Chase and Continental Launch First Co-Branded Business Debit Card, Offering Small Business Customers Frequent Flyer Miles for Debit Card Usage

Business Wire, August 2, 1999

NEW YORK/HOUSTON--(BUSINESS WIRE)--Aug. 2, 1999--

Since the recent launch of the Chase/Continental Debit Card, consumer response has surpassed the bank's expectations, confirming that consumers do want a debit card that offers frequent flyer miles.

Now, building on that momentum and on the commitment to better serve small business customers, The Chase Manhattan Bank (NYSE:CMB) and Continental Airlines (NYSE:CAI.B and CAI.A) announced the launch of the first co-branded debit card for small business. The new Chase/Continental Business Banking Card offers small business customers the opportunity to earn frequent flyer miles by using the card to make purchases.

The Chase/Continental Business Banking Card will offer one Continental OnePass mile for every dollar spent on purchases. OnePass miles don't expire, and can be redeemed for travel anywhere Continental flies - over 400 cities around the world. OnePass miles can also be used for rewards on 15 OnePass partner airlines. New small business debit card customers will earn 1,000 bonus miles upon sign-up, and additional bonus miles each year upon renewal of the card. Miles earned accrue to a cardholder's individual OnePass account. The Chase/Continental Business Banking Card has a $65 annual fee. Small business customers can obtain the card by visiting any Chase branch or by calling 1-800-Chase24.

In response to the growing demand for convenient ways to make business-related purchases, Chase launched its first Business Debit Card in February 1998, and it has become a popular payment method for small business customers. Used as an easy alternative to petty cash or writing checks, purchases are automatically deducted from the customer's primary business checking account, and all purchases are itemized on the customer's checking account statement to make tracking and reconciling expenses easier. The Chase/Continental Business Banking Card offers additional value to small business customers who travel frequently for business and personal reasons. Now, Chase small business cardholders can be the first to earn travel rewards for debit card use.

"Chase is dedicated to meeting the banking needs of all small business owners, and offering the innovative Chase/Continental Business Banking Card is just one more way that Chase provides valuable rewards for small business customers while making it easier for them to focus on running their businesses," said Joe Scharfenberger, Executive Vice President, Small Business Financial Services. "We're already the leading bank for small business customers in the New York Metropolitan area, and this new product allows us to deepen our relationships with our current customers as well as to attract new ones."

"Continental is committed to being the preferred airline for small business owners. We are enthused to strengthen our relationship with this group of customers by offering the Chase/Continental Business Banking Card," said Bonnie Reitz, Continental's Senior Vice President, Marketing and Sales.

The Chase/Continental Business Banking Card with the MasterCard logo can be used to make debit purchases at over 16 million merchants worldwide - wherever MasterCard is accepted. The card can also be used to conduct ATM transactions at over 1,500 Chase ATMs and to get cash at over 380,000 ATMs worldwide.

The new Chase/Continental Business Debit Card is the latest of a number of new products and services that Chase has introduced to better serve small business clients. Chase just launched Small Business ServiceLine, a dedicated telephone unit designed to meet the unique needs of small business customers. Chase's Small Business ServiceLine is now accessible by calling 1-800-CHASE38, 24-hours a day, 365 days a year. Additionally, Chase has recently introduced Chase Small Business Direct, a service for small business owners who opt to handle their banking needs solely via telephone through a dedicated relationship manager. Chase will offer a free Chase Online Banking service for small business customers later this year.

Chase, with over $357 billion in assets, is a leading provider of financial solutions to individuals and small businesses, large corporations and government entities. Chase can be reached on the Web at www.chase.com.

Continental Airlines is the fifth largest airline in the U.S., offering more than 2,200 departures daily to 128 domestic and 79 international destinations. Operating major hubs in Newark, Houston and Cleveland, Continental (www.continental.com) has extensive service throughout the Americas, and to Europe and Asia. Continental recently initiated a strategic global alliance with Northwest Airlines. Continental is in the top half of FORTUNE magazine's "100 Best Companies to Work for in America," and has won numerous other awards for its BusinessFirst premium cabin (Conde Nast Traveler, OAG Official Airlines Guides, Entrepreneur and Smart Money magazines), OnePass frequent flyer program (InsideFlyer's Freddie Awards) and overall operations and management (Air Transport World's 1997 Airline of the Year.)