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