CHARLOTTE, N.C. - First Union Corp. has introduced a secured MasterCard, available to customers in North Carolina and Florida immediately and to other East Coast customers next year.

The customer chooses a credit limit by opening a savings account with the bank in that amount. Additional deposits in the account increase the credit limit.

Cardholders pay a $35 annual fee for the card, which carries a rate of prime plus 9.5%.

First Union has hired Renaissance Bankcard Services, Portland, Ore., to service the secured-card portfolio.

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