PNC Bank Corp. and Visa U.S.A. are introducing a cobranded credit card with 350 malls across the country, the companies announced Wednesday.
By yearend over 500 malls are expected to be in the program.
The Mall Visa VIP credit card will give cardholders a 2% rebate on purchases made within participating malls and a 1% rebate on purchases made elsewhere. The card does not carry an annual fee.
The launch will involve seven mall operators: General Growth Properties Inc., Richard E. Jacobs Group, Rouse Co.. Simon Debartolo Group, TrizecHahn Centers Management, Urban Retail Properties Co., and Wellspark Group.
Rebates will be in the form of Mall VIP Dollars, redeemable at mall merchants and restaurants that accept Visa cards. A maximum of $500 in VIP Dollars can be earned annually.
The card will carry an introductory interest rate of 6.9% for the first six months, after which it will jump to Libor plus 10.43%, which now works out to 16.06%.
Cardholders will also receive reserved parking, free stroller rental, and gift wrapping, in addition to discount offers on mall merchandise.