The largest co-branded gasoline credit card program is going platinum. Chase Manhattan and Shell confirmed Tuesday they are gearing up to launch the ‘Shell Platinum Credit Card from Chase’. Under the program, cardholders will receive a 5% rebate on Shell gasoline purchases and a 1% rebate on all other purchases, with no cap on the amount of free gasoline that can be earned. Chase will offer a six-month 5.99% APR for purchases and balance transfers. There will be no annual fee for the first year. The fee is waived each year thereafter with nine Shell purchases. Chase said this morning that more than $450 million in Shell gasoline rebates have been earned by cardholders since the card’s launch in 1993.
CHASE CARD PORTFOLIO SNAPSHOT (as of June 30, 2000)
Receivables: $31,900,000,000 Active Accounts: 12,300,000
YTD Volume: $27,300,000,000 Gross Accounts: 19,900,000
Source: CardData (www.carddata.com)