target small businesses. MasterCard’s business card arsenal now includes ‘BusinessCard’ for small business; ‘Corporate Card’ for large corporation T&E; ‘Corporate Purchasing Card’ for large corporation expenses; and the newly announced ‘Corporate Fleet Card’ for traveling corporate sales force or commercial fleet expenses.

FULL STORY:

MasterCard International today introduced the MasterCard Corporate Executive Program, which provides superior benefits and increased service levels for frequent business travelers. The MasterCard Corporate Executive Card is targeted at executives of large companies, as well as small-business owners, worldwide. In the United States, the program targeting the small-business market is offered under the name Executive BusinessCard.

The MasterCard Corporate Executive Card, MasterCard’s first corporate product to add a higher level of service to its standard business program, gives cardholders VIP treatment by providing them with increased spending limits, as well as other “premium level” benefits. These include:

— worldwide 24-hour customer assistance
— Concierge Services which provide travel information and
booking capabilities, translator services and arrangement of
meeting facilities and event tickets
— Corporate Travel Assistance Services, including emergency
legal and medical assistance
— MasterCard Global Service(TM) which, through a local toll-free
telephone call, provides cardholder support and information at
any time, from anywhere in the world, in any language
— expedited billing dispute resolution
“The new MasterCard Corporate Executive Card provides business people who travel & entertain extensively with a superior product in terms of expanded service, unsurpassed acceptance and access to the largest global ATM network,” said Robert Wesley,
MasterCard senior vice president, Global Product Development and Management. “With these services and benefits the executives carrying the MasterCard Corporate Executive Card will receive excellent treatment and recognition whether they need security and emergency services, or top-of-the-line concierge services that make it akin to traveling with a personal assistant.”

“Launching this new program demonstrates MasterCard’s continued commitment to aggressively target large and small businesses,” added Wesley.

The MasterCard Corporate Executive Card will be issued in the Asia Pacific region by Bank of China, ICBC, WestPac and DBS (Development Bank of Singapore). In the U.S., the MasterCard Corporate Executive Card will be offered in the large corporate market by Household Credit Services and GE Capital. Focusing on their commitment to small businesses, AT&T Universal Card Services launched a MasterCard Executive BusinessCard Card program earlier in 1997.

“We have created a portfolio of Corporate card programs which includes the MasterCard Corporate Purchasing Card and the recently introduced MasterCard Corporate Fleet Card. Now, the Executive Card programs provide a strong, complete set of payment solutions meeting virtually all the needs of business, thereby giving our member financial institutions a competitive edge in the U.S.” said Steve Abrams, senior vice president, U.S. Corporate Products.

MasterCard has continually led the market in designing corporate payment program, beginning with the launch of the first bankcard for small businesses through the development of programs for travel and entertainment, business-to-business purchasing and commercial fleet management. More than one million businesses in over 50 countries have come to rely on MasterCard Corporate programs, which include the MasterCard BusinessCard(R), MasterCard Corporate Card, MasterCard Corporate Purchasing Card and MasterCard Corporate Fleet Card, as a better way to monitor, manage and control business expenditures.

MasterCard International, a payments company with one of the world’s most recognized brands, is dedicated to helping more than 23,000 financial institutions around the world offer consumers a variety of payment options. MasterCard remains focused on helping shape the future of money by expanding acceptance of its global brands (MasterCard(R), Maestro(R) Mondex(TM) Cirrus(R), the world’s largest ATM network) and maintaining reliable, secure networks facilitating global value exchange. MasterCard has 400 million credit and debit cards that are accepted at more than 14 million acceptance locations worldwide. In 1996, gross dollar volume generated exceeded $550 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.

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