In an usual move, eBay has teamed with two banks to issue its new rewards MasterCard to as many customers as possible. MBNA will issue the new card to consumers with solid credit scores, while Providian will issue the new card to consumers with iffy credit scores. However, if your credit score is below 600, forget it. The new "eBay Anything Points MasterCard" will offer cardholders points on all purchases. Each point will have an eBay currency value of $0.01. The eBay currency can be spent on virtually anything for sale on the eBay site. Cardholders must be enrolled in the "Anything Points" program to begin spending points earned from the MasterCard. Members' points are accumulated in their PayPal accounts. The points can then be used to purchase items from any eBay seller accepting PayPal for payment. In addition, the points can be applied towards eBay selling fees. Sellers will also be able to award points to their buyers on eBay. Participating companies of the "Anything Points" program can give points as rewards for purchases, incentives for new customer sign-ups, or in exchange for points accrued in their own loyalty programs. For more information visit: http://www.ebay.com. link: http://www.cardweb.com/cardtrak/news/2003/october/3a.html
MBNA, PROVIDIAN TEAM UP TO OFFER AN EBAY REWARDS CARD MBNA Corp. and Providian National Bank, a subsidiary of Providian Financial Corp., today announced that they both will issue a rewards card for eBay Inc., the San Jose, CA, online auction house. The card, which is called the Anything Points Credit Card, is part of an expanded rewards program eBay launched in May, an eBay spokesperson tells CardLine. MBNA received the contract to issue the card, and Providian arranged a subcontracting agreement with MBNA to also issue it, the eBay spokesperson says. "They [MBNA and Providian] have different criteria for issuing cards and that allows us to get the card in more people's hands ... it works out great for us," the spokesperson says. A Providian spokesperson says both issuers will maintain their underwriting standards, but there might be some overlap at the high end of the credit card spectrum. Providian, however, a former subprime issuer, will focus on the middle market. "We donâ??t underwrite anything under 600 on the FICO score," the spokesperson says. "The middle-market bulls eye would be 660 to 670 score." Providian described the eBay card as a good business opportunity for both companies. An MBNA spokesperson would not comment beyond the news release. Ebayâ??s name is written in red, blue, yellow and lime green letters on the front of the card next to the MasterCard logo. Anything Points also appears on the card's face. Neither MBNA's nor Providian's names appear on the card's face. The card allows cardholders to earn one eBay Anything Point, which is equivalent to 1 cent, for every dollar charged to the card. The money can be used toward the purchase of items listed on eBay provided the seller accepts eBayâ??s PayPal payment service. The cardholder's points will be stored in his PayPal account. First USA, now known as Bank One Card Services, used to issue an eBay card, but its contract with eBay ended some time this year, the eBay spokesperson says. link: http://www.cardforum.com/cgi-bin/readstory.pl?story=20031002CLDN623.xml
