New Private Issue credit card is a work of art–literally; customers can pick card with painting by Ringo Starr, Jane Seymour or Florence Griffith Joyner; they also have three choices for card features.

NEW YORK–(BUSINESS WIRE)–July 13, 1995–Dean Witter, Discover & Co. yesterday introduced a greatly enhanced version of its Private Issue(R) Card that offers consumers unprecedented choice within one card.

With the new card, consumers can select among three options for interest rate and reward features. They can also pick a distinctive look for the card–one of three paintings by celebrity artists Ringo Starr, Jane Seymour or Florence Griffith Joyner.

Company officials unveiled the celebrity paintings and their plans for the new Private Issue Card at a black-tie painting party at the Guggenheim Museum that benefited Make-A-Wish(R) Foundation. The new card is available immediately.

The Private Issue Card’s three feature options are:

o Rate Advantage (Prime Rate +5.9%)–For consumers who prefer a

low interest rate with no reward features, this option offers

an Annual Percentage Rate (APR) on purchases of prime rate

plus 5.9 percent.

o 5% Interest Rebate–Consumers receive an annual rebate equal

to 5 percent of finance charges; the APR for this option is

prime rate plus 8.9 percent.

o Cashback Bonus(R) Award–Consumers receive an annual bonus of

up to 2 percent of purchases made during the year, based on

the annual level of purchases; the APR for this option is

also prime plus rate 8.9 percent.

Cardmembers can also select their own monthly billing dates to suit their cash flow and convenience.

To dramatize the flexibility of the Private Issue Card, Dean Witter Discover is offering the card in a choice of three unique visual formats–reproductions of: o a vibrant, blue-toned contemporary painting by musician Ringo

Starr; o a floral watercolor by actress Jane Seymour; and o a bold abstract painting by Olympic gold medal winner Florence

Griffith Joyner. For those who prefer a more conventional-looking card, there is also a simple, sophisticated black-and-gold alternative.

Starr, Seymour and Joyner, who excel in different fields but share a love of painting, unveiled their original works, along with the credit cards on which they appear, at the museum last night. The paintings were then auctioned by C. Hugh Hildesley, executive vice president of Sotheby’s North and South America, to benefit Make-A-Wish(R) Foundation.

Although the originals are no longer available, reproductions of the paintings will soon be carried in the pockets of many consumers.

“The new Private Issue Card is designed to meet the desire of today’s consumer for choice and value in credit cards,” said William L. Hodges, executive vice president of Discover Card Services Inc. “With just one card, Private Issue cardmembers can choose the features most valuable for them.”

The Private Issue Card, launched in 1989 as the premier complement to the Discover(R) Card, is accepted by the nationwide NOVUS(SM) Network of merchants. Current Private Issue cardmembers, as well as new applicants, are being asked to select their feature options and the look of their card.

“The Private Issue Card has proven successful and profitable,” said Hodges, who heads NOVUS Brands Marketing. “Compared with more than 30 million Discover Card accounts, however, its position has been modest. The new Private Issue Card, with its greatly enhanced features and choices for consumers, will appeal to a much wider segment of the credit card market.”

The new card is being offered with no fee for the first year. Thereafter, cardmembers who select the Rate Advantage of 5% Interest Rebate option will receive a waiver of the $18 annual fee if, during the previous year, they use the card six times or make at least $1,000 worth of charges.

Marketing

Dean Witter Discover is marketing the new Private Issue Card through a multimillion dollar advertising campaign featuring one of the celebrity artists, Ringo Starr. Advertisements in television, print and transportation media will be used, as well as extensive direct mail campaigns and promotional activities. DDB Needham Chicago is the advertising agency for the Private Issue Card.

To help build brand identity for the new card, Private issue has signed on as the title sponsor of the U.S. concert tour of Ringo Starr and his All Starr Band. The tour includes 55 performances in 40 cities from July 2 through September 3. The new Private Issue Card will be marketed on-site to thousands of concert attendees.

Tonight’s gala unveiling at the Guggenheim Museum marked the official launch of the new Private Issue Card. The event provided guests the opportunity to try their hand at painting, guided by Roger Shepherd, chair of the fine arts department at Parsons School of Design in New York.

Dean Witter, Discover & Co. is a diversified financial services company providing a broad range of credit services and investment products primarily to the individual customers of its credit cards and its full-service securities firm.

CONTACT: David S. Wachsman Associates

Joan Cear, David Kirby

212/750-7770

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