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PNC Bank Drops MBNA in Favor of Credit Card Alliance with US Bank

by Peter Andrew

PNC

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Bank Drops MBNA in Favor of Credit Card Alliance with US Bank

PNC Bank, which offers financial services in 8 eastern states

and the District of Columbia, announced this week that it will

begin issuing credit cards in association with US Bank starting

September 1. PNC has been offering co-branded cards through

MBNA since ending its credit card business in 1999. PNC's arrangement

with US Bank allows PNC to "own" the cardholders on

its balance sheet, where its arrangement with MBNA had allowed

MBNA to own the customers after paying PNC a finder's fee of

sorts. US Bank offers similar credit card processing arrangements

to many local and regional banks, allowing them to offer credit

cards as part of their financial services.

PNC

will offer the Select Rewards Visa Platinum Card for consumers

and the Platinum Business Rewards MasterCard to small businesses.

The cards will offer zero percent interest rates on purchases

and balance transfers (with no fee) for 12 months, and customers

will also receive a $50 statement credit after their first purchases

with the cards.

Published 08/30/06 (Modified 12/19/13)


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