SAN FRANCISCO, Oct. 23 /PRNewswire-FirstCall/ -- Providian Financial
Corporation (NYSE: PVN), today announced that the Democratic National
Committee (DNC) has selected the Company to market and issue an affinity
credit card to supporters of the Democratic Party.
Providian and the DNC intend to market credit cards that reward
cardholders for frequent use of their cards. Individuals will have the option
of designating their earned rebates as donations to the DNC, or they can earn
accelerated rewards for making a donation to the Committee. Providian
received approval for the program concept in an Advisory Opinion issued by the
Federal Election Commission on August 14, 2003.
"We're very pleased that the DNC has chosen Providian as its credit card
marketer. This agreement with the DNC is another important step in the
implementation of our new business strategy, which includes developing high
potential co-branded and affinity card marketing partnerships," said Joseph
Saunders, Providian's chairman and chief executive officer.
The new DNC card will be issued by Providian National Bank. Marketing is
scheduled to begin in late October. In addition to attractive interest rates,
the new cards will feature some of the industry's most competitive rebate and
rewards programs. Cardmembers will also be able to choose from a number of
attractive, patriotic card designs, including: an American flag with a
superimposed DNC logo, the Democratic Party donkey mascot, and an image of the
U.S. Constitution.
"We believe this presents an exciting new avenue for our fundraising
efforts. Millions of people around the country support the Democratic Party
and this will present them with a unique opportunity to show their support
while using something they need in their daily lives," said Terry McAuliffe,
chairman of the DNC.
About the Democratic National Committee
The Democratic National Convention established the Democratic National
Committee (http://www.democrats.org) in 1848. The DNC is the oldest continuing party
committee in the United States and the world.
About Providian
San Francisco-based Providian Financial (http://www.providian.com) is a leading
provider of credit cards to Middle American customers throughout the U.S. By
combining experience, analysis and technology, Providian seeks to build long-
lasting relationships with its customers by providing products and services
that meet their evolving financial needs.
Forward-Looking Statement
Certain statements contained in this press release are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
which are subject to the "safe harbor" created by those sections. Forward-
looking statements include, without limitation: expressions of "belief,"
"anticipation," or "expectations" of management; statements as to industry
trends or future results of operations of the Company and its subsidiaries;
and other statements that are not historical fact. Forward-looking statements
are based on certain assumptions by management and are subject to risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. These risks and uncertainties include, but
are not limited to, competitive pressures; factors that affect delinquency
rates, credit loss rates and charge-off rates; general economic conditions;
consumer loan portfolio growth; changes in the cost and/or availability of
funding due to changes in the deposit, credit or securitization markets;
changes in the way the Company is perceived in such markets and/or conditions
relating to existing or future financing commitments; the effect of government
policy and regulation, whether of general applicability or specific to the
Company, including restrictions and/or limitations relating to the Company's
minimum capital requirements, deposit taking abilities, reserving
methodologies, dividend policies and payments, growth, and/or underwriting
criteria; year-end audit adjustments; changes in accounting rules, policies,
practices and/or procedures; the success of product development efforts; legal
and regulatory proceedings, including the impact of ongoing litigation;
interest rates; one-time charges; extraordinary items; the ability to recruit
and replace key personnel; and the impact of existing, modified, or new
strategic initiatives. These and other risks and uncertainties are described
in detail in the Company's Annual Report on Form 10-K and Annual Report to
Stockholders for the fiscal year ended December 31, 2002 under the headings
"Cautionary Statement Regard Forward-Looking Information "and "Risk Factors."
Readers are cautioned not to place undue reliance on any forward-looking
statement, which speaks only as of the date thereof. The Company undertakes no
obligation to update any forward-looking statements.
NOTE: Investor information is available on Providian Financial's website
at http://www.providian.com.
SOURCE Providian Financial Corporation
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Related links:
http://www.providian.com
CONTACT:
Media, Alan Elias, +1-415-278-4189, or Beth
Haiken, +1-415-278-4889, or, Investors, Jack Carsky,
+1-415-278-4977, both of Providian Financial; or Debra DeShong of
the Democratic National Committee, +1-202-863-8033
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