PNC Bank unveiled a new VISA card yesterday offering cardholders a 2% rebate on purchases at participating shopping malls and a 1% rebate on all other purchases. The new Mall V.I.P. VISA card will issue the rebates monthly in the form of Mall V.I.P. Dollars, good at any VISA-accepting mall merchant. PNC will cap annual rebates at $500. The no-annual-fee card carries a six-month 6.9% intro rate, a long-term rate of LIBOR +10.43% on purchases and LIBOR +15.77% for cash advances. More than 350 malls will launch the card this month with an additional 150 malls joining by years end representing 70% of mall retail space nationwide. Auriemma Consulting Group assisted with development of the new product. According to the September issue of CardTrak, PNC Bank is the nations fastest growing issuer, nearly tripling its portfolio since the summer of 1996, thanks largely to its alliance with the AAA.
Now, more than ever it pays to shop at the mall.
Beginning today, shoppers nationwide will have more purchasing power with the introduction of the new Mall V.I.P.(sm) Visa(R) card, issued by PNC National Bank, that earns cardholders valuable rewards redeemable at hundreds of malls throughout the country.
By using the new card, mall shoppers earn Mall V.I.P. Dollars(sm) worth up to $500 annually. When shopping at any of the 500 participating malls, they earn two percent of all card purchases. When not at the mall, cardholders still earn one percent of all additional charges. Mall V.I.P. Dollar certificates will be mailed automatically with monthly billing statements and are redeemable at any mall merchants and mall restaurants accepting Visa. In addition to Mall V.I.P. Dollars, the card has no annual fee and offers a low introductory annual percentage rate (APR) of 6.9 percent for purchases and balance transfers.
“Unlike other cards where rewards are only good at one store, Mall V.I.P. Dollars are good at literally thousands of stores and restaurants, providing the customer true value and unprecedented choice,” said Joylin Martin, vice president and director of Mall V.I.P. card marketing, PNC National Bank. “By using the Mall V.I.P. Visa card, shoppers can buy now and quickly receive Mall V.I.P. Dollars for use at many of their favorite stores in participating malls across the country.”
REWARDS COME IN ALL SHAPES AND SIZES
Most co-branded cards — such as airline or auto manufacturer cards — offer only one type of reward with a long-term accumulation period. The Mall V.I.P. Visa card offers faster redemption and greater choice.
“Cardholders can decide where to use Mall V.I.P. Dollars as they shop, providing extraordinary flexibility,” said leading credit card expert Michael Auriemma of Auriemma Consulting Group. “Shoppers earn rewards wherever they shop and Mall V.I.P. Dollars call be used on future purchases ranging from jewelry to jeans and sneakers to home electronics. The Mall V.I.P. Visa card provides rewards for everybody’s needs and interests, and consumers don’t need to change their everyday buying habits or behavior to benefit.”
Mall V.I.P. Visa cardholders will also enjoy mall-provided benefits such as reserved parking, free stroller rental and free gift wrapping, as well as exclusive discount offers and other unique services otherwise not available to mall customers. These benefits will vary by individual mall.
EVERYWHERE YOU WANT TO SHOP
The Mall V.I.P. Visa card was developed through an alliance of the top mall owners in the country. Collectively, they represent more than 70 percent of mall retail space nationwide. The program marks the first time that the nation’s major mall owners and operators have worked together on a consumer benefits program.
The initial participating mall owners and operators are General Growth Properties, Inc.; The Richard E. Jacobs Group; The Rouse Company; Simon DeBartolo Group; TrizecHahn Centers Management, Inc.; Urban Retail Properties Co.; and WellsPark Group.
More than 350 of the leading malls across the country are launching the Mall V.I.P. Visa card this month, with a total of 500 malls scheduled for program participation by year’s end.
The Mall V.I.P. Visa card is being issued by PNC National Bank in partnership with Visa, the world’s most widely accepted credit card. The card has no annual fee and carries a low introductory fixed APR of 6.9 percent on all purchases and balance transfers for the first six months the account is open. After the promotional period, the APR will be based on the one-month London Inter Bank Offered Rate (LIBOR) as published in the “Money Rates” section of The Wall Street Journal, plus 10.43 percent, currently 16.06 percent. The cash advance APR is LIBOR plus 15.77 percent, currently 21.44 percent APR. There is a transaction fee of 2.5 percent for cash advances.
Application forms for The Mall V.I.P. Visa card can be obtained at participating malls nationwide.
PNC National Bank is one of the fastest-growing credit card marketers in the country and is among the top 25 credit card issuers. PNC National Bank is a unit of PNC Bank Corp. (NYSE: PNC), headquartered in Pittsburgh, one of the largest financial services companies in the United States. PNC’s major businesses include consumer banking, corporate banking, mortgage banking, real estate banking and asset management.
Visa is the preferred payment brand and the largest consumer payment system worldwide. It plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions, their cardholders, and the global economy. Visa is the only consumer payment system to facilitate $1 trillion worth of purchases of goods and services in a fiscal year. Visa’s nearly 600 million cards are accepted at more than 14 million worldwide locations, including 370,000 ATMs in the Visa/PLUS Global ATM Network. Visa’s Internet address is http://www.visa.com.