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By Rachel Preece
Staff Writer, 6 June 2008
TAILORED to high-income consumers and proving a hit in the US, the World MasterCard looks set to make its mark in Britain.
First founded in 1966 to compete against Visa, MasterCard now offers dozens of reward cards, and one of the most popular is undoubtedly the World MasterCard, distinctive in the way rewards can be tailored to each cardholder. If recent reviews from the USA are anything to go by, it seems as though the World MasterCard is gaining in popularity, with over ten major issuers now offering this credit card.
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The World MasterCard was launched following extensive market research by MasterCard, and is targeted to meet the needs and wishes of the new more financially savvy affluent consumer.
MasterCard's research highlighted the change in culture of affluent consumers from extravagant spending to a more "considered, discreet and conscience-driven lifestyle", and has designed the World MasterCard to suit.
So what does World MasterCard offer?
The uniqueness of the World MasterCard credit card comes with the way in which it is issued.
Normally, MasterCard would solely provide the payment technology for MasterCard credit card transactions and the issuer - a bank or building society - would offer any added on services and benefits to the cardholder.
However, with the World MasterCard, the travel services and benefits are offered by MasterCard themselves and not the issuing bank or building society.
Each bank and building society can then go on to offer customised reward benefits for their World MasterCard cardholders.
The comprehensive travel insurance offered by MasterCard is one of the biggest bonuses of the World card, and provides cardholders with free comprehensive travel insurance when they pay for at least 75% of the total cost of travel on their World MasterCard credit card.
Unlike some other credit cards on offer, this insurance is comprehensive, and thus means that no additional insurance is needed when travelling. The travel insurance offered covers accidents, medical expenses, delayed flights and luggage, cancelled flights and missed departures.
The insurance lasts 60 consecutive days for travel starting and ending in your country of residence and is available for an unlimited number of personal or business trips.
Also unlike other credit cards on offer, it is not necessary to use any specific travel agent when booking your journey - for instance, Barclaycard offers comprehensive travel insurance for it’s cardholders, but only when the travel is booked through the Barclaycard travel service.
Alongside the comprehensive travel insurance, World MasterCard also offers travel services including assistance abroad and emergency card and cash replacement services.
But World MasterCard doesn't stop at just offering services when travelling; when at home a lost key insurance policy will cover lost keys to your home and personal car and there is also a free collision damage waiver insurance policy to cover you against any excess payable to a car rental company in the event of damage or theft to a rental car whether you're at home or abroad.
When it comes to spending on the World MasterCard, cardholders will also receive a zero liability guarantee for fraud and added purchase protection insurance to cover goods bought with the card against damage or theft for 90 days.
Which credit cards offer World MasterCard?
At present, there is only one World MasterCard available in the UK, this being the Capital One Cashback with World MasterCard.
With this credit card, cardholders can earn 4% cash back on purchases for the first 3 months (currently until 1st September 2008) and 1% cash back thereafter. Cash back can only be earned on the first £1,500 worth of purchases each month. Capital One offers a free identity theft service for its cardholders.
The Capital One Cashback with World MasterCard credit card is available to people aged 21 or over, resident in the UK earning at least £10,000 per annum, have a bank account registered to their current address and who have an 'excellent credit rating'.
Capital One classify 'excellent' as people who currently have a credit card with a credit limit of at least £5,000, have held a credit card for at least 5 years, have never missed more than 2 payments on a credit card or loan, have current credit card balances of less than £10,000 and who have no previous CCJ's or credit arrears.
Who will benefit from the World MasterCard?
The World MasterCard is MasterCard's endeavour to further establish itself among affluent consumers.
The credit card is aimed at good-earners who travel frequently, and wish to customise rewards to best suit their needs.
At the moment the only deal on offer is with Capital One, but with popularity of the World MasterCard spreading across the USA, it surely can't be long before people in the UK will be able to tailor their World MasterCard rewards.
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