MBNA Corporation (NYSE: KRB) and Merrill Lynch (NYSE: MER) today announced that they have agreed to extend the multi-year agreement under which MBNA issues the award- winning MERRILL+ credit card.
MBNA has issued the MERRILL+ card since April 2004. The terms of the new agreement have not been disclosed, however the agreement period extends beyond the anticipated early January close of the pending merger between MBNA and Bank of America.
The MERRILL+ credit card offers a wide range of features and rewards, and a tiered benefit program that provides increasingly valuable perks and benefits the more cardholders use the card. All MERRILL+ cardholders receive 24/7 concierge service, a special companion travel offer from British Air, free gas from Hertz on a premium rental, low-price guarantees on cruises, complimentary spa services at leading destinations, auto rental collision damage waivers, lost luggage service, emergency transportation assistance, zero liability fraud protection for unauthorized charges, and more. As spending on the card increases, cardholders are automatically elevated to new benefit levels, which include closing credits and extra reward points for financing a mortgage with Merrill Lynch, golf club delivery, a transatlantic companion ticket offer from Delta, an upgrade from British Air, and much more.
The features, benefits and rewards of the MERRILL+ card were among the reasons it was recognized by Card Track as one of the top ten most innovative card products of 2004.
"MBNA is delighted to be extending the agreement with Merrill Lynch and we look forward to many more years of providing the kind of award-winning products and services that Merrill Lynch clients expect and deserve," said MBNA Chief Operating Officer John R. Cochran. "Merrill Lynch and MBNA share a passion for serving Customers. As we enter into our new agreement period, we are re-dedicating ourselves to that focus."
"Merrill Lynch works hard to exceed our clients' expectations," said H. McIntyre (Mac) Gardner, Head of the Americas Region and Global Bank Group for Merrill Lynch's Global Private Client Group. "We keep our competitive edge in the card business by partnering with industry leaders, like MBNA, to provide customized offerings that fit perfectly in our clients' busy lives. We have had phenomenal success in the last two years of partnering with MBNA and look forward to continuing to deliver client value in the future."
About MBNA Corporation
MBNA (NYSE: KRB), the largest independent credit card lender in the world and the recognized leader in affinity marketing, is an international financial services company providing direct lending, deposit, and credit insurance products and services. MBNA credit cards and related products and services are endorsed by more than 5,000 organizations worldwide. MBNA and Bank of America have announced their intention to merge operations, pending regulatory approval. The merger is expected to close in early January 2006. For information, visit the company's we site at http://www.mbna.com.
About Merrill Lynch
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 36 countries and territories and total client assets of approximately $1.7 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. Firmwide, assets under management total $524 billion. For more information on Merrill Lynch, please visit http://www.ml.com.

Source: prnewswire