Chase and Shell Launch the Shell Platinum Credit Card From Chase Giving Cardholders More Purchasing Power, Additional Benefits & Unlimited Free Gasoline

Business Wire, August 1, 2000

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NEW YORK & HOUSTON--(BUSINESS WIRE)--August 1, 2000

For added value while purchasing gasoline, The Chase Manhattan Bank (NYSE:CMB) and Shell will launch the Shell Platinum Credit Card from Chase.

The Shell Platinum Credit Card, available as either a Visa(R) or MasterCard(R), will join the Shell MasterCard from Chase Classic card, which is the world's most popular gasoline co-branded credit card. The Shell Platinum Credit Card from Chase will also offer rebates towards unlimited free Shell gasoline, while providing higher credit lines and increased spending power for cardholders.

Shell Platinum Credit Card from Chase cardmembers will receive a 5% rebate on Shell gasoline purchases and a 1% rebate on all other purchases, with no cap on the amount of free gasoline that can be earned. In addition to the rebates towards free Shell gasoline, there is a low introductory Annual Percentage Rate (APR) of 5.99% for six months on all purchases and balance transfers, with no annual fee for the first year. The fee is waived each year thereafter with nine Shell purchases.

"We continue to listen to our customers and one message we heard loud and clear was to provide an incentive for credit card purchases. The platinum card does that in a way that is quick and hassle-free," said Mike Iribarren, General Manager Marketing for the Shell brand.

"The new Shell Platinum Credit Card from Chase reinforces the strength of Chase's long-standing partnership with Shell, and will enable us to offer our customers added value and convenience," said Richard Srednicki, Chase executive vice president in charge of its credit card business.

The Shell Credit Card from Chase is the largest gasoline co-branded credit card in the world. Over $450 million in Shell gasoline rebates have been earned by cardmembers since the card's launch in 1993. In addition to earning a 5% rebate at U.S. Shell stations, cardmembers can earn a 1% rebate by making purchases at the more than 15 million locations worldwide that accept Visa or MasterCard. It also offers cash access at over 990,000 banks and ATM locations worldwide, and features a dedicated 24-hour customer service center. To apply for the card, customers may call 1-800-FREE-GAS or apply online at www.earnfreegas.com.

Chase's credit card portfolio has more than 20 million accounts and over $32 billion in outstandings. Chase is the fourth largest bank card issuer in the United States, and its joint venture with First Data Corporation makes it the largest merchant processor in the U.S.

The Chase Manhattan Corporation is a premier global financial services firm with assets in excess of $390 billion. Chase combines the best of commercial and investment banking, offers world-class information and transaction processing services, and has a leading U.S. consumer franchise that serves 30 million customers. Through its newly formed business unit, Chase.com, Chase is successfully creating innovative business models for the New Economy. Chase, with offices in more than 45 countries, has a presence in all of the principal financial centers around the world. Chase can be reached on the web at www.chase.com.

Shell branded gasoline and petroleum products are marketed by Equilon Enterprises LLC and Motiva Enterprises LLC, joint ventures between Shell Oil Company and Texaco, Inc. and Shell Oil Company, Texaco, Inc. and Saudi Refining, Inc., respectively. Equilon operates in the western and midwestern U.S. and Motiva in the east, gulf coast and Washington, D.C.

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