First USA's retrenchment in credit cards has already eased some of the pricing pressures in the market and paved the way for a few issuers to grab market share and cobranding deals.

Analysts have identified MBNA Corp., Capital One Financial Corp., FleetBoston Financial Corp., and Citigroup Inc. as the banking companies poised to benefit the most as the Bank One subsidiary works its way back from its troubles. However, others say the time has already passed in the fast-moving market to capture customers because of aggressive moves by American Express and Discover.

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