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PURCHASE, N.Y. (AP) — MasterCard is doubling its quarterly dividend to 60 cents per share and says its board approved the repurchase of up to $2 billion of its common stock.

MasterCard Inc., which is based in Purchase, N.Y., said Tuesday that the increased quarterly dividend will be paid on May 9 to shareholders of record on April 9.

The credit card company says that its new buyback will become effective once it completes its $1.5 billion repurchase program. MasterCard had about $440 million remaining under that repurchase program as of Jan. 25.

Its shares rose $6.26, or 1.2 percent, to $520.49 in premarket trading.