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PANASIA BANK INTRODUCES NEW SECURED CARD PROGRAM

 FORT LEE, N.J., Dec. 29 /PRNewswire/ -- Panasia Bank announced today that it will be offering secured VISA and MasterCard credit cards, beginning in January 1994.
 Applications will be accepted from customers nationwide.
 The card program will be managed by Applied Card Systems, Inc. (ACS) of New Castle, Del., one of the nation's leading managers of secured credit card portfolios. As a servicer of secured and unsecured credit card portfolios, ACS helps small and mid-sized financial institutions to increase profitability from existing credit card programs.
 Pricing for the Panasia program will be tiered, with customers having the option of paying an A.P.R. as low as 12.99 percent. The program has no up-front application fee; however, a $35 processing fee will be charged to the account after it has been opened. And, like other secured programs managed by ACS, customers will receive a credit line higher than their deposit amount.
 While it will be available nationally to the mass market, the Panasia Bank program will also be targeted to Asian-Americans. Donald O'Dea, senior vice president at Panasia, commented, "Many Asian- Americans have a need for this product (the secured credit card) because they have no credit history. We are the first bank to target a secured offer to this market, and we have very high expectations for it."
 Applications and complete information on the program are available by contacting ACS at 800-262-3610.
 /delval/
 -0- 12/29/93
 /CONTACT: Dennis Fish of Applied Card Systems, 302-322-9458/


CO: Panasia Bank; Applied Card Systems, Inc. ST: New Jersey, Delaware IN: FIN SU: PDT

JO-MK -- PH004 -- 7716 12/29/93 08:28 EST
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Publication:PR Newswire
Date:Dec 29, 1993
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