BOSTON, Feb. 22, 2011 /PRNewswire/ -- Sovereign Bank, a part of the Santander Group, announced that it is enhancing its debit card products through an agreement with MasterCard. The new debit cards offer additional benefits that protect customers when making purchases and provide more opportunities for them to save money.
"The partnership with MasterCard builds upon a strong relationship with Santander," said Nuno Matos, Head of Retail at Sovereign Bank. "As part of a global banking institution, we are able to leverage that relationship to provide customers with new features that make their money go further."
The new enhancements include:
- Extended Warranty: Doubles the time period of the original manufacturers warranty, for a maximum of one additional year;
- Purchase Assurance: Insures customers for 90 days from the date of purchase against loss, damage or theft for up to $1,000 per claim;
- Satisfaction Guarantee: Reimburses customers up to $250 per claim, if the customer becomes dissatisfied with the merchandise within 60 days of a purchase, if the merchant will not accept a return;
- MasterCard MarketPlace: Provides customers with specially negotiated discounts at hundreds of name-brand stores through an online shopping portal. Visit http://marketplace.mastercard.com/ for more information.
- Easy Savings: Offers deep discounts for our Business customers at merchants where these customers frequently shop. Visit www.easysavings.com for more information.
Existing customers will also have their own personalized website that explains how to use their new card, walks them through the new product benefits and provides them the opportunity to submit feedback.
"We're excited to offer our customers debit card products that will provide greater peace of mind when making purchases and greater opportunities to save on those purchases," said Eduardo Tobon, Head of Santander's U.S. Cards Division. "This is an example of our ongoing commitment to deliver more value to our customers through market leading products in payments."
The new enhanced debit cards also continue to offer the Sovereign Cash Rewards(SM) program allowing customers to earn cash back of up to 20 percent of the purchase price when using their card. This program is offered at more than 1,200 participating retailers both in-store and online. Visit www.sovereignbank.com/rewards for more information.
In addition, Sovereign has launched the new Sovereign Cash Rewards iPhone App, which customers can download to find participating retailers nearby and check their rewards account balances. Customers may download this free App by going to iTunes or the App store on their phone and searching "Sovereign Rewards." Visit http://www.sovereignbank.com/iphone for more information.
Over the next several months Sovereign debit card customers will receive a letter with further details about the new cards and information about when they will be sent their new MasterCard debit card. When they receive their new cards, a Guide to Benefits will also be provided as well as information about certain applicable restrictions.
About our company
Banco Santander (SAN.MC, STD.N) is a retail and commercial bank, headquartered in Spain, with a presence in ten main markets: Spain, Portugal, Germany, the UK, Poland, Brazil, Mexico, Chile, Argentina and the U.S. Founded in 1857, Santander had 1,217 trillion euros in assets at the end of 2010. Santander has 92 million customers, approximately 14,000 branches – more than any other international bank – and over 170,000 employees. For more information on Santander, visit http://www.santander.com.
Sovereign Bank, a subsidiary of Banco Santander, S.A., is a financial institution with principal markets in the northeastern United States. Sovereign has more than 700 branches, over 2,300 ATMs and approximately 8,000 team members. For more information on Sovereign Bank, visit http://www.sovereignbank.com or call 877-SOV-BANK.
SOURCE Sovereign Bank