MAY 2004

New Offerings from MBNA

CardTrak reports that MBNA has introduced on behalf of Merrill Lynch a new Visa credit card: the Merrill+ that provides a credit line up to $250,000. There is no annual fee, a finance charge of 5.9 percent, and offers complimentary companion airline tickets and hotel upgrades. There is no limit on the number of points that you can earn to "spend" on "valuable products and services." The more that you spend, the more benefits you earn. For more information, check out www.card.ml.com. The card is a distinctive black and should catch the eye of every headwaiter in town.

Separately, MBNA is exploring whether to expand its card issuance to China. A corporate press release announced that it had opened an office in Shanghai to explore the Chinese market and begin talks with regulators and banks in China. MBNA Vice Chairman Lance Weaver told reporters that it aims to achieve a market share in China similar to the 15% that it has in the United States and the United Kingdom. The company is reportedly considering whether to open a full-service bank branch or issue cards through a Chinese banking partner.