Consumer Payment Card News

CONVENIENT CREDIT CARD PROGRAM

PriceCostco Inc., one of the nation’s largest wholesale warehouse clubs, has launched the innovative PriceCostco Credit Card through Beneficial National Bank USA.
The PriceCostco card will double as a membership card for eligible PriceCostco members, who will receive a one percent rebate on all purchases made with the card.

The PriceCostco credit card will be available to all eligible PriceCostco members in the United States and Canada by October, in time for the busy holiday season.

Beneficial National Bank USA, a Beneficial Corporation subsidiary, developed the program in response to PriceCostco members’ requests for a financing program with a competitive annual rate, a grace period to pay off transactions, a one percent rebate, and no annual fee. The most important objective, however, was to maintain PriceCostco’s low-cost philosophy by not increasing operating costs. The dual-purpose membership/credit card achieves all of these goals.

Eligible club members get an extra measure of security and peace of mind because their pictures are on the back of each card. The one percent rebate feature is not available through any other warehouse club’s private-label credit card.

“We are very pleased to be in partnership with PriceCostco,” said Richard C. Klesse, executive vice president and chief operating officer for BNB USA. “This credit card program provides customized credit services to both individuals and corporate members. It truly offers PriceCostco members more convenient financing of their purchases.”

PriceCostco, created in 1993 by the merger of Costco Wholesale Corporation (founded 1983) and The Price Company (founded 1976), is the pioneer and leader in the $40 billion membership warehouse club industry. PriceCostco has more than 245 locations and 15 million business and individual members throughout North America.

Beneficial National Bank USA is one of the nation’s fastest-growing credit card banks with more than $2.8 billion in total receivables and a cardholder base of more than 5 million customers. Beneficial Corporation is a $15 billion, New York Stock Exchange-listed financial services holding company. Subsidiaries of the Company provide financial services through their various consumer-finance, banking and insurance operations located throughout the United States, Canada, the United Kingdom, Ireland, and Germany.

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