Fleet Financial Group and Gulf Oil Limited Partnership launch co-branded MasterCard offering highest gas rebate among gasoline credit cards; Gulf customers can earn up to $350 in free Gulf gasoline each year; Card features include a Gold MasterCard, no annual fee and low introductory variable interest rate

Business Wire, May 24, 1995

NEW YORK--(BUSINESS WIRE)--May 24, 1995--Just in time for Memorial Day, the traditional start of the summer travel season, The Gulf MasterCard credit card is being launched locally by Fleet Financial Group and Gulf Oil Limited Partnership. This co-branded credit card features the best rebate on gasoline purchases of any gasoline card, no annual fee, a low introductory variable interest rate and the first-ever Gold MasterCard gasoline rebate card.

Joining the ranks of value-added credit cards that offer consumers an additional benefit, such as frequent flier miles or merchandise discounts, The Gulf MasterCard from Fleet Bank rewards users with a rebate toward Gulf gasoline equal to 4% of Gulf purchases and 1% of general purchases. Applications for The Gulf MasterCard credit card will be available in Gulf gas stations beginning Memorial Day weekend and mailings by Fleet Bank to Gulf cardholders will start in June.

"We believe this product will be considered one of the best consumer gasoline rebate cards in the marketplace," said Gary R. Kaneb, Gulf Oil Limited Partnership President. "To our loyal customers, it will provide an opportunity to enjoy using our product with the benefit of a rebate whenever they use the card at our more than 2,200 Gulf retailers and at more than 12 million merchant locations worldwide that accept MasterCard."

Rebate Cap at $350 Is Highest in Marketplace

Gulf gasoline rebates earned are automatically applied against future purchases of Gulf gasoline, up to an annual total of $350 -- the highest rebate cap of any gasoline co-branded credit card.

Based on the average American's annual gasoline and credit card purchases, a typical Gulf customer could expect to earn one months's free Gulf gasoline each year. That rebate is based on average total gasoline purchases of $840 per year and other credit card purchases totaling $3,600 annually.

Low Introductory APR and the Best Standard Variable Rate

The card features a low variable APR of prime plus 3.4% for the first year on all activity, including purchases and cash advances. After the 12-month cardholder anniversary, the APR will be adjusted according to a cardholder's monthly balance. Balance less than or equal to $2,000 in any month would have a variable APR of prime plus 9.9%. In any month in which balances exceed $2,000, the rate would drop to prime plus 7.9% variable APR, the best rate of any gasoline co-branded card.

Consumers will pay no interest on new Gulf gasoline purchases if paid in full each month -- even if they carry a balance for other purchases. Other purchases have a 25-day grace period if paid in full by the payment date.

"The new Gulf MasterCard issued by Fleet Bank will appeal to any cardholder looking for value in their everyday purchases, regardless of their credit card payment habits," explained Michael R. Zucchini, Fleet Financial Group Vice Chairman. "Whether you carry a balance from month to month, or you pay your balance in full, the value-added benefits of The Gulf MasterCard credit card provide savings on everyday purchases."

"Along with the rebate," Zucchini added, "consumers also will receive the customer service that Fleet provides to its more than 1.4 million cardholders nationwide."

Fleet Financial Group is a $48-billion diversified financial services company listed on the New York Stock Exchange (NYSE-FLT) with approximately 1,200 offices nationwide. Its lines of business include commercial and consumer banking, consumer finance, asset-based lending, equipment leasing, investment management and student loan processing.

Gulf Oil Limited Partnership, with headquarters in Chelsea, MA, is a marketer of gasoline and petroleum products to 2,200 retail outlets in 11 Northeast states (Connecticut, Delaware, Massachusetts, Maine, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont).

MasterCard International Incorporated, a global payments franchise company with offices in 20 countries and headquarters in New York City, is comprised of more than 22,000 member financial institutions worldwide. Through its family of brands, MasterCard, Maestro and Cirrus, MasterCard offers a full range of credit and debit products and services supported by a global transaction processing network. MasterCard has more than 270 million cards issued which are accepted at more than 12 million locations worldwide. Consumers worldwide can access MasterCard "Pointers," the MasterCard World Wide Web site on the Internet, by entering the Internet address on their computers: http:/www.mastercard.com.

NOTE: A slide of The Gulf MasterCard is available upon request.

CONTACT: MasterCard

Steve Apesos, 212/649-5476

or

Fleet Financial Group

Thomas L. Lavelle, 401/278-3003

or

Gulf Oil Limited Partnership

Kathleen Clair, 617/889-9000