Dean Witter, Discover & Co. offers zero interest for first six months on new BRAVO Card; Latest step in company's multi-card NOVUS strategy

Business Wire, Sept 5, 1995

RIVERWOODS, Ill.--(BUSINESS WIRE)--Sept. 5, 1995--Dean Witter, Discover & Co. today introduced the BRAVO(SM) Card, a general purpose credit card designed for consumers who tend to carry balances on their credit cards.

In response to research showing these consumers seek greater credit flexibility, the new card's features include zero interest on purchases until February 1996, two credit lines with different interest rates, over-limit protection and no annual fee.

"The BRAVO Card is part of the company's strategy to expand its credit services business by adding new cards tailored to different market segments -- all accepted by our nationwide NOVUS(SM) Network of merchants," said Thomas R. Butler, president of NOVUS Services Inc., a business unit of Dean Witter, Discover & Co. In addition to the BRAVO Card, NOVUS card brands include the Discover(R) Card and the Private Issue(R) Card. With more than 33 million accounts, Dean Witter, Discover & Co. is one of the nation's largest issuers of credit cards.

The BRAVO Card's primary credit line, called the "Active Line," is accessed by the card and charges zero interest for all purchases and an annual percentage rate (APR) of 4.9% for all balance transfers until February 1996, when an APR of prime rate plus 8.9% will go into effect. Additionally, after March 1996, cardmembers will have a separate, second line of credit, called the "Reserve Line." With an APR of prime plus 5.9%, three points lower than the standard rate for purchases on the Active Line, one of the lowest rates available in the market, the Reserve Line is for purchases of $250 or more. The Reserve Line will be accessed by special checks, and there is no fee for using the checks.

The BRAVO Card also offers an over-limit protection feature called Approval:Yes!(SM). This feature allows cardmembers to make purchases, balance transfers and cash advances that exceed their Active Line credit limit by up to 15%. "Our research shows that consumers are always concerned with having their credit card rejected at the point of sale," said Bill Hodges, executive vice president, NOVUS Services. "This feature gives customers a cushion, even when they inadvertently exceed their prescribed limit."

In addition, BRAVO offers no annual fee, a choice of monthly billing dates, the ability to skip a payment and access to more than 85,000 NOVUS Cash Network(R) ATMs nationwide.

Initially, the BRAVO Card will be available in 29 major markets encompassing 35 percent of all U.S. households, among them Chicago, Philadelphia, and Boston. Further rollout is planned for the near future.

The BRAVO Card will be marketed primarily through mailings supported by a television advertising campaign. The philosophy of the product is summarized in the advertising tag line "BRAVO -- Because life won't wait(SM)."

The BRAVO Card is the third NOVUS card brand to be accepted by all merchants identified by the Discover/NOVUS logo. Developed by Dean Witter, Discover & Co., the NOVUS Network offers easy payment processing for merchants and wide acceptance for cardmembers.

The bulk of the company's more than 33 million accounts are with Discover Card. Launched in 1985, Discover Card is targeted to consumers seeking Cashback Bonus(R) awards based on their purchase volume. In July, the company introduced an enhanced version of the Private Issue Card, which offers several credit options, including low interest rates and Cashback Bonus awards.

Dean Witter, Discover & Co. is a diversified financial services company providing a broad range of credit services and investment products primarily to the individual customers of its credit cards and of its full service securities firm.

CONTACT: Dean Witter, Discover & Co.

Timothy F. Lee, 212/392-8709

or

NOVUS Services, Inc.

Catherine R. Edwards, 708/405-2008