Morgan Stanley, Dean Witter & Co. said it will discontinue its Bravo card, folding the portfolio into the Discover and Private Issue programs.
The two-year-old Bravo card, offered in 23 markets, "did not meet our criteria to grow in the marketplace," said spokeswoman Beth Metzler.
Bravo's demise follows the company's recent decision to sell its Prime Option MasterCard portfolio, a five-year-old cobranded program with NationsBank. The sale is expected to close in the second quarter.
NationsBank is believed to be the top candidate to buy Prime Option.
Remaining in Morgan Witter's coffers are Discover, Private Issue, and cobranded programs with the National Alliance for Species Survival, the Smithsonian Institution, Universal Studios, Independent Grocers Alliance, and BrandsMart USA.
The distinguishing feature of Bravo is two credit lines. The reserve line offers $1,000 of credit, available by writing checks, generally for purchases of $250 or more.
The other line comes with a low initial interest rate and is meant for everyday purchases. When the card was launched, the interest rate was 0% for six months.
Industry experts criticized Bravo's complicated pricing scheme, saying it would not appeal to a broad audience. Bravo was launched shortly after Private Issue, a more successful program that incorporates paintings by celebrities like Jane Seymour, Ringo Starr, and Anthony Quinn.