Chase Manhattan and Continental Airlines Launch First Co-Branded Debit Card; Offering Frequent Flyer Miles for Debit Card Usage

Business Wire, Feb 22, 1999

NEW YORK and HOUSTON--(BUSINESS WIRE)--Feb. 22, 1999--The Chase Manhattan Bank (NYSE:CMB) and Continental Airlines (NYSE:CAI.B and CAI.A) announced that they are launching the first co-branded debit card. The new Chase/Continental Banking Card is the only co-branded debit card to offer consumers the opportunity to earn frequent flyer miles by using the card to make purchases. The card is being offered to consumers nationwide.

Chase's extensive branch network and customer base in the metropolitan tri-state area (NY, NJ and CT) and in Texas mirror two of Continental's largest markets. And a significant number of Continental OnePass frequent flyer members already have a relationship with Chase, giving the card an immediate relevance to those customers. In March 1998, Chase and Continental launched a co-branded credit card, which also offers cardmembers the opportunity to earn frequent flyer miles on Continental Airlines. Now, in expanding their existing relationship, both Chase and Continental have created additional value for consumers.

Chase will support the launch of the Chase/Continental Banking Card with a multi-million dollar advertising and marketing campaign, including television and print advertising, and a physical presence in Chase branches and Continental airport terminals. Consumers can obtain the card at any Chase branch, or may call 1-800-CHASE24.

The Chase/Continental Banking Card will offer one Continental OnePass mile for every two dollars spent on purchases. OnePass miles never expire, and can be used to travel anywhere Continental Airlines flies - over 400 cities around the world. OnePass miles can also be used for rewards on one of 15 OnePass partner airlines. New debit card customers will earn bonus miles upon sign-up, and additional bonus miles each year upon renewal of the card, which has a $30 annual fee.

"Continental is excited to extend our current cobranded credit card partnership with Chase and offer the innovative Chase/Continental Banking Card to customers. At Continental, we are always looking for new ways to enhance our award-winning OnePass program, and the Chase/Continental Banking Card offers a great OnePass value to debit card users," said Bonnie Reitz, Continental Senior Vice President of Marketing and Sales.

"When consumers told us they would like a co-branded debit card which offers a frequent flyer reward program, we responded quickly as the first issuer to deliver this product," said Beth Hirschhorn, Senior Vice President of Chase. "With market leadership in the same geographic areas, and with a significant number of Chase customers also members of Continental's OnePass frequent flyer program, this alliance and new co-branded debit card allow us to deepen our relationship with those customers as well as to attract new ones."

Used as an alternative to cash or writing checks, purchases made with the Chase/ Continental Banking Card are automatically deducted from customers' Chase checking accounts. All purchases are itemized on checking account statements to make tracking and reconciling expenses easier. A summary of all miles earned is also reflected on monthly checking account statements, as well as on periodic Continental OnePass statements.

Since the introduction of the debit card in 1997, Chase has become one of the largest issuers of debit cards in the U.S. The Chase/Continental Banking Card with the MasterCard logo can be used to make debit purchases at over 15 million merchants worldwide - wherever MasterCard is accepted. The card can also be used to make ATM transactions at over 1,500 Chase ATMs and to get cash at over 380,000 ATMs worldwide.

In addition to the debit card, Chase offers a broad range of access and payment choices to fit its customers' needs. Chase has the most extensive branch and ATM network in the Tri-State area, as well a large branch and ATM network in Texas. Chase also offers a free Chase Online Banking service, and a 24-hour telephone banking service.

Chase is a leading provider of financial solutions to individuals and small businesses, large corporations and government entities. Chase, with over $365 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.

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.)