NEW YORK -- European American Bank and Trans World Airlines are expected to announce a frequent flier card today.

Market sources said the cards will offer consumers one TWA mile for every dollar charged, as well as additional mileage when the card is used at any of 19. partner companies. Cardholders will be charged a variable interest rate of 14.9% and a $50 annual fee.

Chase Manhattan Bank and TWA canceled a frequent flier program earlier this year. Analysts said the program was too costly for the bank. They said the airline's financial problems made it less attractive to consumers than cards offered by United Air Lines and First Chicago Corp. and by American Airlines with Citicorp.

TWA is expected to emerge from bankruptcy shortly.

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