Consumer Payment Card News

Yahoo! Another VISA!

Internet search engine pioneer Yahoo! Inc. and First USA rolled out the ‘Yahoo! Platinum VISA Card’ yesterday offering consumers an online rewards program. First USA is offering a special 9.9% fixed APR and no-annual-fee for charter ‘Yahoo! VISA’ cardholders. The new card rewards cardholders with one point for each purchase dollar charged, redeemable towards merchandise offered through participating online merchants of Yahoo!’s ‘VISA’ site and Yahoo!’s ‘Style’ site. The card comes in two designs the ‘Swirl Card’ in vibrant purple and the ‘Metallic Card’ in classic metallic. The program also features online access to card account/reward account information and a consumer protection program against fraudulent online card transactions. Other terms of the program include a 19.99% punitive APR, 20-25 day grace, $28 late fee/over-limit fee and the two-cycle ADB interest calculation method.

FULL STORY:
Yahoo! Inc. , a leading Internet media company, and First USA, one of the nation’s premier credit card issuers, today unveiled the Yahoo! platinum Visa card. This new, co-branded card brings together and offers consumers no annual fee and a valuable online rewards program. The Yahoo! Visa card program rewards consumers with redeemable points for every dollar spent both online and offline. Designed to be a user-friendly credit card for online and offline shopping, the Yahoo! Visa card provides consumers with a competitive interest rate, protection against unauthorized use, and a convenient way to access and manage their credit card account.

“Yahoo! is recognized as a place where buyers and sellers meet. The Yahoo! platinum Visa card continues to extend the unique services we bring to consumers,” said Jeff Mallett, chief operating officer, Yahoo! Inc. “Yahoo! is working with First USA to offer consumers a high-value, co-branded credit card that features a valuable online rewards program, protection against unauthorized use, and great customer service. We believe the Yahoo! platinum Visa card will enhance users’ experience by providing a safe, convenient, and rewarding way to shop for all of their purchases.”

A Rewarding Experience

Whether purchasing products or services online or offline, cardmembers will earn one reward point for every dollar they spend. The program will allow cardmembers to access the Yahoo! Visa rewards catalogue, check their point balance, and view the full list of participating merchants online through the Yahoo! Visa site (http//visa.yahoo.com). Reward points can be redeemed for merchandise from leading online merchants including Amazon.com, CDnow, Cyberian Outpost, Garden Escape, Mother Nature’s General Store, The Sharper Image, Toys.com, and VideoServe.com. For example, a cardholder could receive a CD for as low as 1,400 points through the rewards program. Shipping and handling are included. Cardholders can also redeem rewards points from Yahoo! Style (http//shop.yahoo.com), the official online store to purchase Yahoo!-branded merchandise.

“This credit card was designed specifically for Yahoo! and Yahoo!’s loyal customers,” said Jim Stewart, executive vice president, First USA. “The Yahoo! Visa card provides consumer value and will help move electronic commerce forward by making it easier, safer, and more rewarding for consumers to shop anywhere at anytime.”

Yahoo! Visa Card Features

As part of a continued commitment to electronic commerce and to further extend the Yahoo! brand, Yahoo! is launching the Yahoo! platinum Visa card with a special 9.99 percent APR and no annual fee for charter Yahoo! Visa cardmembers. The new platinum card is available now in two distinctive designs, a classic metallic and a vibrant purple, and features the Yahoo! logo, the Internet’s most recognized brand.

Safe, Online Shopping Guarantee

In addition to bringing together a low APR, no annual fee, an online rewards program, and Web-based account access and management, the card also offers the consumer protection against any fraudulent activity related to the card. In the event that unauthorized charges are applied to a consumer’s Yahoo! Visa card, any and all of these charges will be removed and any liability will be waived.

24-Hour, Online Access

Cardmembers will have exclusive online access to their credit card account and rewards program information 24-hours-a-day through the Yahoo! Visa Web site (http://visa.yahoo.com). By entering their cardmember ID and access code, cardholders will be able to quickly and easily view their statements and recent transactions. Cardmembers can also obtain balance, available credit, unbilled account activity, and account application information, as well as access additional cardmember services. Through the Yahoo! Visa Web site, cardmembers can forward questions and inquiries to customer service via e-mail and receive a response within 24 hours. The card also offers 24-hours-a-day, seven-days-a-week toll free customer service at 888-45-YAHOO.

