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

"The Telebank True.net 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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