LOS ANGELES - Entering the credit card cobranding race. Unocal Corp. said it will begin offering MasterCard and Visa cards later this month.

Associates National Bank (Delaware), an affiliate of Ford Motor Co.'s financial services group, will issue the cards.

Unocal, which markets gasoline through Unocal 76 stations in the West and the Uno-Ven joint venture in the Midwest, will charge a low 7.6% interest rate for the first six months, with no annual fee. Cardholders will get 1% rebates on purchases as well as discount coupons for gas.

Direct-mail offers will go to 1.5 million holders of Unocal's private-label cards, which the company will continue to provide.

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