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credit card program. Concept must submit to Chase Lincoln for
approval all promotional material containing the name of the
bank. Chase Lincoln agrees to issue to qualified members its
Premier Visa Card. Such cards, as well as any indebtedness or
other customer relationships resulting from use of the cards,
become and remain the property of the bank. Information supplied
by members to the bank in connection with the credit card program
becomes the property of the bank upon the issuance of a card to
the member, for use in the bank's sole discretion in the normal
course of conducting its business. The bank agrees, however,
that it will not disclose the fact that any participant in the
credit card program is a member. Chase Lincoln agrees to waive
the normal annual membership fee for the card for each member’s
first year of membership and to charge a reduced membership fee,
no more than $30, for each subsequent year of membership. The
bank agrees to pay to Concept a fee based on purchases made by
members with a card. That fee will also vary depending on Chase
Lincoln's cost of funds, which is determined with reference to
the published discount rate applicable to 91-day U.S. Treasury
bills. In no event, however, can the fee paid by Chase Lincoln
to Concept decrease below 0.25 percent of the total purchases
made by members with a card. Petitioner's interest in the
agreement is acknowledged.
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Last modified: May 25, 2011