Intuit and Citibank Debut QuickBooks Credit Card; New QuickBooks Credit Card Helps Save Small Business QuickBooks Users Time and Money and Provides More Control of Expenses

Business Wire, June 27, 2000

Business Editors/High-Tech Writers

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--June 27, 2000

Intuit Inc. (Nasdaq:INTU) and Citibank USA (NYSE:C), today announced the QuickBooks(R) Credit Card.(1)

The new credit card is integrated into QuickBooks, America's best selling small business accounting software. The new credit card virtually eliminates the data entry related to credit card purchases, thereby helping small businesses save time. With its zero percent introductory rate and low balance transfer cost, small business can save money too.

"Access to credit is an important necessity for most small business owners," said Dan Nye, vice president of QuickBooks Internet Solutions at Intuit. "The QuickBooks Credit Card is specifically designed for small business owners who want help saving time and money and a low introductory APR. For most QuickBooks users, the ability to download transaction information for business purchases is a very significant time saver."

The QuickBooks Credit Card Helps Save Time

In order to reduce data entry and increase accuracy, small businesses that sign up for the QuickBooks Credit Card can download credit card transactions into QuickBooks 2000. Employees can also be assigned credit cards, and all purchasing activity made with the cards can then be downloaded directly into the QuickBooks register -- quickly and easily.

QuickBooks Credit Card transactions are automatically recorded and categorized in QuickBooks allowing small business owners using QuickBooks the ability to easily assign expenses to customer jobs, inventory or classes. QuickBooks auto-recalls and categorizes expenses based on how the payee was categorized in previous transactions. In addition, the frustration of tracking down missing paper receipts is eliminated because employee transactions with the card are downloaded directly into QuickBooks.

The QuickBooks Credit Card Provides Control

The QuickBooks Credit Card allows users to easily track expenses by employee. A small business owner can assign QuickBooks credit card sub-accounts to any owner, office manager, or trusted employee and track expenses without additional data entry. In order to help small businesses stay in control, monthly statements and annual expense summaries are provided.

Because more than 16 million merchants accept MasterCard(R) worldwide, small business owners have little need to provide cash advances to employees for travel and incidentals. Small business owners also have online access to credit records downloaded into QuickBooks and can use their card to track tax-deductible expenses -- with QuickBooks auto-recall of how the payee was previously categorized -- allowing them to maintain control of their expenses.

"Our alliance with Intuit allows us to offer a valuable timesaving solution that has record-keeping advantages," said Tom Anderson, President of Citibank. "With the QuickBooks Credit Card, small business owners will have another way to manage their business expenses more efficiently."

The QuickBooks Credit Card Helps Save Money

The QuickBooks Credit Card currently has no annual fee and offers a 3.9 percent introductory APR on purchases for the first three months. The ongoing APR is as low as 11.9 percent.

The card also provides flexible credit through a highly preferred credit line of up to $100,000. A separate business credit line offers users the ability to manage business cash flow independent of personal finances. Small business owners can request approval based on either their business or personal credit.

Instant Access to Information

The QuickBooks Credit card allows QuickBooks users 24-hour, seven-day-a-week access to credit card records downloaded into QuickBooks. The user is provided with a copy of the account balance, recent transactions and last payment records. This useful feature eliminates the need to wait for a credit card statement at the end of each month to view transactions.

(1) Application and credit approval required. Transaction download requires QuickBooks 2000 software and Internet access.

About QuickBooks

QuickBooks(R), with more than 80 percent of retail dollar sales for small business accounting software for more than the last year according to PC Data, and more than 2.8 million users, is the leader in small businesses accounting and business management software. QuickBooks 2000 offers the quickest and easiest way for small business owners to manage accounts payable and receivable, and invoicing. Via the QuickBooks Internet Gateway, QuickBooks 2000 also helps small businesses automate and streamline critical business activities by delivering best-of-breed Internet-connected business services such as online postage, merchant accounts, payroll and a professional-quality Web site builder (separate fees may apply).

About Intuit

Intuit Inc. (Nasdaq:INTU) is the leader in e-finance, including financial software and Web-based services. Intuit develops and markets Quicken(R), the leading personal finance software; TurboTax(R), the best-selling personal tax preparation software; and QuickBooks(R), the most popular small business accounting software. Intuit's Quicken.com(TM) Web site (www.Quicken.com) is a leading financial Web site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses.