Bank One Corp.'s First USA credit card division has signed an exclusive agreement to issue Internet-based credit cards for Telebank.

Customers of the virtual bank, a subsidiary of Telebanc Financial Corp., will be able to apply for cards on-line and view account information over the Internet.

The Visa has no annual fee and an introductory interest rate of 3.9%, which jumps to 9.99% after five months.

"The Telebank credit card is just one of many products we intend to introduce in 1999" to establish Telebank's site as "one of the most convenient one-stop personal finance sites on the Internet," said Mitchell H. Caplan, president and chief executive officer of Telebank.

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