Sovereign improves debit card features

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"THE PARTNERSHIP with MasterCard builds upon a strong relationship with" Sovereign's parent Spanish bank Banco Santander SA, said Nuno Matos, head of retail at Sovereign Bank. /

BOSTON – Sovereign Bank says its improving features offered with its debit card – including extended warranties for items purchased with the card and a satisfaction guarantee – thanks to a new agreement with the credit card company MasterCard.
The new enhancements include:

  • Extended warranty, doubling the period of the original manufacturer’s warranty, for a maximum of one additional year.
  • Purchase assurance, insuring customers for 90 days from the date of purchase against loss, damage or theft for up to $1,000 per claim.
  • Satisfaction guarantee, reimbursing 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, providing customers with discounts at hundreds of name-brand stores through an online shopping portal.
  • Discounts for business customers at merchants where they frequently shop.
    “The partnership with MasterCard builds upon a strong relationship with [Sovereign’s parent Spanish bank] Banco 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 bank says 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.
    The new enhanced debit cards also continue to offer the Sovereign Cash Rewards 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. 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.
    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.

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