PRESS RELEASES

Contact: Mollie Shook
(704) 383-7157

February 11, 1997
First Union Introduces Frequent Flyer Program for Visa Business Card Customers
Nation's Most Flexible Mileage Program With Lowest Rates Available Today

CHARLOTTE -- Small-business owners can conduct their financial transactions via credit card and know that every dollar they spend will be worth one mile towards air travel once they are enrolled in First Union's Fun MilesSM program. The program offers First Union Business Card customers discounted or free tickets on any airline at any time -- no blackouts or airline restrictions apply.

First Union is the first VISA Business Card issuer in the U.S. to offer an airmiles program to its small-business customers with no airline restrictions. First Union Business Card customers enrolled in the FUNMiles credit card program will benefit from being part of the most economical and comprehensive package available today. The card offers the flexibility of revolving credit, the ability to receive cash through ATM machines and acceptance at over 13 million locations worldwide -- and the ability to earn points for free travel.

"Our small-business customers requested this program and we listened," said Dave Benjamin, vice president for First Union's commercial card products. "First Union is committed to providing our customers with a full range of services, so we decided to give our small business customers something no other bank offers with VISA -- FUNMiles."

Small businesses approved for the card and enrolled in FUNMiles automatically receive 1,000 bonus miles when they sign up. Card holders can redeem their FUNMiles through FUNMiles 24 hour fully licensed redemption reservation center.

First Union FUNMiles customers can reap the benefits of the program by receiving $100 off a ticket by earning only 7,500 FUNMiles, $200 off for 15,000 FUNMiles, $300 off for 22,500 FUNMiles and one free round trip ticket for every 25,000 miles earned. Free round-trip tickets are only available for travel within the continental United States. Discounts may be used for domestic or international flights. Tickets based on availability and advance purchase required.

The annual fee for the First Union VISA Business Card is $20 per card, per year and enrollment in the FUNMiles program is an additional $39.95 per card, per year.

Small-business owners may request an application for a credit card and FUNMiles registration by calling First Union's customer service at (800) 704-0883. Existing First Union Business Card holders may sign up for the program by calling customer service and requesting a FUNMiles enrollment form.

Charlotte-based First Union Corp. provides financial products and services to more than 12 million corporate and retail customers nationwide. First Union is the nation's sixth-largest bank holding company with assets of $140 billion as of December 31, 1996.

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