Payroll deduction card builds up employees' credit
Employee Benefit News, September, 2002 by Kelley M. Blassingame
A new voluntary employee benefit aimed at helping Americans better manage their finances is bringing new meaning to the term corporate card. Launched in July by Blue Bell, Pa.-based firm E-Duction and MasterCard International, the "Clear" card is a payroll deduction card that extends employees a credit line based on their annual salary.
For a $29 annual fee, employees that sign up for Clear may make purchases at the more than 24 million locations MasterCard is accepted. Employees earning $20,000 to $75,000 are extended a credit line of 2.5% of the annual gross, giving an employee earning $40,000 a $1,000 credit line. Incomes $75,000 and above are given a 4% credit line.
All purchases are interest-free and are paid through four installment paycheck deductions over...
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