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UK ISP Offers Mutual Credit Card - Company Business and Marketing

Internet service provider (ISP) Totalise has started issuing its own credit card. The Mastercard is unusual in offering commissions in the form of shares in the ISP.

Kaz Garnett, a spokesperson for Totalise, told Newsbytes that the card is being administered by People's Bank, and is the first own-brand credit card to be issued by an ISP in the UK.

"The credit card is only open to registered subscribers to Totalise," she said, adding that using the card entitles users to a rebate equivalent to 1 percent of their spending, up to a maximum of 5,000 pounds ($7,500) a month.

Under the People's Bank/Totalise card deal, commissions are calculated quarterly, and the equivalent in shares in the ISP can be purchased by the cardholder using the commission.

Garnett said that, as the company's shares are already trading on the UK's OFEX market - and soon to move to the AIM market - subscribers can elect to sell and generally trade the shares are they wish.

"It's an interesting move and is in keeping with Totalise's philosophy of offering shares to its loyal subscribers," she said.

Registered users of Totalise can go to the ISP's main Web site and apply online for the Totalise InterMutual credit card, which is the first of several financial services to be offered by InterMutual, Totalise's recently-launched financial services division.

Cardholders can also benefit from a balance transfer rate of 4.9 percent for the first six months, followed by a general rate of 15.9 percent for purchases.

As part of the deal, customers who also sign up for Totalise's unmetered Internet access package will get a rebate of 10 pounds ($15) on their Totalise telecommunications bill.

Totalise has ambitious plans for its InterMutual division, with services such as health insurance, pensions and a full range of banking services, including checking accounts, in the pipeline.

Graham Johnson, InterMutual's managing director, said that Totalise's 145,000 subscribers are loyal because of the Totalise shares they receive and the useful services the ISP provides.

"Thousands of Totalise customers have already expressed interest in financial services," he said.

Johnson went on to say that the firm plans on introducing a range of products over the next few months which "will set new industry standards for service and cost-competitiveness."

Totalise's Web site is at http://www.totalise.net .

Reported by Newsbytes.com, http://www.newsbytes.com .

11:57 CST

(20001107/Press Contact: Kaz Garnett, Totalise, +44-113-394-9037 /WIRES ONLINE, BUSINESS/)