Fleet Financial Group plans to introduce a cobranded credit card with Lycos Inc., the Internet search engine company.
Under the deal announced Monday, Fleet will pay the Waltham, Mass., company up to $22.5 million to market the product on Web sites in the Lycos network. Lycos will also receive a percentage of revenue generated by the card program.
Starting in January, Web surfers will be able to apply for the card through lycos.com, tripod.com, angelfire.com, and other Lycos sites. The card will have no annual fee; other terms will be announced in December.
The card represents Fleet's first cobranded program with an Internet company.
"With the growth of the cyber-economy, we are thrilled to work with a leader like Lycos," said Joseph W. Saunders, chief executive officer of Fleet Credit Card Services, the Horsham, Pa.-based credit card unit.
Mr. Saunders said Fleet will promote the Lycos card to new and existing customers.