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Making Spending and Marriage Pay... uTango

Boot Camp feature for Thursday, November 23, 2006

A rewards program that promises up to a million dollars. Bloomberg Boot Camp, a report on today's technology. Chances are you've heard of a loyalty shopping program called uPromise…that helps families earn money for higher education expenses. Now a company called Afiniti Ventures has created a Web based program aimed at engaged or newly married couples….called uTango. It has enlisted merchants such as Home Depot, Target, Gap and others…..and offers couples cash rewards….of up to a million dollars. CEO Jim Miller…

"The three different plans that they can select, range from a quarter million dollar plan, a half million dollar plan, and a million dollar plan. Now in order to qualify for those payouts, at ten years, depending on which plan you're on, between 25 hundred dollars and ten thousand dollars to the member. At twenty years, we pay out between 25 thousand dollars and a hundred thousand dollars. And at year thirty, we pay out between a hundred thousand and a million dollars to the member. You have to maintain a minimum point accrual target over that period of time and the other thing you have to do is you have to stay married the entire time."

Miller says age or gender don't matter. There is some fine print… the Rewards Fund is invested in a fund managed by AllianceBernstein….and may fluctuate with market conditions…

"The funds aren't guaranteed, because we invest them into securities and it's obviously subject to market fluctuations."

The site for more information is uTango.com. Bloomberg Boot Camp, I'm Fred Fishkin.