CIT Small Business Lending Corporation has announced that it entered into a marketing agreement with MBNA America to provide private-label credit card services to CIT Small Business Lending customers throughout the US.
Under the agreement, MBNA will design, develop and administer the CIT card program through the MasterCard brand name and network. Services will be customized to the CIT brand and include account acquisition and authorization, private-label card issuance, statement generation, marketing services, remittance processing, and customer satisfaction.
“The ability to offer a business credit card provides an important service for our small business customers,” commented John Canning, President of CIT Small Business Lending. “The MBNA program is a great way to help our customers meet short-term working capital needs while giving them the ability to better manage their business expenses.”
Customers will be able to apply for an account online, by phone, or by fax. The two types of accounts that will be offered, both featuring low minimum monthly payments, are a business credit card account and a business rewards credit card account.
Tom Hallman, vice chairman of CIT Specialty Finance, remarked, “We are pleased with this strategic partnership with MBNA. Through our business credit card program, we look forward to building CIT brand equity and strengthening relationships with our small business customers.”