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Telecommunications industry

NYNEX and Chase Manhattan Launch Co-Branded Visa Credit Card

Strategic Insights

— 1 min read

NYNEX, a provider of network-based telecommunications products and services in the Northeast, and The Chase Manhattan Bank (USA) have launched a co-branded Visa credit card that allows NYNEX residential customers in New York State to save money on their monthly phone bills. The card rewards customers with dollars off their NYNEX phone bills or extra savings on NYNEX services, with a no annual fee, a low introductory variable annual percentage rate (APR), and an interest-free 30-day average grace period for purchases.

Key Takeaways:

  • The NYNEX/Chase co-branded Visa credit card is designed to meet customers' needs by offering a simple and easy-to-understand rewards program.
  • Customers get one point for every dollar charged, with no cap on points earned, and a 25% bonus on points earned on purchases in any month in which they make two or more NYNEX Calling Card calls.
  • Points can be redeemed for $20, $40, $60, $80, or $100 checks from Chase (payable to NYNEX) toward monthly phone bills, or $25, $50, $75, $100, or $125 checks from Chase (payable to NYNEX) toward new NYNEX services.
  • Customers can save as much as $93 on their NYNEX phone bills during the first year that they use the card, with an average credit card usage of $4,000 in purchases and $2,000 in balance consolidation.
  • The card is accepted at more than 11 million Visa merchant locations worldwide and offers extended warranty and purchase insurance protection, as well as travel accident and auto rental insurance for Visa Gold customers.
  • NYNEX provides customers with a wide variety of network-based telecommunications products and services, such as Call Waiting, Call Answering, VoiceDialing, and others.

Statistics:

  • Over $12 billion of revolving credit receivables held by Chase Manhattan.
  • 376.2 million Visa cards issued worldwide, including 196.5 million in the United States.
  • More than 11 million Visa merchant locations worldwide.
  • 213,000 ATMs in 85 countries and 300,000 banking locations worldwide.
  • NYNEX serves over 11 million customers in the Northeast, with a focus on providing full-service communications services to consumers.

Sources:

  • John A. Ward, III, Executive Vice President and BankCard Services Executive at Chase Manhattan Bank (USA)
  • Judith R. Haberkorn, Vice President for Individual Communications Services at NYNEX
  • The Chase Manhattan Bank (USA) Fact Sheet
  • NYNEX Fact Sheet
  • The Wall Street Journal (for prime rate information)
  • Visa (for global ATM network information)

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