J.D. Power and Associates 1998 Credit Cardholder Satisfaction Study Ranks Wal-Mart MasterCard from Chase Highest in Customer Satisfaction For Both Basic and Gold Cards

Business Wire, Dec 8, 1998

NEW YORK & BENTONVILLE, Ark.--(BUSINESS WIRE)--Dec. 8, 1998-- J.D. Power and Associates 1998 Comprehensive Credit Cardholder Satisfaction Study gave its highest customer satisfaction ranking for both Basic and Gold Cards to the Wal-Mart MasterCard from Chase (NYSE:CMB).

The Wal-Mart MasterCard from Chase is a straightforward, low fixed interest rate card that helps consumers save money on their credit purchases at any of the over 2,300 Wal-Mart stores across the United States, and at 15 million locations which accept MasterCard around the world. Chase's Wal-Mart MasterCard features no annual fee and a fixed annual percentage rate of 14.48 percent on purchases. The card also offers 9.9 percent APR on balance transfers for the life of the loan. Customers can opt to have their photo added to the card as an enhanced security feature as well as select their own billing due dates at the beginning, middle or end of the month.

"We are extremely pleased with the results of the J.D. Power and Associates Study," said Michael Urkowitz, Chase executive vice president in charge of Chase's card business. "The Chase Wal-Mart partnership is a success, with more than 1.7 million cardholders, demonstrating the positive reaction of consumers to the combination of these powerful brands. We're also delighted the Chase Platinum Card ranked highest in customer satisfaction with Platinum Cards in the same study."

Steve Hunter, Director of Investor Relations and Financial Operations at Wal-Mart, stated, "Wal-Mart is honored by the recognition that the customers have given in this study. We're excited that Chase and Wal-Mart have been able to deliver the kind of value and service that our customers deserve."

For the 1998 Cardholder Satisfaction Study, J.D. Power and Associates surveyed 12,082 consumers. Responses indicated that pricing issues are third in importance, behind customer service, card servicing and the reputation of the financial institution. Other variables contributing to the scores included reward features, credit lines, and payment policies such as grace periods.

Chase's credit card portfolio has more than 20 million accounts and over $30 billion in outstandings. Chase ranks as the fourth largest bankcard issuer in the United States, and its joint venture with First Data Corp. is the largest merchant processor in the U.S. Chase (NYSE: CMB) is a leading provider of financial solutions to individuals and small businesses, large corporations and government entities. Chase, with over $350 billion in assets, has relationships with more than 30 million consumers coast to coast. Chase can be reached on the Web at www.chase.com.

As of Nov. 30, 1998, Wal-Mart Stores, Inc. had 1,862 Wal-Mart stores, 544 Supercenters, and 451 Sam's Clubs in the United States. Internationally, the Company operated units in Argentina (13), Brazil (13), Canada (152), Germany (21), Mexico (410), and Puerto Rico (14), and under joint venture agreements in China (3) and Korea (4). Wal-Mart employs more than 780,000 Associates in the U.S. and 115,000 internationally. Its securities are listed on the New York and Pacific stock exchanges.

MasterCard International has the most comprehensive portfolio of payment brands in the world. With 23,000 member financial institutions, serving consumers in 220 countries and territories, MasterCard is the industry leader in quality and innovation. More than 600 million MasterCard(R), Maestro(R), Cirrus(R) and Mondex (tm) cards are accepted at more than 15 million locations worldwide. In 1997, gross dollar volume exceeded $600 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.