uBid Selects
Household for New Private Label Credit Card Program
CHICAGO, IL (May 1, 2001) —Household International, Inc. (NYSE:HI), through its
private label credit card unit, has signed an agreement to manage a new private
label credit card program for uBid, a majority-owned operating company of CMGI
and leading retail auction and e-commerce site. Through the agreement, uBid
customers will be able to apply for instant credit with no annual fee using the
uBid card, managed by Household.
“We are pleased to align with uBid,
another great Chicagoland company, to bring valuable customized financing
solutions to customers,” said Sandy Derickson, managing director and CEO, Household
Retail Services. “With the uBid agreement, Household truly is positioned as the
premier private label credit card provider to the best retail e-commerce
companies.”
Customers who use the uBid
card will receive added benefits, such as lower shipping costs and special
financing offers. For example, from time to time, uBid cardholders can take
advantage of 90 days “same as cash” financing, which means they pay no interest
for three months after a purchase. Household will manage the financing of these
offers.
“We
believe this strategic relationship with Household will help us achieve our
mission of consistently delivering exceptional value and service to our
customers,” said Greg Jones, president and CEO, uBid. “Lower shipping costs,
smart financing arrangements and other special offers will mean better values
for our customers, and keep them coming back to our site.”
In
addition to uBid, Household offers private label credit cards and sales finance
products for several other online retailers as well as other national and
regional merchants in industries such as furniture, department store, consumer
electronics, specialty discount and apparel. Household also provides financing
for dealers in motorcycles, ATVs, personal watercrafts and snowmobiles.
uBid, a majority-owned operating company of CMGI, Inc., is a
leading retail auction and e-commerce site, offering consumers and small- to
mid-sized businesses the opportunity to purchase a wide range of brand-name
merchandise, often at greatly reduced prices, through live-action bidding using
sophisticated auction technology. The company’s Internet auctions feature a
rotating selection of more than 12,000 products daily. uBid sells products in
more than 12 different product categories, including computer equipment;
consumer electronics; home and leisure; sports and
recreation; jewelry and gifts;
apparel; home improvement products; art; appliances; and travel and events. In
addition, consumers may participate in the new uBid Auction Exchange
marketplace, in which third-party vendors and consumers list their items for
auction.
With more than 2 million
registered users, uBid is committed to providing its customers with the highest
quality auction experience on the Internet and offers supplier warranties on
most consumer products. uBid also meets Better Business Bureau Online
standards, which gives customers the confidence and security to bid safely
online. For more information, visit the company’s Web site at www.ubid.com.
uBid and uBid.com are trademarks of uBid, Inc. All other products and services mentioned
may be trademarks or service marks of their respective owners.
This release contains forward-looking statements
which address a variety of subjects including, for example, the expected
benefits of the agreement between uBid and Household and the expected benefits
and features of the uBid private label credit card. The following important
factors and uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking statements: uBid has
limited experience in offering a private label credit card; uBid’s success
depends on the continued and increased acceptance of its website and the
Internet as a medium; consumer preferences for the products offered by uBid may
change rapidly; and increased competition and technological changes in the markets
in which uBid competes. For a detailed discussion of these and other cautionary
statements, please refer to CMGI's filings with the Securities and Exchange
Commission, including CMGI's most recent Quarterly Report on Form 10-Q.
CONTACT:
Denise
Mancini
Manager,
Public Relations
773-272-4562
denisem@ubid.com