Payment Card News

Debit MegaRewards

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Rewards for debit cards continue to surface and have now been extended to some business cards. This week, Ohio-based Charter One Financial unleashed the “MegaRewards Business” program. The card enhancement enables users of Charter One’s “SmartBusiness” or “Smart Business OneCard” to earn points toward free merchandise and travel benefits for every signature or non-PIN purchase they make. Under the “MegaRewards Business” program, Charter One small business checking customers will earn one point for every dollar they spend on a non-PIN MasterCard debit card transaction. Business customers can earn up to 10,000 points per month and a maximum of 100,000 per year. Points are valid for three years. Points can be redeemed for merchandise and travel on any airline. There is a $25 membership fee for the program annually that will be automatically deducted from each member’s checking account. The fee includes all enrolled cards on the same checking account. The annual fee is automatically waived for business customers who are active users of Charter One’s online bill payment program. In December 2000, the company was among the first in the nation to introduce a similar program for consumers. For more information visit http://www.charterone.com.

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