Wells Fargo and MasterCard Offer World-Class Card Program to Entrepreneurs and Small Business Owners

Business Wire, May 1, 2001

Business Editors

SAN FRANCISCO & PURCHASE, N.Y.--(BUSINESS WIRE)--May 1, 2001

Universally Accepted Payment Vehicle Provides Secured Credit

Up To $100,000 to Help Small Businesses Grow

Wells Fargo & Company (NYSE: WFC) and MasterCard International today announced a new business credit card that gives entrepreneurs and small business owners the benefits of a world-class business credit card program.

Developed by Wells Fargo, the card has enhanced tracking and reporting capabilities, an array of business and travel services, and a credit limit up to $100,000 per company. The Wells Fargo Business Secured MasterCard(R) card is designed to help entrepreneurs and new business owners establish or repair credit by giving them access to a credit card account separate from their personal credit card.

With the Wells Fargo Business Secured MasterCard card, most small businesses will be able to realize many of the benefits traditionally available only with conventional business card programs, such as the ability to closely monitor expenses and manage financial data to increase efficiencies and cost savings. The program is available through Wells Fargo banking locations in 23 states and via telephone at 1-800-359-3557 ext. 535. Information is available on the Internet at www.wellsfargo.com/biz/securedcard.> "As the largest lender to small businesses in the U.S., Wells Fargo remains committed to helping as many entrepreneurs as possible receive the resources to fund their businesses," said Rebecca Macieira-Kaufmann, Wells Fargo Executive Vice President and head of small business marketing. "We developed the Wells Fargo Business Secured MasterCard card so that most new business owners can have access to a business credit card that will meet their needs. For a small business, this card is an important first step toward qualifying for other credit opportunities or reestablishing damaged credit."

Business owners approved for the program secure the card by making a deposit to an FDIC-insured business savings account, which yields a four percent return for the first year - among the highest in the nation. After the first year, the interest rate converts to the current market rate. The new card has an annual percentage rate currently equal to Wells Fargo's prime rate plus 5.9 percent and an annual fee of $25.

"MasterCard is committed to supporting the entrepreneurial spirit of small business owners by providing them with valuable services to help build their businesses," said Steve Abrams, senior vice president, Corporate Payment Solutions, MasterCard International. "The Wells Fargo Business Secured MasterCard card program extends powerful financial tools to a large and growing number of small business owners previously overlooked by the industry. Now, they will have access to some of the leading business resources available today."

About Wells Fargo & Company

With more than 1.5 million small business customers, Wells Fargo is the largest small business lender in the United States, according to SNL Securities data. Through its targeted loan programs, Wells Fargo has lent more than $9 billion to African American-, Hispanic- and women-owned businesses.

In 1995, Wells Fargo was the first major financial institution to launch Internet banking and to enable secure online credit card payments. Last year, the company launched the Wells Fargo Resource Center for Small Business Owners. Available at www.wellsfargo.com/biz, the resource center offers one-stop access to Internet banking and bill payment and links small businesses with services, both online and offline, designed to help entrepreneurs develop their businesses.

Wells Fargo & Company is a $280 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through more than 5,400 stores, the Internet (wellsfargo.com) and other distribution channels across North America.

About MasterCard

MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1.7 billion MasterCard(R), Cirrus(R) and Maestro(R) logos are present on credit, charge and debit cards in circulation today. An association comprised of more than 20,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. MasterCard's award-winning Priceless(R) advertising campaign is now seen in 81 countries and in more than 36 languages, giving the MasterCard brand reach and scope unrivaled by any competitor in the industry. With more than 21 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 2000, gross dollar volume exceeded US$857 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.