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Pittsburgh--Mellon Bank recently introduced a new consumer product in the ever-growing bankcard industry, the CornerStoneTM MasterCard, which refunds up to 100 percent of the interest that cardholders pay.
Available throughout most of the United States, the card has no annual fee, offers a competitive rate and returns to customers in cash the interest paid on outstanding balances.
According to Kerry Ryan, senior vice president of Mellon Bank and head of its credit card business, "The CornerStone MasterCard is a unique credit card. A major difference between it and 'rebate' cards is that our cardholders aren't locked into earning a rebate for a particular product."
Mellon designed this product as a way to help build lasting relationships with consumers who revolve their credit card balances. The bank wanted to provide an incentive for this segment to keep...