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August
30, 2006
PNC
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.
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