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MasterCard helping Hurricane Sandy relief

November 8, 2012

Increasing the number of transactions made at credit card terminals has not been MasterCard's sole focus in recent days.

Increasing the number of transactions made at credit card terminals has not been MasterCard’s sole focus in recent days.

The New York-based credit card company has announced it is donating $300,000 to the American Red Cross to aid in Hurricane Sandy relief efforts. In addition, MasterCard says it will match any employee donations to the organization and will waive domestic interchange fees for customer donations made to other non-profits that are focused on storm relief.

American Express, also based in New York, where much of the storm damage is located, has announced it is also making a donation to the American Red Cross. According to AmericanBanker.com, AmEx will donate $1 million dollars to the organization and will waive interchange fees on charitable contributions as well.

According to CBS News, Hurricane Sandy killed at least 100 people and caused power outages and other damages in 8.5 million homes. Additionally, it is estimated that as many as 40,000 individuals in New York have been left homeless because of storm damage.

BusinessWeek reports that the storm is expected to be the third most expensive hurricane on record. 
 

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