First Union Corp. has told analysts that it expects no growth in its credit card business next year. Analysts said they believe this means the bank will cut solicitations to potential credit card customers in response to rising chargeoff rates at the bank.

The development, disclosed in a conference call Friday, was the latest sign of a sea change in the credit card business, in which a handful of "monoline" specialists may be solidifying their edge in the battle for market share with regional banks.

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