Quick & Reilly Inc. and MBNA America introduced the ‘Quick & Reilly Platinum Plus VISA’ yesterday offering discounts on trading commissions based on VISA purchase volume. For every $1,000 charged or transferred to the new VISA cardholders will earn a 10% savings coupon good towards a future equity trade with Quick & Reilly. Cardholders may earn an unlimited number of coupons and can stack coupons for additional savings. For example a cardholder may use ten coupons to earn a totally free trade. Cardholders may also optionally participate in MBNA’s airline travel rewards program, ‘Plus Miles’.
The first credit card to offer unlimited brokerage commission savings to individuals, with the amount of savings based on card use, was announced today by one of the nation’s largest discount brokerage firms, Quick & Reilly, Inc., and the nation’s second largest issuer of credit cards, MBNA America Bank, N.A.
The Quick & Reilly Platinum Plus Visa will allow cardholders to earn discounts based on card use, to be applied to commissions on equity trades. A 10% savings coupon will be issued for every $1,000 charged to the card, or for every $1,000 in balances transferred from another card. Cardholders can use the coupons individually or combine them. With ten coupons at 10% each, for example, the cardholder would qualify for a 100% reduction and thus pay no commission on an equity trade at Quick & Reilly. There is no limit on the number of coupons that can be earned.
Individuals may apply for the Quick & Reilly Platinum Plus Visa card by calling (800) 457-3714, and mentioning QLIL as the priority code.
“We believe that the Quick & Reilly Platinum Plus Visa card is an excellent value and links clients’ investing and spending patterns in a mutually advantageous way,” said Peter Quick, President of Quick & Reilly, Inc. “The fact that we are setting no limit on the discounts our customers can earn, and giving them the flexibility to combine 10% savings coupons in whatever manner is advantageous to them, really sets our card apart. Quick & Reilly clients already benefit from some of the most competitive broker-assisted commission rates, as much as 73% off full-commission brokerage charges, and we now offer an opportunity for still further savings, including free trades.
“We are very excited about our program with MBNA,” said Mr. Quick. “Both our companies have had tremendous success in the financial services marketplace by providing value while maintaining the highest standards of service quality.”
“Quick & Reilly is clearly one of the leaders in the discount brokerage business and is well known for its effective marketing and top-quality service,” said John R. Cochran, MBNA Vice Chairman and Chief Marketing Officer. “The Quick & Reilly Platinum Plus Visa program has some unique and innovative features that we expect will be very attractive to the nearly one million Quick & Reilly customers.”
Quick & Reilly Platinum Plus Visa cardholders also have the option of selecting Plus Miles, an airline travel rewards program offered by MBNA, if they prefer this type of incentive to brokerage savings. Under Plus Miles, cardholders earn a mile for every dollar of purchases charged to their card, and 1 1/2 miles for every dollar of new retail purchases charged during any month in which the cardholder carries over a prior balance. The travel awards can be applied to any major airline, with no blackout periods.
Approved applicants qualify for other investor-related bonuses:
o Upon approval, the cardholder receives a coupon for a free
personalized Morningstar Principia(TM) Analyzer for up to three
mutual funds of choice.
o Upon using their card for the first time, the cardholder
receives a 10% savings coupon toward the commission on an equity
trade at Quick & Reilly.
Other features of the Quick & Reilly Platinum Plus Visa Card are:
o Introductory 5.9% APR for balance transfers and cash advance
o No annual fee.
o Credit line up to $100,000.
o Customer Service 24 hours a day, 365 days a year.
o 25-day grace period for repayment of balances for purchases.
o Around-the-clock fraud protection. Zero liability for
o Platinum Passage Travel Services, guaranteeing the lowest
available published airfare.
o $1 million Common Carrier Travel Accident Insurance.
o Free Year-End Summary of Charges.
Quick & Reilly was the first New York Stock Exchange member brokerage firm to offer discounted commissions to individuals, in 1975. Since that time, it has become the discount broker of choice for nearly a million investors nationwide, and its network of offices has grown to 116.
MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $38.6 billion in managed loans. MBNA, the nation’s second largest lender through bank credit cards, also provides retail deposit, consumer loan, insurance, and card acceptance services.