Bank One reported that fourth quarter credit card net income declined 2% to $321 million, due primarily to margin compression produced by the highly competitive pricing environment where no annual fee and 0% APR offers continue to flood the market. Total revenue for 4Q/02 was $2.0 billion, a 2% increase, but net interest income declined 5% to $1.5 billion. EOY 2002 outstandings hit $74.0 billion, an increase of $5.8 billion, or 9% over year-ago levels. Bank One opened 1.3 million new accounts during the quarter. Charge volume was $43.5 billion, an increase of $5.2 billion, or 14%, over the prior year and $4.0 billion, or 10%, over the prior quarter. Net charge-offs, as a percentage of average managed loans, were 5.13% for the fourth quarter, down from 5.59% in 4Q/01. The 30-day delinquency ratio was 4.02%, down from 4.46% in the prior year and 4.05% in the prior quarter. Paymentech, the Company’s merchant card processor, also experienced strong growth as total revenues increased 18%, driven by a 19% increase in bank card volume and a 21% increase in total transactions. Bank One also reported a 2% increase in debit cards issued from 4,565,000 one year ago to 4,647,000 for 4Q/02. For complete details on Bank One’s 4Q/02 performance visit CardData ([www.carddata.com]).