(5/21/96)PRIVATE ISSUE CONFIRMS 'RETIREMENT' OF ITS RINGO STARR AND FLO JO CARDS; LIMITED TIME REMAINS TO ACQUIRE THESE COLLECTIBLE PRIVATE ISSUE CARDS

PRIVATE ISSUE CONFIRMS 'RETIREMENT' OF ITS RINGO STARR AND FLO JO CARDS; LIMITED TIME REMAINS TO ACQUIRE THESE COLLECTIBLE PRIVATE ISSUE CARDS(5/21/96)

Consumers who want to carry credit card art by former Beatle Ringo Starr or Olympic champion Florence Griffith Joyner in their wallets have only until June 13 to acquire a Private Issue(R) Card featuring these favored celebrity artists.

These special celebrity art credit cards, among the first of their kind, will soon become collectors' items.

William L. Hodges, executive vice president of NOVUS Services, a business unit of Dean Witter, Discover & Co., announced today that the company is delighted with the success of the celebrity art cards and will follow through with its plan to introduce new artists each year.

During its first year, the enhanced Private Issue Card showcased the talents of Ringo Starr, Florence Griffith Joyner and actress Jane Seymour. The company is finalizing agreements with two new celebrity artists whose paintings will appear on the new series of Private Issue Cards available in June.

"Each of the three art cards has proven to be enormously popular and new Cardmember acquisition has exceeded our goals," Hodges said.

Hodges assured current holders of the Ringo Starr and Florence Griffith Joyner Private Issue Cards that their cards will remain valid until the expiration date shown on the front of the card. When cardmembers renew, they will be offered a selection of new celebrity art or the classic black and gold Private Issue Card.

Furthermore, he said in the event a Ringo Starr or Florence Griffith Joyner card is lost or stolen, Private Issue will issue a replacement card featuring the same art selection. The company will continue to issue the card featuring a watercolor painting by actress Jane Seymour.

"One of our objectives for the Private Issue Card is to offer Cardmembers a sense of personal flair in the look of their card. By introducing new art each year we keep the card fresh and offer existing and prospective Cardmembers new choices," Hodges said.

The company plans to announce the 1996 Private Issue celebrity artists on June 13.

In addition to offering Cardmembers the opportunity to choose "the look" of their Private Issue Card, they may also select one of three feature options:

Rate Advantage (Prime + 5.9%) -- For consumers who prefer a low interest rate with no reward features, this option offers an Annual Percentage pointsage Rate (APR) on purchases of prime plus 5.9 percentage points.
5% Interest Rebate -- Consumers receive an annual rebate equal to 5 percentage points of finance charges; the APR for this option is prime plus 8.9 percentage points.
Cashback Bonus(R) Award -- Consumers receive an annual bonus of up to 2 percentage points of purchases made during the year, based on the annual level of purchases; the APR for this option is also prime plus rate 8.9 percentage points.

Hodges said the interest rate structure and reward features of the Private Issue Card will not change.

The Private Issue Card, issued by a business unit of Dean Witter, Discover & Co., is a general purpose credit card that is accepted nationwide wherever the NOVUS sign is displayed. NOVUS Services, a business unit of Dean Witter, Discover & Co., is the operating company for the NOVUS(SM) Network and all NOVUS card brands including the Discover(R) Card, the Private Issue Card and the Bravo(R) Card. Dean Witter, Discover & Co., is a diversified financial services company providing a broad range of credit services and investment products primarily to the individual customers of its credit cards and its full-service securities firm.