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GM VISA PROMISES TO TURN PLASTIC INTO STEEL IN CANADA

 TORONTO, Ontario, March 9 /PRNewswire/ -- The GM Card, Canada's first no-fee, bank-issued, general-purpose VISA card, will soon be available to Canadian consumers through a unique business agreement with General Motors of Canada and Toronto Dominion (TD) Bank (Toronto: TD), it was announced today.
 "In this business association, two major Canadian corporations -- General Motors of Canada and Toronto Dominion Bank --- are providing consumers with the opportunity of earning substantial savings on new GM cars or trucks through use of the GM Card," said GM of Canada President and General Manager George Peapples.
 "Credit card usage is a widely accepted practice and the GM Card not only offers added value to consumers in general purchasing, but it also is the first credit card designed to help put them in the driver's seat of a new GM vehicle," he said.
 Applications for the GM Card will be available beginning in May at TD Bank branches and GM of Canada dealerships, with the actual cards scheduled for distribution to qualified applicants in early June.
 When consumers use the GM Card to make a general purchase, an amount equal to 5 percent of the total spent goes into a rebate account. GM Card credits of up to $3,500, accruable at a rate of up to $500 per year for seven years, may be applied toward the purchase or lease price of a new GM vehicle.
 Consumers using accrued credits are also able to take advantage of any general public discounts offered on vehicles at the time of purchase or lease.
 Outstanding balances from other credit cards may be transferred to the GM Card, enabling cardholders to earn an amount equal to 5 percent of the transferred balance into their earnings account.
 If a GM Card purchase is made from one of the GM Card's corporate partners, an amount equal to 10 percent of the total spent is credited toward the cardholder's rebate savings. This feature allows a GM Card holder to actually exceed the $500 per year/$3,500 over seven years rebate savings. Corporate partner companies will be announced at a later date.
 TD Bank was established in 1955 and currently is the fifth-largest Canadian bank in terms of total assets and on the basis of common shareholder's equity. In Canada, TD Bank serves individuals, businesses, financial institutions and government entities. There are approximately 900 TD Bank branches and offices across Canada.
 "Providing added value to customers is the key to success in banking, and this card will help differentiate Toronto Dominion in the marketplace and help card users stretch their dollars to an unprecedented extent," said TD Bank President Robert Korthals. "We see this as an opportunity not just to build our VISA customer base, but to build total banking relationships with our existing customers, and with all the new ones who will be drawn to this exceptional product."
 During September 1992, General Motors launched a similar no-fee GM Card in the United States as a general-purpose MasterCard, also featuring a 5-percent rebate program on general purchases, and corporate partners which provide 10-percent earnings. It quickly became the fastest growing credit card in history, obtaining 1 million accounts in less than one month. Through February 1993, the GM Card had acquired nearly 4 million accounts, with more than 5 million cards distributed to Americans.
 According to GM's Managing Director of Credit Card Operations, Ronald N. Zebeck, more than 7,500 GM Card holders in the United States have already used GM Card earnings toward the purchase of new GM cars and trucks.
 -0- 3/9/93
 /CONTACT: Stew Low, 416-644-6786, or Greg Pierce, 416-644-2728, both of GM Canada Ltd.; Chris Thompson of TD Bank, 416-944-7125; John Maciarz of GM News Bureau, 313-258-2034; or Stan Stein of DMB&B Public Relations, 313-258-8629, for GM Card/
 (GM TD.)


CO: GM Canada Ltd.; Toronto Dominion Bank; General Motors Corporation ST: Ontario IN: FIN AUT SU: PDT

ML-DH -- DE004 -- 4387 03/09/93 09:13 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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