Providian Financial Corporation (ticker: PVN, exchange: New York Stock Exchange) News Release - 11/17/2003 Providian Selected by TV Retailer HSN for Co-Branded Credit Card SAN FRANCISCO, Nov 17, 2003 /PRNewswire-FirstCall via Comtex/ -- Providian Financial Corporation (NYSE: PVN) today announced that the TV shopping network HSN has selected the company to market and issue a new co-branded credit card to HSN viewers. Marketing is scheduled to begin in January, and will include both HSN on-air, phone, and direct mail support. In addition to attractive interest rates, the new HSN Rewards card, which will be issued by Providian National Bank, will feature one of the industry's most competitive rebate and rewards programs. With the co-branded HSN Rewards(R) card, HSN cardholders will earn points for dollars spent, which they can use towards the purchase of HSN merchandise. Customers will also receive $10 toward a future HSN purchase the first time they use the card. "The HSN Rewards card is a high potential co-brand card marketing partnership that perfectly fits our target demographics," said Joseph Saunders, Providian's chairman and chief executive officer. "We're very pleased that HSN has chosen Providian as its co-branded credit card marketer." "We're very excited to be working with Providian," said Paul Guyardo, executive vice president of Television & Marketing at HSN. "Together, we're about to launch one of the most competitive loyalty programs in the television shopping industry." Ron.
It was Bank1/FUSA cobrand according to HSN website, I guess Bank1/FUSA did not renew and Providian is now the issuer. Wow!
Besides this being Providian, this most competitive rewards program probably means a lousy 1 point per $1 spent and redeemable for overpriced merchandise. I bet that every straight 1% cash rebate card is better than this "most competitive" program.
