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FINGERHUT AND FIRST DEPOSIT TO TEST CO-BRANDED CREDIT CARD

 MINNEAPOLIS, Oct. 12 /PRNewswire/ -- Fingerhut Companies, Inc. (NYSE: FHT) said today that it has reached an agreement with First Deposit Corporation to test a co-branded credit card for selected groups of Fingerhut customers.
 "This test, to provide a co-branded Mastercard, is one element in our strategy to expand financial services targeted to segments within our customer base," said Ted Deikel, Fingerhut chairman and CEO. "This opportunity capitalizes on Fingerhut's ability to target financial products to specific customers using our extensive database of customer information and 40 years of direct marketing credit experience," said Deikel. The company recently announced the development of Profile 2000, which will create the largest and most sophisticated proprietary consumer database marketing system in the world.
 "This credit card offer combines Fingerhut's targeting skills in identifying customers' wants and needs with First Deposit's bank card expertise, and is part of First Deposit's strategy to expand marketplace opportunities," said Shailesh Mehta, president and CEO of First Deposit Corporation.
 The test will be conducted in early 1994 and results will be tracked and evaluated throughout the year. According to Deikel, if positive results are achieved in the test, customer volumes will be expanded and additional markets and financial service products will be developed.
 First Deposit Corporation, headquartered in San Francisco, a subsidiary of Capital Holding Corporation, has approximately $4.0 billion in assets under management. It is one of the largest issuers of credit cards in the nation through its subsidiary banks in New Hampshire.
 Fingerhut companies, Inc., is a multi-media direct marketing company, selling a broad range of products and services directly to consumers via catalogs, television and other media. The company employs approximately 8,500 people in Minnesota, Wisconsin and Tennessee. Fingerhut Companies, Inc. common stock trades on the New York Stock Exchange under the symbol FHT.
 -0- 10/12/93
 /CONTACT: Rakesh Kaul, Fingerhut Companies, 612-936-5370/
 (FHT)


CO: Fingerhut Companies, Inc.; First Deposit corporation ST: Minnesota, New Hampshire, Wisconsin, Tennessee IN: REA SU:

CP-DB -- MN002 -- 0938 10/12/93 08:45 EDT
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Publication:PR Newswire
Date:Oct 12, 1993
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