Bank says early relationships key to future brand loyalty
TORONTO, Aug. 2 /CNW/ - BMO Bank of Montreal has partnered with Student
Price Card (SPC), a Canadian national youth shopping loyalty program, to
launch a new student Mosaik MasterCard as a way of capturing the lifetime
loyalty of today's youth.
The new BMO SPC Mosaik MasterCard combines all the benefits of the BMO
Mosaik MasterCard credit card plus SPC exclusive discounts and savings on
clothes, food, entertainment, travel and other services at more than 250
merchants in 10,000 locations across Canada.
Since its launch in 1992, Student Price Card has developed a following of
more than 500,000 members between the ages of 14 and 24, 70 per cent of whom
are university students, and 74 per cent of whom use their SPC three or more
times each month. By linking SPC with the widely popular Mosaik MasterCard,
BMO hopes to increase its reach to Canada's youth market.
BMO SPC Mosaik MasterCard is a unique product developed with the 18 to 24
year old youth-student segment in mind. Through this strategic partnership
with SPC, BMO will gain access to an attractive student customer base, one
that can help drive new customer growth effectively.
Nancy Marescotti, Director, Card & Retail Payment Services, BMO Bank of
Montreal, said BMO's strategy is to build brand and bank loyalty in early life
stages to ensure the bank is top of mind for students when they enter the
working world and start families. "If we can prove ourselves with the kind of
customer services we can offer, we will win students over as they become
adults, start families, get mortgages and set up RRSPs and RESPs," she said.
"We understand that being a student can often mean living on a strict
budget," said Ms. Marescotti. "To help students stretch their dollar with
savings and to address the needs of the youth market, we've created a unique
new credit card that saves them money, provides them with credit and gives
them added rewards with AIR MILES reward miles or CashBack features.
"It's like getting two great cards in one. You get all the great benefits
of Mosaik MasterCard; you can use it for everyday purchases anywhere
MasterCard is accepted; and you also get exclusive discounts at thousands of
SPC Card retailers nationwide for no added fee," said Ms. Marescotti. "BMO SPC
Mosaik MasterCard is budget stretching, money saving and credit building and,
frankly, it may be the first and only card a student needs."
Key features and benefits of BMO SPC Mosaik MasterCard include:
- SPC annual fee of $8.50 is waived and there is no need to renew the
conventional SPC card every year
- SPC savings at thousands of retail locations across Canada
- Flexibility, allowing students to continually customize their card as
their needs change with features such as:
- No-fee AIR MILES or CashBack rewards
- No-fee or Low-rate interest rate plan
- Travel and Medical Protection
"We are excited about the launch of the new card", said Dean Mazzariol,
President of Student Price Card (SPC). Unlike any other student credit card on
the market, it provides youth with a complete set of relevant lifestyle
rewards. The option to combine SPC Card instant discounts with either AIR
MILES or CashBack is an unparalleled value proposition," said Mr. Mazzariol.
To promote the launch of the new BMO SPC Mosaik MasterCard, BMO will
enter, into a draw, each cardholder who uses the new card between Aug. 1 and
Nov. 30 for a chance to win a $7,000 shopping spree at Bluenotes, Aldo and
Athlete's World. For contest details, visit bmo.com/mosaik or visit any BMO
Bank of Montreal branch.
Students Get Free Banking and More from BMO Bank of Montreal
Two years ago BMO launched the Student "Six Pack" - a suite of bundled
banking solutions that helped position BMO as the best bank for students:
- Free Banking with the Plus Plan (up to 30 transactions per month - an
annual savings of $102)
- Student Mosaik MasterCard
- Student Line of Credit (SLOC)
- Premium Rate Savings Account
- All-channel banking (including online and telephone)
- AIR MILES reward miles
About BMO Mosaik MasterCard
Mosaik MasterCard, exclusively from BMO Bank of Montreal, lets you
customize your card with AIR MILES or CashBack rewards, a no fee or low rate
interest rate plan, travel protection & medical protection features as well as
card design choice. You can add or change features to your card anytime
without applying for a new one. Mosaik MasterCard is the only credit card that
lets you collect AIR MILES reward miles from purchases at more than 24 million
About Student Price Card
SPC Card is Canada's No.1 student loyalty program with over 500,000
members and 110 national retail chains and close to 10,000 points of use
across the country. SPC Card offers youth exclusive, year-long savings by
simply shopping with their SPC Card at all participating retailers. Members
receive special savings and perks on fashion, food, shoes, travel and more.
For further information:
For further information: Ralph Marranca, Toronto,
email@example.com, (416) 867-3996; Ronald Monet, Montreal,
firstname.lastname@example.org, (514) 877-1101; Laurie Grant, Vancouver,
email@example.com, (604) 665-7596; Internet: www.bmo.com