|April 27, 2000|
beenz.com and MasterCard Announce Program
|beenz.com, creator of beenz, and MasterCard International announced an industry first - a program that|
will allow consumers to convert their on-line loyalty rewards to dollars and place those dollars on a MasterCard card for use at over 18 million MasterCard merchant locations worldwide.
The beenz rewardzcard MasterCard, issued by Columbus Bank and Trust, will be available through beenz.com beginning in May. This unique and compelling platform will be available initially in the United States and Canada, with plans for availability in the UK later in the second quarter of 2000 and Australia later in the year.
The new card will allow cardholders substantially more freedom of choice as to where and how they redeem their beenz value. The beenz rewardzcard MasterCard provides the world's first real-time digital rewards and redemption program that can be used not only on the Internet, but also at traditional MasterCard merchants and service providers, such as restaurants and supermarkets.
"For the first time the barriers between earning rewards on the Internet and spending the value of those rewards both on the Internet and elsewhere have been eliminated," said Charles Cohen, founder and chief technology officer of beenz.com.
The beenz rewardzcard MasterCard is the result of a collaborative effort by beenz.com, MasterCard International, Columbus Bank and Trust, and New York-based FlexiGift, Inc.
"beenz users will now be able to redeem their beenz value via MasterCard at millions of locations on anything they like, on-line as well as at traditional merchants," said Philip Letts, chairman and chief executive officer of beenz.com. "By partnering with MasterCard, we have answered our users' request for flexible options for redeeming the beenz they have earned."
beenz account holders will be able to transfer value from their beenz account to their beenz rewardzcard MasterCard at any time. Users will be able to manage this process on-line at www.beenz.com; the conversion process takes seconds and funds may be available for spending on the MasterCard card as early as the next day. Online statements and service information can be accessed around the clock, 365 days of the year at www.beenz.com. Any beenz user may obtain a beenz rewardzcard MasterCard. Applicants are not required to submit personal information such as social security numbers when applying for the card, as there will be no requirement for credit history or a credit check.
The card will be provided free to beenz.com account holders. A minimum balance of 1,000 beenz is required to apply for a card.
Over 1.3 million consumers are currently earning and spending beenz. beenz can be earned by consumers simply by visiting, interacting with, or shopping at participating web sites. To date, consumers spent their beenz with participating on-line traders on DVDs, sporting goods, vacations, books, downloadable music, clothing and thousands of other products and services. Now, consumers will be able to convert their beenz value to dollars on a MasterCard card to also shop at their favorite non-internet merchants.
In addition to beenz.com's strong permission-based consumer growth, there have been more than 17 million beenz transactions since the company launched one year ago.