MASTERCARD HAS NEW MEMBER
By Adnews Staff
Mastercard International's Canadian operation is broadening its membership base to increase its market share. The first to be signed on in Mastercard's expanison draft is Canadian Tire Corp. which has become the first non-financial institution member of the MasterCard Association of Canada. The hardware retailer signed up to boost credit card revenue and to build customer loyalty. Within the next six to 12 months, the retailer plans to begin test marketing a MasterCard with the Canadian Tire logo. Customers will be able to use it anywhere MasterCard is accepted, and will earn points for purchases at Canadian Tire stores. Canadian Tire already runs a bonus program with its own credit cards, the MasterCard will have lower interest rates. The retailer's card carries an interest rate of 28.8%. MasterCard and Visa interest ranges from 8.25% to 18.9%.