Consumer Payment Card News

BabyMint MasterCard

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A college savings program is being beefed-up this month with a new MasterCard feature. Atlanta-based BabyMint, Inc. and MBNA have teamed to launch the BabyMint MasterCard. The new card offers a 1% cash-back rebate, no annual fee, and no limit to the amount of rebates earned. Through the BabyMint program, consumers receive up to a 20% rebate on purchases made through BabyMint’s network of more than 700 retailers and 127,000 grocery stores including, Kroger, Safeway, and Albertson’s Winn-Dixie. Some of the other participating retailers include WalMart, Dell, Macys, and Pizza Hut. Retailer and grocery rebates are automatically tracked and deposited in the consumer’s 529 college savings plan, or any other investment vehicle of the consumer’s choosing. The program is also offered by more than 22,000 financial advisors who provide it to their clients as an enhancement to any college saving account, including federal income tax free 529 plans and Coverdell education savings accounts (formerly known as the Education IRA). The BabyMint College Savings MasterCard is available via a toll-free number and will offer online applications later this month. MBNA is offering a six-month 1.7% intro APR and a go-to interest rate of 11.99%, fixed. For more information visit: www.babymint.com.

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