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HSBC and CVS/pharmacy to Launch Loyalty Rewards Payment Card
Indianapolis Pilot Program Will Make Customer Shopping "CVS Easy"
PROSPECT HEIGHTS, Ill — June 7, 2007 — HSBC Finance Corporation's card and retail services business and CVS/pharmacy have entered into an agreement to offer a new CVS-branded loyalty rewards payment card. The new CVS ExtraCare® Plus loyalty rewards payment card enhances CVS/pharmacy's mission to be the easiest pharmacy retailer for customers to use.
Planned for a mid-2007 pilot launch at the retailer's 141 Indianapolis-area stores, the CVS ExtraCare® Plus card will provide CVS/pharmacy customers with a convenient and secure multipurpose rewards and payment solution that links the cardholder's existing checking account to their existing ExtraCare account.
"We look forward to offering CVS/pharmacy and its customers this truly innovative program," said Joe Hoff, managing director, retail services for HSBC. "With more than 30 years of payment card program expertise, HSBC is proud to offer our newest card solution to uniquely address the evolving payment needs of CVS and their customers."
"The CVS ExtraCare Plus rewards payment card allows customers to receive their ExtraCare rewards benefits and securely pay for their merchandise with the swipe of just one card, which allows for a convenient and speedy customer checkout," said Peter Nash, director — treasury operations, CVS/pharmacy. "We look forward to introducing this pilot program to our Indianapolis customers this summer."
HSBC card and retail services issues merchant-branded payment cards for premier retailers and manufacturers, and is among the largest issuers of credit cards in the United States. The new CVS ExtraCare Plus card is the first card product offered under HSBC's OptiPaysm loyalty rewards PIN-payment program. Through the Tempo Payment Network, HSBC's OptiPaysm program offers retailers reduced checkout costs without having to make any point-of-sale changes; and offers consumers a greater choice of merchant-branded, affinity-based, PIN-secured payment options.
In addition to in-store payments and rewards, CVS ExtraCare® Plus cardholders will be able to use the new card at more than 200,000 merchant locations in the U.S. that participate in the Tempo Payment Network.
About HSBC Finance Corporation
HSBC Finance Corporation is a subsidiary of HSBC North America Holdings Inc., one of the top 10 financial organizations in the United States with assets totalling more than $300 billion. HSBC Finance Corporation's subsidiaries provide real estate secured loans, auto loans, general purpose credit cards, private label credit cards, personal non-credit card loans, taxpayer financial services and specialty insurance products.
About CVS/pharmacy
CVS/pharmacy, the retail division of CVS Caremark Corporation, is America's largest retail pharmacy with approximately 6,200 retail locations. CVS/pharmacy is committed to serving the healthcare needs of all customers by being the easiest pharmacy for customers to use, both in its stores and online at CVS.com. General information about CVS/pharmacy and CVS Caremark is available at http://www.cvs.com/pressroom, as well as http://investor.cvs.com.
Tempo Payments, Inc.
As the only company offering bank-independent affinity check cards, Tempo provides its partners (retailers, membership, and other issuing organizations) with the ability to build loyalty and improve bottom-line results, while delivering enhanced cardholder security and rewards. Tempo operates the Tempo Payment Network, a PIN-based bank-independent payment network, and is committed to lowering interchange fees for payment card transactions. Tempo is privately held and headquartered in San Mateo, CA. For additional information, visit www.tempopay.com.
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