First USA, the credit card subsidiary of Bank One Corp., has purchased Carolina First Corp.'s portfolio of $112 million in credit card receivables.

First USA will serve as agent bank for Carolina First, which is based in Greenville, S.C., and has 130,000 Visa accounts and $2.8 billion of assets. First USA will offer its credit card products to Carolina First customers under the Carolina First Bank brand.

"The sale of our credit cards to First USA provides a financially attractive transaction for our shareholders and exceptional benefits for our customers," said Mack I. Whittle Jr., president and chief executive officer of Carolina First.

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