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A new credit card linked to your paycheck is in the works. The e-Duction MasterCard enables employees to access a credit line based on their salary and to spread out their purchases up to six months, interest-free. Credit limits are set at 2.5% of annual gross salary. With the e-Duction MasterCard, employees can “e-Duct” their purchases from future paychecks. For example, an employee purchasing a $200 camera, will have $50 deducted from each of the next four biweekly paychecks. The start-up firm behind the new payroll MasterCard received its third round of funding this week, raising a total of $26 million to-date. Investors include the largest credit card processor, First Data, and venture capital firm, RRE Ventures, which is led by James Robinson, former CEO of American Express. In July, VISA rolled out its Payroll debit card through Bank of America, Bank One, First Tennessee, FleetBoston and U.S. Bancorp. The VISA Payroll Card program is a prepaid debit card which requires employers to set-up individual accounts at a participating financial institution for each employee. For more information on the new payroll MasterCard visit

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