MasterCard Unveils New Card for Elite Affluent Consumers and Businesses

MasterCard Worldwide today announced the launch of the World Elite MasterCard, a new card platform for elite affluent consumers, small businesses and executives of large corporations. Unlike other super-premium payment products geared to these audiences, World Elite MasterCard offers a mix of travel benefits, rich rewards, and global acceptance, including personalized travel agency benefits provided through a strategic alliance with Virtuoso, the leading luxury travel network.

World Elite will create a distinct brand position for MasterCard within the elite affluent demographic, defined as those with annual household incomes greater than $250,000. Beyond targeting consumers, MasterCard will bring to market a World Elite card for small businesses and for executives of large corporations in 2007.

The affluent segment overall is a key growth target for MasterCard. According to data from the American Affluence Research Center, the wealthiest 10 percent of U.S. households earns 40 percent of all American income. The growth of the segment in recent years has fueled the expansion of the U.S. luxury category, which surpassed $1 trillion in 2005, according to a report from Research and Markets. Spending on experiential luxuries, which include travel, dining and entertainment, nearly doubled last year, according to the same report.

A MasterCard analysis of the demographic revealed a changing mindset among elite affluent consumers, marked by a strong desire for personal attention, best-in-class service, and memorable experiences. World Elite, built around these new segment demands, is a unique offering that is intended to resonate with today’s consumers, deliver optimal value to customers, and drive increased spending to merchants.

“MasterCard understands the importance of the affluent and high spend business segments to our customer financial institutions, and has made it a priority to understand the mindset of the elite affluent consumer so that we can develop the most desirable payment solutions possible,” said Wendy Murdock, Chief Product Officer, MasterCard Worldwide. “The launch of World Elite is the culmination of that process, as it gives us one of the best card programs in the industry for affluent travelers. We believe that it will drive a higher level of spending on our cards by taking MasterCard from an ‘in the wallet’ to a ‘top of wallet’ position, and deliver greater value to our cardholders.”

Virtuoso will provide a wide range of travel benefits exclusively to World Elite cardholders:

• Travel Expertise – Unsurpassed global travel expertise provided by Virtuoso, a widely acclaimed network of more than 6,000 member travel consultants with over 300 member agencies that specializes in connecting the world’s most discerning travelers with the world’s finest vacation destinations. Through Virtuoso, cardholders will receive unparalleled service and counsel by a designated Virtuoso member consultant while enjoying the special travel benefits, value-added amenities and experiences listed below.

• Airline Benefits – Complimentary companion tickets with the purchase of full-fare Business Class tickets for international travel on specific airlines (space permitting with no blackout dates); one-category upgrades for international travel on select airlines.

• Cruise Benefits – Tailored shore excursions and private cocktail receptions on four premier cruise lines.

• Hotel Benefits – Preferred rates and availability at over 650 of the finest hotels, resorts, lodges and villas in the world. Value-added amenities including complimentary daily breakfast for two, room upgrades (based on availability at time of check-in), customized offerings that are unique to the destination and VIP status.

• Travel Publications – Complimentary subscriptions to dynamic, award-winning travel publications, Virtuoso Life and the Best of the Best hotel directory.

Other cardholder benefits include:

• Airport Lounge Access – Cardholders will receive airport lounge access to VIP lounges around the world.

• Privileged Access – Special event access and tickets to performing arts and theater events; restaurants; art galleries; and spas in ten major U.S. cities including: New York, Chicago, Miami, San Francisco, Atlanta, Dallas, Houston, Los Angeles, Seattle and Washington.

• Unsurpassed Acceptance – MasterCard-branded cards are accepted at more than 24 million merchant locations worldwide. The World Elite MasterCard will be accepted at more than triple the number of international locations that accept the American Express Platinum card, according to Nilson Report data. Moreover, the elite affluent cardholder tends to purchase higher ticket items, delivering considerable benefits to merchants.

• Rich Rewards – Cardholders will receive a variety of travel, merchandise, and entertainment rewards, access to special events, and no pre-set spending limit.

“Whereas the affluent segment used to value things like appearances, status, and privilege, they are now seeking life experiences and the professional expertise that a Virtuoso member consultant can provide,” said Kristi Jones, President of Virtuoso. “MasterCard and Virtuoso understand this and are capitalizing on the new definitions of luxury and aspiration that exist in the marketplace. Too many cards currently targeting the affluent consumer are marketed towards outmoded values. The personalized and tailored approach we take to travel is reflected in the World Elite benefits, making this card stand out from the competition.”