PriceCostco Inc., one of the nation's largest wholesale warehouse clubs, will launch a credit card through Beneficial National Bank USA.

The private-label card, which is to double as a membership card, will offer a 1% rebate on all purchases.

The card will be available to eligible PriceCostco members in the United States and Canada by October, in time for the holiday season.

The program will offer a prime plus 9.9% annual interest rate, a 25-day grace period to pay for purchases, a 1% rebate, and no annual fee, but shoppers must pay a $35 annual membership fee to enter the stores.

PriceCostco has more than 245 stores and 15 million business and individual members throughout North America.

Beneficial National, a subsidiary of Beneficial Corp., has more than $2.8 billion of receivables and a cardholder base of more than five million.

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