Yesterday, Mastercard Incorporated (NYSE: MA) penned a multi-year agreement with Synchrony Financial (NYSE:SYF) and Virgin Red for the new Virgin Red Rewards World Elite Mastercard credit card program.

As per the deal, Synchrony will become Virgin Red’s exclusive U.S. issuer of a multi-category travel credit card program, and Mastercard will become the exclusive payments network for the new card, which will be launched in the second half of 2024.

The new Virgin Red Rewards Mastercard will allow cardholders to earn Virgin Points on hotels, flights, cruises, experiences, and purchases outside Virgin companies. 

Also Read: Mastercard’s New Tech Could Change How Banks Handle Money and Securities

“The new Virgin Red Rewards Mastercard offers a dynamic consumer experience that makes shopping and adventures more meaningful. As brands continue vying for consumer’s loyalty, we’re excited to work with Virgin Red and Synchrony to offer travelers a card that offers value beyond the payment transaction and features rewards on things they’re most passionate about,” said Chiro Aikat, EVP, U.S. Market Development, Mastercard.

Mastercard, Visa Inc. (NYSE:V) and their increasing fees on retailers have not resulted in significant service improvements, according to the recent provisional findings of Britain’s Payment Systems Regulator (PSR). 

Related: Visa, Mastercard Have $255T Opportunity, Analyst Says: Generative AI ‘Could Drive Upside To Fundamentals’

Mastercard stock gained nearly 22% in the last 12 months. Investors can gain exposure to the stock via SPDR Select Sector Fund – Financial (NYSE:XLF) and IShares U.S. Financial Services ETF (NYSE:IYG).

Price Action: MA shares are down 0.28% at $455.27 at the last check Thursday.

Photo via Wikimedia Commons