MasterCard Moments was born out of the need to keep premier credit card customers content. It is known as an experience rewards program and it is available to all MasterCard Gold and Platinum credit card holders.
MasterCard noticed that these customers were not redeeming their points because of the lack of interest in the offerings available in the rewards programs.
MasterCard Credit Card Offer
As a Gold or Platinum MasterCard holder you can have access to MasterCard Moments. Not every Platinum credit card is like the Bankwest Zero Platinum MasterCard, this card features a $0 annual fee for life and a low interest balance transfer offer.
- $0 p.a. annual fee
- 17.99% p.a. on purchases
- 2.99% p.a. for 9 months on balance transfers
- Cash Advance Rate of 21.99% p.a.
- Up to 55 days interest free
A New Kind of Program
Many of these customers already travelled frequently. As a result, the frequent flyer benefits were not appealing to them. And, the impression was that the rewards benefits were targeted to a less prosperous demographic. There was serious lack of interest in the rewards programs. At last, MasterCard Moments came into being.
MasterCard Moments offered experience packages and other services not available through typical rewards programs. Some of these services included concierge and assistant services. Through the concierge and assistant services, the credit card holder could be supplied a custom built arrangement that included holiday and travel packages. The concierge service does all the work for the customer. They will calculate how many of the points that are required in order to create the package and can customise the package to only cover partial costs. These tailored packages would allow the card holder to use their rewards points for these packages to offset some of their own expenses for the package.
The concierge service would be research and assemble the package and present it to the card holder for approval. There are additional offerings available through their electronic newsletter. The newsletter is sent exclusively to these gold and platinum card holders. These offerings are a bit less expensive than the tailored alternatives. In addition, customers can view a bookings page and will have a calendar that will remind them that their reward should be used or will expire.
Keeping Customers Happy
Credit card companies realised that if they did not come up with an innovative program they would lose this very important demographic. Rewards programs are an advantage and a bonus and if they are not viewed as such by the credit card user, that is not a good sign. MasterCard is moving in the right direction to retain these crucial customers.