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The newly launched BabyMint MasterCard, which offers a college savings program, has added a matching scholarship program to give cardholders a "triple rebate." The "Tuition Rewards" program matches or "doubles" the combined rebate earned through the "Credit Card Rebate" and the "Merchant Rebate." For example, a $100 transaction at PetSmart will produce a $7 merchant rebate, a $1 credit card rebate, and an $8 Tuition Reward. BabyMint's network is made up of more than 700 retailers and 127,000 grocery stores. Merchant rebates run as high as 20%. The new "Tuition Rewards" component is being added through a recently formed partnership with SAGE Scholars. Last month, MBNA, the nation's second largest credit card issuer, teamed with BabyMint to launch a new co-branded MasterCard which goes head-to-head with the Upromise MasterCard college savings program offered through Citibank. Both programs enable consumers to earn rebates from retailers towards tuition expenses of family members. BabyMint says its new triple rebate program is so unique it has filed for patent protection of the program. For more information: www.babymint.com.
