AUSTIN, Texas--(BUSINESS WIRE)--Please replace the release with the following corrected version due to multiple revisions.
The updated release reads:
FISHER-PRICE PARTNERS WITH CONCERTO CARD COMPANY TO LAUNCH NEW COLLEGE SAVINGS MASTERCARD—HELPING FAMILIES TURN EVERYDAY SPENDING INTO 529 EDUCATION SAVINGS THAT’S EASY AS 1-2-3
Fisher-Price, the world’s #1 infant and preschool company, announced today the debut of its first-ever College Savings Mastercard® designed to help family members save for expenses related to their children’s education. The new card furthers the Fisher-Price commitment to enrich the first five years of childhood for every family by helping to make sure planning today can pay great dividends when their child is ready for higher education. By working in concert with 529 education savings plans, the Fisher-Price College Savings Mastercard allows families to earmark savings for a wide range of academic needs for their children, while also taking advantage of several tax benefits.
“For more than 90 years, Fisher-Price has supported families at every age and stage of early childhood—from little moments to big milestones,” said Chuck Scothon, SVP and General Manager of Fisher-Price. “With the new Fisher-Price College Savings Mastercard, we’re continuing to build on our promise to ensure every child has a bright future by helping families start saving for school early on without impacting their day-to-day lives. As parents and loved ones begin turning their everyday spending into 529 education savings, they’ll discover it’s never been easier to make a lasting impact on a child’s future.”
The Fisher-Price College Savings Mastercard debuts at a time when college tuition continues to climb. According to recent research, the average cost of college has more than doubled in the 21st century, with an annual growth rate of 7.1%. Additionally, student loan debt in the U.S. surpassed $1.75 trillion, and the average public university student borrows $31,410 to attain a bachelor’s degree.
The resulting Fisher-Price College Savings Mastercard has features designed to turn everyday spending into savings for children’s education and qualifying expenses. These include:
- 2% back on purchases when you deposit rewards into a 529 education savings plan² (1% back if not deposited into a 529 plan)
- $50 bonus rewards when you make $250 in purchases in the first 3 months and deposit rewards into a 529 plan² ($25 bonus when not deposited into a 529 plan)
- No cap on rewards²
- No annual fee¹
- Accepted everywhere Mastercard is accepted, worldwide
The Fisher-Price College Savings Mastercard is powered by Concerto Card Company, a tech-forward company founded by financial services veterans that makes everything from application to rewards redemption simple and personalized. Concerto’s flexible platform integrates with partners to develop and scale innovative rewards programs. For the Fisher-Price College Savings Mastercard, Concerto partnered with Gift of College to make contributions to 529 savings plans seamless, while placing cardholders in control. The partnership of Fisher-Price, Gift of College, and Concerto will empower families with an easy way to start—and continue— saving for their children’s educational and career dreams with rewards from everyday spending.
Cardmembers with existing 529 accounts will be able to link them to their Fisher-Price College Savings Mastercard upon sign-up, while those without an existing 529 account can easily open and link one using the tools Gift of College provides.
To learn more or sign up for the Fisher-Price College Savings Mastercard², please visit www.fpcollegesavings.com.
Mattel is a leading global toy company and owner of one of the strongest catalogs of children’s and family entertainment franchises in the world. We create innovative products and experiences that inspire, entertain, and develop children through play. We engage consumers through our portfolio of iconic brands, including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®, Thomas & Friends®, UNO®, Masters of the Universe®, Monster High® and MEGA®, as well as other popular intellectual properties that we own or license in partnership with global entertainment companies. Our offerings include film and television content, gaming and digital experiences, music, and live events. We operate in 35 locations and our products are available in more than 150 countries in collaboration with the world’s leading retail and ecommerce companies. Since its founding in 1945, Mattel is proud to be a trusted partner in empowering children to explore the wonder of childhood and reach their full potential. Visit us online at mattel.com.
About Concerto Card Company
Concerto is a next-generation, tech-forward company focused on developing better credit card programs for innovative brands. The company combines creativity with leading-edge technologies and advanced analytics to deliver programs designed to engage customers and deepen loyalty. The management team has decades of experience creating and managing some of the country’s largest credit card programs. Concerto is backed by Matrix Partners and PayPal Ventures. Its partners include national consumer and retail companies and MLB, NHL, and NBA teams. Concerto provides both consumer and small business credit card products and is based in Austin, Texas. Learn more at ConcertoCard.com.
About Gift of College
A family and financial technology company and industry leader in raising awareness of the usefulness of 529 plans in preparing for educational expenses, Gift of College and its platform and products help families make informed decisions and invite others to join them on their savings journey. Its easy-to-use tools help enable students to pursue education and career training without the weight of student loan debt. Learn more at GiftofCollege.com.
1. Variable Purchase APR 17.99%-29.99% based on creditworthiness, variable Cash Advance APR 29.99%, Min. Interest Charge $2, Cash Advance fee greater of $10 or 5% of advance.
2. The Fisher-Price College Savings Mastercard is issued by MRV Banks pursuant to a license by Mastercard International. Subject to credit approval. Terms and conditions apply and are available here.