Consumer Payment Card News

Benny MasterCard

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Hooking up payment cards to other stuff seems to be the new wave. This week a Connecticut firm launched a special purpose stored-value MasterCard linked up to health care flexible spending accounts (or FSAs). Evolution Health’s new “Benny Card” enables employees to make their co-pay or other qualified expense in real-time by automatically deducting the transaction from the FSA account. Cardholders can also access the “BennyCard” Web site to view transaction history and monitor their balance. FSAs permit employees to use their own payroll funds on a pre-tax basis to pay for out-of-pocket health care costs. Under current FSA plans, employees have to pay up front for their uncovered expenses, save all their receipts, then remember to send them in to get reimbursed by check from their own FSA funds. One of the first clients for the new card is CT-based B. Evolution Health created the program with WildCard Systems and South Dakota-based BANKFIRST. For more information: http://www.evolutionbenefits.com/.

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