RTA to Offer Regional RTA Transit Benefit Prepaid MasterCard®
November 14, 2013
The RTA Transit Benefit Fare Program is offering the new RTA Transit Benefit Prepaid MasterCard® to reduce customer commuting costs throughout the region and add greater flexibility. The new card can be loaded with pre-tax deductions from customers’ paychecks to purchase transit fares. By using pre-tax dollars, riders save as much as 40% off their commuting costs each year. The new contactless, reloadable prepaid card can be used to purchase transit fares on CTA, Pace, Metra, South Shore, Amtrak, and Chicago Water Taxi.
The RTA Transit Benefit Prepaid MasterCard features MasterCard contactless technology, which enables customers to tap and go at Ventra Readers to ride CTA and Pace. Customers can also use it to purchase fares at sales windows, ticket vending machines, and online purchases. Because the card is loaded with pre-tax funds, it can only be used for the purchase of transit fares at qualified transit agencies that accept Debit MasterCard.
The new RTA Transit Benefit MasterCard debuted in October. The 2,000 current RTA Transit Benefit Fare Program employers can register now at www.mytransitbenefit.com, and new companies can enroll in the program at any time.
Besides the tax savings to employees, employers also receive tax deductions by offering transit benefits. On average, an employer can save up to 10 percent in reduced payroll tax savings. Last year, the RTA sold $42 million in transit fare media, saving them more than $16 million in taxes and giving their employers $3.4 million in tax deductions.
For more information about the RTA Transit Benefit Fare Program, visit www.mytransitbenefit.com.
With three transit systems and more than two million riders a day, there is always something interesting going on at the RTA. Get the latest scoop on everything all in one place. For all media inquiries, please contact Susan Massel, Director of Communications and Public Affairs, at 312-913-3256 or at firstname.lastname@example.org.