Conformed
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported) March 11, 1996
Beneficial Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-1177 51-0003820
(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
301 North Walnut Street, Wilmington, Delaware 19801
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (302)425-2500
No Change
(Former name or former address, if changed since last report)
Item 5. Other Events.
The following is the text of a press release of Beneficial
Corporation, a Delaware corporation, issued on March 11, 1996:
BENEFICIAL NATIONAL BANK USA AND KMART LAUNCH
NEW CREDIT CARD
March 11, 1996
WILMINGTON, Del. -- Kmart Corporation today announced the launch
of a new credit card through Beneficial National Bank USA (BNB
USA), one of the nation's fastest growing credit card banks.
The private-label Kmart Credit Card program will debut March 22,
1996, in 160 traditional Kmart stores and six Super Kmarts located
in 11 test markets. Upon successful completion of the pilot,
Kmart and BNB USA will finalize plans to roll out the Kmart Credit
Card to all Kmart and Super Kmart locations in the United States
and Canada this summer.
Commenting on the new card, Kmart Chairman, President and Chief
Executive Officer Floyd Hall said, "Our new Kmart Credit Card is
another step toward increased customer loyalty and improved
convenience. The incentive programs will offer customers even
greater value from their Kmart shopping experience, and in turn,
their enhanced purchasing power will drive incremental sales
volume for Kmart. We are confident that Beneficial National Bank
USA, a world-class financial partner, will provide prompt,
accurate and professional credit card service to our customers."
Finn M.W. Caspersen, chairman of Beneficial Corporation, the
parent company of BNB USA, noted, "Beneficial is very excited
about the future of this program, and we look forward to a long
and successful partnership with Kmart. Although national roll-out
of the program will produce significant start-up costs, we are
extremely optimistic about the long-term profitability of the
program."
Marketing of the Kmart card during the test will primarily focus
on pre-approved direct-mail offers, in-store promotions and
take-one applications in all pilot store locations. The card
program provides fast and convenient services, no annual fee, low
monthly payments and exclusive cardholder benefits.
Initially, only customers in the pilot states will be solicited to
apply for a Kmart card, though the card will be accepted in all
domestic stores. The 11 test markets include Rochester, Buffalo,
Minneapolis, St. Louis, Columbus, Houston, Tampa, Denver,
Sacramento, Seattle and Phoenix.
Kmart Corporation, serves America with 2,163 Kmart and 167
Builders Square retail outlets. In addition to all 50 states,
Puerto Rico, the U.S. Virgin Islands and Guam, Kmart operations
extend to Canada and, through joint ventures, to Mexico and
Singapore.
Beneficial Corporation is a $15 billion, New York Stock
Exchange-listed financial services holding company. Beneficial
National Bank USA has more than $2.6 billion in total receivables
and a cardholder base of more than 5 million customers.
Subsidiaries of Beneficial Corporation provide financial services
through their various consumer-finance, banking and insurance
operations located throughout the United States, Canada, the
United Kingdom, Ireland and Germany.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
BENEFICIAL CORPORATION
(Registrant)
By /s/ Samuel F. McMillan
Samuel F. McMillan
Senior Vice President
and Treasurer
Dated: March 11, 1996
