Banco Popular Launches New MasterCard Credit Programs

April 27, 2007; 03:45 AM
Banco Popular North America (BPNA), one of the nation's premier community banks and a leading U.S. Small Business Administration lender, is now offering the new Banco Popular Platinum MasterCard(R) card and the Banco Popular Classic MasterCard(R) card to current and new customers with comprehensive card benefits.

The Banco Popular Platinum MasterCard is an unsecured program with a 0% introductory APR for Balance Transfers for 6-12 months, with No Annual Fee and auto-enrollment into Popular(R) Rewards loyalty program for qualifying customers. Other benefits include Car Rental Insurance, Purchase Assurance, Extended Warranty and MasterRoad Assist.

The Banco Popular Classic MasterCard is a secured program that benefits customers with little or no credit history as well as customers wishing to rebuild their credit history. These accounts are secured by opening an interest-bearing BPNA savings account with a minimum deposit of $500 and a maximum of $5,000. The credit limit matches the deposit dollar for dollar. There is no annual fee and customers receive the same card benefits as the Platinum cardholders enjoy.

"The intention in everything we do is to provide our customers with the tools they need to realize their financial goals and dreams," said Roberto R. Herencia, President, Banco Popular North America. "We are excited to add yet another offering to our strong consumer lending product suite. These cards are very competitive and designed to be consumer friendly with no hidden charges. Partnering with MasterCard was the right thing to do as they help us meet the needs of our diverse customer base located throughout the United States."

Other benefits of the new MasterCard card offerings include:

  * Worldwide acceptance at more than 25 million locations

  * Strong fraud detection and prevention infrastructure

  * MasterCard Zero Liability policy for fraudulent activity

  * Bilingual Customer Service

  * Access to 1.2 million ATMs globally

  * Payment acceptance at branches, online or by mail.

"We look forward to our partnership with MasterCard and the ability to leverage their global reach and the assets they provide," said Frank Davis, SVP and Head of Consumer Lending, Banco Popular North America. "Our current and future customers will benefit from this competitive credit card program offering. In particular, we are proud to offer benefits to our Classic card members at no fee, since those are typically reserved for Platinum cardholders."

Applications for these products can be completed at any Banco Popular branch. To apply for the Banco Popular Platinum MasterCard, customers may call 1-888-317-9062. With the Classic Card application, Banco Popular is providing some basic questions and answers related to the importance of credit.

"We are pleased to be supporting Banco Popular as it expands its consumer payment offerings to serve existing clients and attract new customers," said Bill Mathis, Executive Vice President, U.S. Customer Group, MasterCard Worldwide. "With these two new card programs, Banco Popular will be able to extend the breadth and depth of its consumer program portfolio," he continued.

"It will also be able to reach new customers-those looking for a rewards card with a robust benefits program, as well as those who want a secured card that provides the same level of global acceptance, convenience and security that consumers have come to expect from a MasterCard card."

Popular(R) Rewards:

As part of the new Platinum card offering, eligible customers will have access to Popular(R) Rewards, the new MasterCard-powered loyalty program, geared towards rewarding customers for their card usage. Eligible customers will earn one point per dollar spent on all eligible purchases and can also earn points on balance transfers. Points can then be redeemed for a wide selection of merchandise, travel and gift cards or can be converted to charity donations. For full details, cardholders who are enrolled in the program can visit http://www.popularrewards.com/. The website provides information in both English and Spanish.

The Popular Rewards platform is managed by MasterCard's Loyalty Solutions Group, which provides Banco Popular with cardholder data analytics, rewards fulfillment, comprehensive reporting along with bi-lingual customer service support.