Household International Inc., which is jockeying for position in the subprime credit card market, said Thursday that it will buy Renaissance Holdings Inc. for $300 million.

The Prospect Heights, Ill., consumer finance giant is paying six times book value for Renaissance, a Portland, Ore., card marketer that has been handling Household's less-creditworthy accounts since January. The deal is a bid by Household to gain credibility in the increasingly complex and competitive subprime card business.

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