Consumer Payment Card News

Rodeo Drive VISA

First USA rolled down Rodeo Drive with a new VISA card yesterday on the eve of Rodeo Drive s 25th anniversary celebration. The new Rodeo Drive VISA Card is being issued in partnership with the Rodeo Drive Committee and represents the second destination card to be issued by First USA. At a news conference yesterday in Beverly Hills, First USA, VISA, and the Rodeo Drive Committee kicked off the program launch by presenting five $10,000 checks to local charities. The Rodeo Drive VISA enhancements include complimentary two-hour valet parking on Rodeo Drive and special offers from Cartier, Christian Dior, Cole Haan, Fred Hayman Beverly Hills, Gianfranco Ferre, Jessica McClintock and Sulka. Card pricing will be First USAs standard 5.9% promo/13.99% fixed long-term, with no annual fee. First USA will also offer the card in three varieties: classic, gold and platinum. The program will generate proceeds, based on transactions, for the Entertainment Industry Foundation/Permanent Charities. It is estimated shoppers spend $500 million annually on Rodeo Drive. First USA also issues the Branson Missouri destination VISA card.

FULL STORY:
First USA, in partnership with the Rodeo Drive Committee and Visa U.S.A., today unveiled the Rodeo Drive Visa card. The no-annual-fee card was premiered at a news conference prior to the Rodeo Drive Committee’s 25th anniversary A Tribute to Style gala in Beverly Hills.

The card is the second “destination card” issued by First USA. In July, the company launched the Branson (Mo.) Visa card.

The Rodeo Drive Visa card features a variety of benefits specifically designed to enhance the ultimate luxury shopping experience, including:

— complimentary two-hour valet parking on Rodeo Drive

— special offers from many Rodeo Drive stores, including Cartier, Christian Dior, Cole Haan, Fred Hayman Beverly Hills, Gianfranco Ferre, Jessica McClintock and Sulka

— Platinum, Gold and Classic designs with credit lines up to $100,000

— a low 5.9% introductory APR for five months, followed by a 13.99% fixed APR

— the opportunity to earn free travel through participation in First USA’s Value Miles(SM) travel program

— a quarterly newsletter informing Cardmembers of special events and fashion previews

To celebrate the premiere of the card, First USA, Visa U.S.A. and the Rodeo Drive Committee presented checks totaling $50,000 to five local charities through the Entertainment Industry Foundation/Permanent Charities… The Beverly Hills Education Foundation, California State Summer School for the Arts, The Maple Counseling Center, The Museum of Contemporary Art and Teach For America each received $10,000 grants. Future proceeds from card use will benefit additional charities throughout the area.

“The Rodeo Drive Visa card offers a unique combination of value and convenience that we feel our local customers will certainly want to take advantage of,” said Ron Michaels, president of the Rodeo Drive Committee and general manager of Louis Vuitton in Beverly Hills. “We’re also thrilled that use of the card will benefit many worthy Los Angeles area charities through our relationship with the Entertainment Industry Foundation/Permanent Charities.”

Celebrating its 25th year, the Rodeo Drive Committee is comprised of the street’s landlords and merchants, which include many of the world’s foremost designer names. Its more than 70 members include: Cartier, Chanel, Christian Dior, Gianni Versace, Giorgio Armani, Gucci, Louis Vuitton and Tiffany & Co. The Rodeo Drive Committee estimates that shoppers spend more than $500 million annually on Rodeo Drive.

“People who shop Rodeo Drive tend to be quite loyal because Rodeo Drive offers a shopping experience like no other place in the world,” said James W. Stewart III, executive vice president, Partnership Marketing, First USA… “Our goal was to create a distinctive card to mirror all that’s special about Rodeo Drive.”

Applications for the card are available at participating local merchants, via direct mail and through a toll-free phone number (800-451-2491, PRIORITY CODE: ROI).

“Increasingly, cardholders are looking for cards that combine special offers and convenience with a good cause. The Rodeo Drive Visa card offers just that. Cardholders who enjoy shopping will benefit from the special offers designed around Rodeo Drive stores, and at the same time can contribute effortlessly to special charities and causes supported by the Entertainment Industry Foundation/Permanent Charities organization,” said Fran Schall, executive vice president, Market Development for Visa U.S.A.

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 www.visa.com.

First USA (www.firstusa.com), a BANK ONE company, is a financial services company specializing in the credit card business and is among the largest providers of Visa and MasterCard services in the nation. First USA has approximately 37.7 million credit cards issued and $36.2 billion in total loans outstanding.

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