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Australia, 14 January 2008 - MasterCard Worldwide, in collaboration with GE Money, today launched Australia’s first green credit card.

The GE Money eco MasterCard card enables Australians to help the environment, with one per cent of cardholders’ net spend used to buy greenhouse gas emission offsets.

“MasterCard is proud to be able to leverage our expertise as a facilitator of commerce across the globe and launch a credit card that helps the planet by helping to offset carbon footprint emissions,” said Leigh Clapham, executive vice president, Australasia, MasterCard Worldwide.

“Environmentally conscious Australians are looking for ways to reduce the impact they have on the environment and are increasingly making changes to their everyday lives in order to do so. They are using energy efficient lights bulbs, water saving devices and green energy in their homes. Now, Australians can also make a difference by simply using their credit card.”

The GE Money eco MasterCard card allows cardholders to have their rewards automatically converted into greenhouse gas offsets. By spending AU$600 per month with the GE eco MasterCard, Australians can earn enough rewards to offset greenhouse gas emissions of an average Australian*.

“The GE Money eco MasterCard is a great opportunity to turn everyday purchases into extraordinary rewards. Every time you spend on your card, you’ll contribute to projects that offset carbon emissions and help save the environment,” said GE Money CEO, Mike Cutter.

“MasterCard has already launched similar products overseas and we are extremely proud to be able to launch an environmentally conscious credit card program in Australia,” said Clapham.

On Earth Day (April 22) each year, rewards accrued throughout the year will be used to purchase and retire greenhouse gas emission offsets.

* Average Australian CO2 emissions calculated by dividing average household CO2 emissions (greenhouse.gov.au, Dec. 2007) by average household size (Aust. Bureau of Statistics, Year Book Australia 2007).

• The GE Money eco MasterCard card is the first credit card in Australia that enables customers to have their rewards automatically converted into carbon offsets. The carbon offsets are purchased on Earth Day (22 April) each year. They represent the reduction or avoidance of the release of greenhouse gas from a project that has met rigorous and comprehensive standards and are scientifically verified and provide measurable environmental benefit.
• A cardholder can choose to participate in the Full eco Program – where their whole rewards amount is used to purchase offsets, or the 50/50 eco Program – where the rewards amount is evenly divided between offset purchases and a ‘cashback’ credit to the cardholder’s account in May each year. The rewards amount is equal to 1per cent of net purchases (up to maximum of AU$50,000 of purchases) made each year.
• An eco MasterCard cardholder can make a beneficial environmental impact through everyday spending on goods and services. For example, on the Full eco Program:

• The eco MasterCard card has an annual fee of just AU$49, which is waived in the first year for applications received by 31 March 2008.

• 1 per cent of net spend (excluding balance transfers and cash advances) on the card (up to AU$50,000) will go towards carbon offsets on the Full eco Program
• On the Full eco Program, AU$600 spent per month over a year will be enough to offset the average Australian’s carbon footprint
• 18.49 per cent pa standard annual percentage rate (excludes cash advances), 19.99 per cent pa cash annual percentage rate
• Up to 55 days interest free on purchases
• Balance transfer rate – 0 per cent pa for up to six months (from account opening, unpaid balance transfer subject to standard annual percentage rate),
• AU$49 annual fee – waived in the first year for applications received by 31 March 2008

MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 16 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.

MasterCard Worldwide
Melissa Devine, 02 9818 0950, mdevine@ppr.com.au
Michael Pooley, 02 9818 9310, mpooley@ppr.com.au

GE Money
Geoff Lynch, 03 9921 6675, geoff.lynch@ge.com