WOODBURY, N.Y., April 7, 2008 /PRNewswire/ -- CardWorks Servicing, LLC, ("CardWorks") the largest privately held third party bankcard servicer formerly known as Cardholder Management Services, LLC ("CMS"), announced today that the company has been selected to service the new HumanaAdvance Visa Card. CardWorks will partner with E-Duction, Inc., a leader in employment-based payment solutions to offer the HumanaAdvance Visa. Humana is one of the nation's largest publicly traded health benefits companies.
The HumanaAdvance Visa Card is a unique, interest free credit card that allows consumers to charge medical co-pays, deductibles and other health-related expenses that are not covered by insurance. HumanaAdvance card users have a fixed 0% APR on all purchases. The card can be used only at hospitals, doctor and dentist offices, drug stores and other locations that provide health related products and services. Payments are automatically deducted from employee paychecks over a six month period.
"Our partnership with E-Duction to service this innovative healthcare card demonstrates our leadership in providing creative and timely servicing offerings to card issuers," said Don Berman, Chairman and Chief Executive Officer of CardWorks, Inc. "CardWorks continues to seek products to help better serve our core markets and the HumanaAdvance card is a classic example of how we continue to address the critical needs of our partners' customers."
Mr. Berman continued: "We are committed to identifying unique products and we look forward to developing additional offerings that are as innovative as the HumanaAdvance card, including the expansion of our service offerings into the retail and merchant markets."
HumanaAdvance offers Humana's employer group customers an attractive alternative to cash or conventional credit cards with high interest rates. E-Duction enables the card's payroll deduction. HumanaAdvance is also able to be used in conjunction with consumer choice health plans and tax advantaged health care accounts such as Health Savings Accounts (HSA).
CardWorks Servicing, LLC, previously CMS, was founded in 1987 to provide servicing, operational support and portfolio management to credit card issuers and acquirers. CardWorks Servicing is now a nationally recognized, leading servicer of credit cards, national debit cards, pre-funded cards and other unique card products and is the largest privately held servicer of MasterCard(R)/Visa(R) cards. As a subsidiary of CardWorks, Inc., CardWorks Servicing, LLC provides third-party customer service, collections, risk management, and portfolio management.
CardWorks, Inc. is the parent company of CardWorks Servicing and Merrick Bank. CardWorks Servicing continues to experience exceptional growth as the premier third-party servicer of credit cards, and Merrick Bank is recognized as a premier issuer of non-prime credit cards.
Humana Inc., headquartered in Louisville, Kentucky, is one of the nation's largest publicly traded health and supplemental benefits companies, with approximately 11.5 million medical members. Humana is a full-service benefits solutions company, offering a wide array of health and supplementary benefit plans for employer groups, government programs and individuals.
Over its 47-year history, Humana has consistently seized opportunities to meet changing customer needs. Today, the company is a leader in consumer engagement, providing guidance that leads to lower costs and a better health plan experience throughout its diversified customer portfolio.
E-Duction, Inc. is a leader in employment-based payment solutions. The
Company enables guaranteed-issue, reasonably-priced credit products that
support consumer-directed healthcare and other innovative benefits
products. Utilizing its proprietary payroll deduction technology, and
through alliances with major consumer financial services companies and
employee benefits firms, E-Duction offers general-purpose and
healthcare-specific credit solutions that help employers save money and
attract, motivate and retain talent and that help employees better manage
healthcare and other everyday expenses.
The Abernathy MacGregor Group
Kenny Juarez Eliza Johnson
|SOURCE CardWorks Servicing, LLC|
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