Upromise MasterCard Debit Rewards Program

The program is a result of an exclusive debit relationship MasterCard has with Upromise. It will allow Debit MasterCard cardholders of participating financial institutions, who are enrolled in the Upromise program to automatically earn bonus college savings contributions while making everyday purchases with participating Debit MasterCard cards. Cardholders can earn these savings on purchases made at the more than 23,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, and thousands of retail store locations in the Upromise merchant coalition.

As part of the rewards program, BancorpSouth, BankAtlantic, BECU and Provident Bank will award bonus college savings on eligible debit card purchases made within the Upromise merchant network. These bonus contributions, which will be equal to one to three percent of the price of eligible purchases, will be automatically deposited into a member's Upromise account. Upromise merchant partners will also fund additional contributions. Cardholders will then have the option of having the funds put into participating 529 college savings plans. In the same way that 401(k) plans help families save for retirement, 529 plans are designed to help families save for college education.

"The Upromise MasterCard debit rewards program is the only one of its kind and makes Debit MasterCard an even more appealing payment option for everyday purchases," said Patricia Preston, senior vice president, MasterCard Worldwide. "We are very excited to launch this program with BancorpSouth, BankAtlantic, BECU, and Provident Bank, a group of financial institutions that collectively are widely dispersed across the country. We expect that our customers and merchants that are in the Upromise program will all experience increased levels of customer spending and loyalty, and participating Debit MasterCard cardholders will receive a truly meaningful reward for card usage while building a better life for their family and friends."

According to a November 2005 report from Sebago Associates, average college tuition increased roughly 160 percent from the academic years of 1977- 1978 to 2004-2005, while real average family income over the same time period rose only 33 percent.

"Upromise's number one priority is to help our seven million members grow their college savings," said David Rochon, senior vice president of partner management at Upromise. "Debit cards are becoming the preferred means of payment for everyday purchases for an increasing number of consumers, making this program with MasterCard a powerful new savings tool for our members."

MasterCard and Upromise will provide BancorpSouth, BankAtlantic, BECU and Provident Bank with marketing collateral and ongoing support.