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LOYALTY NETWORK UPROMISE LINKS SPENDING TO COLLEGE SAVINGS

Published on .

(April 24, 2001) College-savings loyalty network Upromise -- the brainchild of former Digitas founder Michael Bronner -- today launched its service, through which leading marketers contribute a portion of consumers' spending to college-savings funds.

Upromise acts as the liaison between marketers and consumers, creating a loyalty structure that rewards customers in the form of contributions to tax-deferred, college-savings funds. Every time a Upromise member makes a purchase at participating retailers or a payment to participating service providers, that company sets aside a percentage or fixed amount to an account managed by Salomon Smith Barney or Fidelity Investments.

Partners announced today include AOL Time Warner, AT&T Corp., Borders Group, Citigroup, Cendant Real Estate Group (parent of Century 21, Coldwell Banker and ERA), Coca-Cola Co., Countrywide Home Loans, CVS, ExxonMobil Corp., General Motors Corp., McDonald's Corp., Starwood Hotels and Resorts, Toys "R" Us, 7,000 restaurants nationwide and 70 online retailers. Read the full story. -- Cara Beardi

Copyright April 2001, Crain Communications Inc.

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