Payment Card News

Out of Gas

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The Priceline Blue Gas Card and Green Grocery Card have run out-of-gas and are headed for the check-out. The Priceline WebHouse Club announced last week it is closing shop over the next 90 days after failed efforts to raise more working capital from investors. More than two million cardholders holding “name-your-own-price” grocery and gas cards will be affected. However The WebHouse Club said that all customers with unredeemed gas and groceries would receive a full refund of any prepaid amount, plus extra money to cover the estimated savings they were expecting to receive at the grocery store and gas pump. All WebHouse Club customers will receive an e-mail detailing the automatic refund process. Customers owed a refund will automatically receive it on their credit card. Refunds will be processed no later than Friday, Oct 20. The company said its cash reserves of approximately $50 million, as well as $20 million of additional working capital, would be more than sufficient to satisfy all obligations to customers, employees and suppliers. The WebHouse Club had a total of 7,200 grocery stores and 6,000 gas stations participating in the name-your-own-price” program. The announcement does not apply to any services offered by priceline.com, including airline tickets, hotel rooms, mortgages, new cars, rental cars and long-distance services. The Priceline WebHouse Club is a privately-held licensee of priceline.com. For more information visit www.priceline.com.

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