The promotion, which includes a Hyundai car giveaway, will see 5m rebranded packs of Shredded Wheat go on sale during British Heart Week (5-11 June).
Cereal Partners - which is half-owned by Nestle - will give the BHF £1 for each on-pack token sent in by consumers.
Separately, Breakthrough Breast Cancer last week rejected Cereal Partners' offer of a £1m association with the company's Fitnesse brand.
The charity was uneasy about Nestle's promotion of baby milk powder in the Third World.
Sector Analysis, page 36.
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