By Allison Watkinson
TLL Reporter
Mattel’s Fisher-Price brand has partnered with Gift of College and Concerto Card Company to release the Fisher-Price College Savings Mastercard.
By working with the Concerto and Gift of College, the Fisher-Price College Savings Mastercard will allow families to save money and take advantage of tax benefits to support their children’s educational aspirations.
“For more than 90 years, Fisher-Price has supported families at every age and stage of early childhood—from little moments to big milestones,” said Fisher-Price SVP, Chuck Scothon.
“With the new Fisher-Price College Savings Mastercard, we’re continuing to build on our promise to ensure every child has a bright future by helping families start saving for school early on without impacting their day-to-day lives,” added Scothon.
“As parents and loved ones begin turning their everyday spending into 529 education savings, they’ll discover it’s never been easier to make a lasting impact on a child’s future.”
Backed by Matrix Partners and PayPal Ventures, Concerto is a technology-focused finance company that develops branded credit card programs. The company provides credit card products for both consumers and small businesses.
The new Fisher-Price Mastercard is supported by Concerto’s finance platform to integrate rewards programs using Gift of College’s expertise in 529 savings plans.
Gift of College is a financial tech company that offers platforms and products intended to help families make informed financial decisions on educational expenses. The company also focuses on raising awareness of 529 savings plans to reduce student loan debt.
Through Gift of College’s support, Fisher-Price cardmembers with existing 529 accounts will be able to link them to their Fisher-Price College Savings Mastercard upon sign-up. In addition, cardmembers without an existing 529 account can open and link one using tools provided by Gift of College.
The Fisher-Price Mastercard includes several features to facilitate educational savings.
These features include no annual fees, no cap on rewards, financial bonuses for money deposited into 529 savings plans, financial bonuses on purchases made in the first three months of card ownership, and more.