Consumer Payment Card News


First Union Corporation (NYSE: FTU) has teamed up with Universal Studios Florida to offer a limited-edition First Union VISA Cash Card series featuring various attractions located at the Orlando, Fla. theme park.
The First Union VISA Cash Cards, Universal Studios Florida series will be available in different prepaid denominations and will carry the names of theme park attractions, including a $10 Jaws card, a $20 Earthquake card, a $50 Back to the Future The Ride card and an $100 Krongfrontation card.

In addition to cards available for purchase, more than 20,000 $5 T2 Terminator 2:3-D cards will be distributed free of charge via promotions throughout the city.

“This stored value card promotion makes buying the First Union VISA Cash Cards, Universal Studios Florida series an even better purchase,” said Edgar Brown, senior vice president of First Union’s smart card program. “After the cash value has been used up, consumers can turn in cards from this series to receive $5 off admission to Universal Studios Florida, compliments of First Union.”

The VISA Cash feature cannot be used for making purchases at the theme park, but after the stored value as been deplete, used cards from the First Union VISA Cash Card, Universal Studios Florida series offer actual discounts off the admission price at the theme park.

First Union VISA Cash are cards with a computer chip embedded in the plastic. The prepaid, stored-value cards function like cash because the chip stores real cash value.

Cards conveniently can be used to make purchases at merchants located throughout the greater Atlanta area that display the VISA Cash symbol, including fast food restaurants, gas stations, convenience stores, MARTA (rapid transit) and movie theaters. Each time a card is used at a participating Atlanta-area merchant, the exact purchase amount is deducted from the chip when the card is inserted into a card reader device.

“However, we decided, based on tourist industry projections, the next destination for many visitors — and new VISA Cash customers — following the Summer Games in Atlanta will be Florida, including Universal Studios,” Brown said.

“We wanted to add value to the thousands of these limited edition VISA Cash Universal Studios disposable cards we are issuing, giving consumers a chance to continue using these cards once they leave Atlanta and travel on to other tourist destinations,” he added.

More than 50,000 First Union VISA Cash Cards, Universal Studios Florida series will be issued in Atlanta during the summer.

Purchase of the cards is for face-value, whether purchased with cash, credit card, ATM card or CheckCard. First Union VISA Cash cards can be obtained by anyone and no bank account is needed. Cards are available for purchase at several participating merchant site locations, including Texaco, United Artist Theatres, Burger King and Hardee’s; at the Atlanta Hartsfield Airport, in card dispensing machines (CDMs) located throughout the city, and at First Union branches in Atlanta.

First Union Corporation is the nation’s sixth largest bank holding company based on assets of $140 billion as of June 30, 1996. It has branches in 12 Eastern states from Connecticut to Florida, as well as in Washington, D.C.

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