PNC Financial to get back into credit cards, end ties with Bank of America

0 Comments | Philadelphia Inquirer, The, August, 2006 | by Joseph N. DiStefano

Seven years after it stopped issuing credit cards, PNC Financial Services Group is getting back into the business and ending its card partnership with Bank of America Corp. PNC will roll out its new credit cards Friday, said Dan Tuccillo, head of consumer products for the Pittsburgh-based bank. The cards will be interest-free for the first year, and carry a $50 gift bonus for new borrowers between now and the end of the year.

The bank, Pennsylvania's largest, has no plans to re-create the credit-card business that employed hundreds of Pennsylvania and Delaware workers before PNC shut it in 1999. Instead, PNC will form only "a very small management group," because the bank is outsourcing loan processing and other labor-intensive services to U.S. Bank's Elan Financial Services...