March 06, 2001

Fleet Credit Card Services Introduces 'Small Business Card of the Future'

Fleet Credit Card Services, a subsidiary of FleetBoston Financial Corporation, announced on March 6 the launch of the Fleet smart Visa(R) Business Card, which it calls "the first smart Visa credit card designed specifically for small business." The Fleet smart Visa Business Card is designed to allow small businesses to manage their finances with greater control, offering advanced security and a full range of both on and offline benefits. Tested in select markets since late 2000, the Fleet smart Visa Business Card is now available nationally. "The Fleet smart Visa Business Card takes our service of small businesses to the next level in the new economy," said Jim Hinderaker, senior vice president of marketing at Fleet Credit Card Services. "Fleet is well established as the one of the premier banks for small business lending, and now we have the opportunity to assist even more of this unique market segment with the introduction of this innovative product." Similar to the Fusion card by Fleet, touted as "the first smart Visa card for consumers," the Fleet smart Visa Business Card is distinguished from traditional credit cards by its comprehensive Web site, as well as by a powerful 32K customizable microprocessor chip. Accepted at 19 million locations worldwide and utilizing the smart Visa platform, the Fleet smart Visa Business Card offers a more robust package of features compared to other small business cards. Small businesses face different challenges than larger companies. They may not have accounting and finance departments, and an owner may play several roles -- which is one reason why they are so pressed for time. The Fleet smart Visa Card can help them make the most of their time, according to Hinderaker. "Through its smart chip, the card offers quick sign on to its Web site, as well as e-wallet form fill functionality at smart checkout merchant sites," Hinderaker said. According to Hinderaker, the Fleet smart Visa Business Card's advanced features provide superior financial management tools, including the ability to: -- Add or delete employee cardholders, -- Set spending limits on employee accounts, -- Produce itemized reports for tax purposes, -- Print detailed reports by expense category, -- Confidentially check employee spending, -- Set e-mail alerts for notification of specific transactions, and -- Download statement detail to accounting software packages. "Small business owners have unique needs," said Joe Saunders, chairman and CEO of Fleet Credit Card Services. "As a forward thinking company we have created a valuable, customizable product that, not only meets today's needs of small businesses, but is positioned to meet their future needs as well. The Fleet smart Visa Business Card's smart chip provides additional security and convenience and will allow small businesses to download loyalty programs with discounts, promotions and tickets in the future." According to Saunders, with the built-in benefits of the Visa Business Partner Advantage(TM) program, Fleet smart Visa Business Card users can enjoy special offers including savings from companies such as AAA, The Home Depot Maintenance Warehouse, Compaq, ewausau.com and hotels including Quality Inns, Comfort Inns, Rodeway Inns, Econolodge and MainStay Suites. "Like the Fusion card, the possibilities for the Fleet smart Visa Business Card are virtually endless," Hinderaker said. "We have the capability to develop customized loyalty programs based on user or partner needs. We welcome ideas from merchants, as well as small business customers, to help us develop the most extensive product offering possible." "The introduction of the Fleet smart Visa Business Card enhances Visa's and Fleet's shared commitment to providing advanced payment products to help small businesses succeed," said Tony McEwen, executive vice president, Visa U.S.A. "As the first smart Visa Business Card Issuer, Fleet has the unique opportunity to acquire new customers, strengthen current relationships, and meet the evolving needs of this growing market." Fleet's Small Business Service group targets growth-oriented companies with annual revenues of up to $10 million and credit needs up to $2 million. Fleet is the nation's largest U.S. Small Business Administration (SBA) lender. Serving 500,000 customers, Fleet is also the largest small business lender in the Northeast, with approximately $4 billion in total small business commitments and $12 billion in total small business deposits. Small businesses can apply for the card online at bizcards.fleet.com. About Fleet Credit Card Services and FleetBoston Financial Fleet Credit Card Services, headquartered north of Philadelphia in Horsham, Pa., provides consumer credit cards, credit products and related services throughout the U.S. With more than nine million accounts and more than $14.5 billion in managed receivables, Fleet is the ninth largest VISA/MasterCard(R) issuer in the nation. Fleet Credit Card Services is wholly owned by FleetBoston Financial Corp., the seventh-largest financial holding company in the United States. Among the company's key lines of business are retail banking, with nearly 1,700 branches and more than 3,800 ATMs in the Northeast; commercial banking, including capital markets/investment banking and commercial finance; investment services, including discount brokerage; and full-service banking through more than 250 offices in Latin America.