Additional Benefits of the Yahoo! Platinum Visa Card

Platinum cardmember benefits include auto rental insurance, warranty manager insurance, $1,000,000 travel accident insurance, emergency assistance programs and a year-end summary of charges. The platinum card also offers a free money-saving balance transfer feature and credit line from $1,000 up to $100,000.

Become a Yahoo! Visa Cardmember

The fastest and easiest way to apply for the new Yahoo! Visa card is by signing up online at http://card.yahoo.com. After receiving the Yahoo! Visa card, customers can call 1-888-45-YAHOO to activate the card and secure personal account information. By visiting the Yahoo! Visa site, consumers will be able to take advantage of the variety of online services and rewards program offered. Consumers can also apply for the new card by calling 888-45-YAHOO. Currently, U.S. residents aged 18 and older may apply for the card.

About First USA

First USA (http//www.firstusa.com), a subsidiary of BANC ONE CORPORATION, is a financial services company specializing in the credit card business and is among the largest providers of Visa, MasterCard and private label credit cards in the nation. First USA has approximately 40.5 million credit cards issued and $40.8 billion in total loans outstanding.

About Yahoo!

Yahoo! Inc. is a global Internet media company that offers a network of branded Web programming that serves millions of users daily. As the first online navigational guide to the Web, http://www.yahoo.com is the single largest guide in terms of traffic, advertising, household and business user reach, and is one of the most recognized brands associated with the Internet. Yahoo! Inc. provides targeted Internet resources and communications services for a broad range of audiences, based on demographic, key-subject and geographic interests. Yahoo! is headquartered in Santa Clara, Calif.

Yahoo! VISA Terms & Conditions
Annual Percentage Rate

9.99% rate. If, at any time, payment is received late twice within any 6 month period, the rate will adjust to 19.99%. Grace Period for Repayment of Balances for Purchases

You have 20 to 25 days from the date of the periodic statement (provided you paid your previous balance in full by the due date). Annual Fee

None

Minimum Finance Charge

$.50 in any month that a finance charge is payable. Transaction Fee for purchase of wire transfers and money orders and use of convenience checks

2% of the amount of the advance, but not less than $10. Method of Computing the Balance for Purchases

Two-Cycle Average Daily Balance Method (including new purchases).

Your account will be issued by First USA Bank, P.O. Box 8658, Wilmington, DE 19899-8658.

You understand that your new credit card account will be with First Credit Card Services USA, LLC (First Credit), on behalf of First USA Bank, located in Wilmington, Delaware (First USA) (together with First Credit, “we”). You authorize First USA and First Credit to check your credit and employment history and to report to others its credit experience with you. You understand that the use of any account or card issued in connection with this application will constitute your acceptance of and be subject to the terms and conditions of the First USA Bank Cardmember Agreement that will be sent with the card. You agree to be responsible for all charges incurred according to the Cardmember Agreement. You understand that the terms of your account are subject to change provided in the Cardmember Agreement.

You agree that First USA and First Credit have the right to obtain a current credit report in connection with First Credit’s review of your application and with respect to First USA subsequently in connection with a requested charge to your account, the renewal of your account or a change in your credit line. Upon request, First USA will tell you the name and address of each consumer reporting agency from which it obtained a consumer report on you.

Annual Percentage Rate 9.99%.

Grace Period for Repayment of Balances for Purchases 20-25 days from the date of the periodic statement (provided you paid your previous balance in full by the due date). The grace period does not apply to cash advances.

Annual Fee None.

Minimum Finance Charge $.50 in any month that a finance charge is payable.

Method of Computing The Balance For Purchases Average Daily Balance Method (including new purchases).

Fee for Convenience Checks None. Transaction Fee for ATM and bank cash advances 2% of the amount of the advance, but not less than $10. Late payment Fee $28. Over-the-Credit-Limit Fee $28.

Platinum Services Auto Rental Insurance, Warranty Manager Service, $1,000,000 Travel Accident Insurance, Emergency Assistance Programs, and Year End Summary of Charges are only available to Platinum Cardmembers. First USA reserves the right to change the benefit features associated with your card at any time.

