According to the companies, the new MCAP MasterCard will include the benefits of the WorldPoints program, through which customers earn one point for each dollar in retail purchases, 1,000 bonus points with their first retail purchase and an additional 1,000 points on every anniversary.
As well as allowing customers to redeem WorldPoints for travel, a range of merchandise and gift certificates, the new MCAP MasterCard with WorldPoints will also allow customers to redeem points to reduce their mortgage.
Will Curley, business development executive at MBNA, a subsidiary of Bank of America and Canada’s second largest MasterCard issuer, said: It’s a great product for consumers, giving them maximum flexibility and value for the points they earn.
John Thompson, senior vice-president of product development and strategic alliances at MCAP, added: This credit card offering is a value-added product with features which are uniquely positioned to benefit home owners through exclusive offerings on home renovation materials as well as the option to redeem WorldPoints to pay down their mortgage. This is the ultimate homeowners’ credit card.
