Magazine article American Banker

Key Federal Offers Black Expo Affinity Card

Magazine article American Banker

Key Federal Offers Black Expo Affinity Card

Article excerpt

Key Federal Savings Bank is aiming its latest affinity credit card at the $300 billion black consumer market.

The Owings Mills, Md., bank, known for pioneering secured credit cards, developed the card with Black Expo U.S.A. of Atlanta. The card is designed to promote black-owned businesses.

This is Key Federal's second program aimed at the black community. In 1989, the bank began offering America's Black Colleges, or ABC card, which supports a scholarship fund for the 115 black colleges and universities in the U.S. Key Federal contributes up to $7 to the fund for every new ABC card it issues, as well as a percentage of the transaction volume.

Key Federal has a similar arrangement with Black Expo U.S.A. The bank will donate a certain amount of the transaction volume, as well as part of the annual fee.

Destination of Proceeds

Black Expo U.S.A., which organizes trade fairs to promote black entrepreneurs and companies that market to the black community, gives the proceeds generated from its new card to the nonprofit National Black Business Trade Association.

The Washington-based association is a membership organization that offers black entrepreneurs discounts on health insurance and travel services, among other things.

Applications for the card will be available at Black Expo U.S.A. conventions, which can attract as many as 30,000 businesspeople and consumers. Other marketing efforts will include direct mail and advertisements in the black press arranged by the trade group.

18.9% Rate, $35 Fee

Consumers can apply for the Black Expo Visa or MasterCard, though the card, which will feature the trade group's logo, will not be available for two months. …

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