Balance Transfer Option There are no transfer fees to transfer balances from your current credit card accounts to your new First USA Yahoo! Visa account, and First USA will take care of the paperwork. The MasterCard®, Visa®, Discover®, and Optima(sm) accounts you indicate will show a credit, reducing the amount you owe by the amount you transferred. The available credit on your new First USA Yahoo! Visa will be reduced, just as if you had made a purchase. The balance transfer amount will show up on your first statement.

The other credit card account(s) will not be closed (even if you transfer the entire balance). If you want to close an account, you must contact the other credit card company directly. It may take up to three weeks to set up your account and accomplish the balance transfer transactions. Therefore, you may still need to make payments on your other accounts to keep them current. Balance transfers are contingent upon approval of your First USA Yahoo! Visa account. First USA reserves the right to decline to process any balance transfer request and will not process a balance transfer request from any other First USA or Bank One account.

The Yahoo! Visa Rewards Program Rules and Regulations

These Rules and Regulations set forth all the terms of the Yahoo! Visa Rewards Program, and neither Yahoo! nor First USA has any obligation with respect to the Yahoo! Visa Rewards Program beyond those described in these Rules and Regulations.

1.Yahoo! Visa Reward Points under the Yahoo! Visa Rewards Program are earned on purchases you make with your Yahoo! Visa Card. Convenience checks and cash advances do not earn Reward Points. Reward Points will be deducted for any returns or credits made on your Yahoo! Visa account.

2.Yahoo! Visa Reward Points will accrue as follows

– You will earn one Reward Point for every dollar spent on purchases with the Yahoo! Visa Card, and for every dollar in balances transferred from other credit cards to your Yahoo! Visa Card account. Reward Points can only be viewed and redeemed online through the Yahoo! Visa site at visa.yahoo.com. This site requires the use of Netscape Navigator 3.0, Internet Explorer 3.0 or better.

3.The Yahoo! Visa Card is issued by First USA Bank, located in Wilmington, Delaware. Reward Point amounts will be reported on your monthly First USA credit card statement and can be viewed at the Yahoo! Visa site at visa.yahoo.com. You may claim a reward once you have accumulated enough points to qualify for one of the Rewards presented in the Yahoo! Visa Rewards Schedule presented at visa.yahoo.com. Reward Points have no monetary value and no use other than to redeem Rewards. Reward Points are not transferable between credit card accounts.

4.Yahoo! Visa Reward Points are offered by Yahoo! and are not an obligation of First USA Bank. Any disputes concerning Reward Points or Rewards will not affect your payment obligation to First USA Bank on your Yahoo! Visa Card account. You will not earn Reward Points and can not redeem Reward Points if your Yahoo! Visa Card account is not in good standing.

5.Rewards you select are sent to you directly by the merchant, who is solely responsible for the quality and performance of the goods supplied. Any rules of the merchants relating to returns and exchanges apply but no Reward Points will be recredited to your Yahoo! Visa Rewards Program account. You are responsible for taxes, if any are due on the Reward Points or Rewards.

6.Yahoo! and First USA Bank reserve the right to cancel, modify, restrict, or terminate the Yahoo! Visa Rewards Program, or any aspects or features of the Yahoo! Visa Rewards Program at any time without prior notice. Subject to the foregoing, Reward Points earned under the Yahoo! Visa Rewards Program will not expire as long as you are a Cardmember in good standing. Any abuse of the Yahoo! Visa rewards Program, failure follow Yahoo! Visa Rewards Program terms or any misrepresentation by a Yahoo! Visa Cardmember will make the Cardmember ineligible to redeem Reward Points or earn further Reward Points under the Yahoo! Visa Rewards Program.

These Rules and Regulations set forth all the terms of the Yahoo! Visa Rewards Program, and neither Yahoo! nor First USA Bank has any obligations with respect to the Program beyond those described in these Rules and Regulations.

Any questions regarding the Yahoo! Visa Rewards Program, or the Yahoo! Visa Card should be directed to First USA Bank Cardmember Services at 1-888-45-YAHOO.

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