The BP Oil Co. and the Banc One Corp. said Friday they have reached an agreement to jointly develop and issue a BP-Bank One Visa credit card.
The companies said they are currently developing the terms of the joint credit card offer and will announce details at a later date."We are extremely excited about this new card," said Robert Purvis, BP's senior vice president of retail marketing. "It's something that our customers are very interested in."
The BP announcement follows similar programs either planned or already established by U.S. automakers, Volkswagen United States Inc., a subsidiary of the Germany carmaker, and various other businesses.
General Motors issued its GM MasterCard in September 1992 and added a Gold card a year later, and has expanded the program to Canada and the United Kingdom. The Ford Motor Co. also has a credit card available.
Volkswagen said its credit card, introduced Thursday, was the first foreign car name to sponsor a credit card of this kind.
BP Oil is a wholly owned subsidiary of the British Petroleum Co., based in London. The company markets refined petroleum products through about 7,500 branded stations in more than two dozen states, primarily located in the Midwest, Southeast and West Coast.
Banc One, headquartered in Columbus, Ohio, has assets of more than $83 billion and operates 81 banks with 1,315 offices in Ohio, Arizona, California, Colorado, Indiana, Illinois, Kentucky, Michigan, Oklahoma, Texas, Utah, West Virginia and Wisconsin.