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) August 27, 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 National Bank USA, a subsidiary of Beneficial
Corporation, issued on August 27, 1996:
KMART AND BENEFICIAL NATIONAL BANK USA
EXPAND CREDIT CARD OFFER NATIONWIDE
WILMINGTON, Del. -- Kmart Corporation has expanded its new Kmart
Credit Card to its 2,147 stores across the nation. The card is
administered through Beneficial National Bank USA (BNB USA), a
subsidiary of Beneficial Corporation.
Kmart and BNB USA piloted the card in Kmart and Super Kmart stores
in 11 test markets this year. Eligible customers will receive
"Kmart rewards" good for merchandise in any Kmart and Super Kmart
stores. Rewards will be issued each November in time for holiday
shopping. Kmart Credit Card customers also receive advance notice
of special promotions. The Kmart Credit Card has no annual fee and
features low monthly payments.
Finn M.W. Caspersen, chairman and chief executive officer of
Beneficial Corporation, noted that, "Based upon the results of the
test program, Beneficial National Bank USA and Kmart look forward
to a long and very rewarding partnership. BNB USA has the systems
to offer on-the-spot approval for Kmart's eligible customers. The
incentive program provides for customer awards in an amount equal
to as much as 6 percent of all annual eligible purchases on the
card, one of the richest programs in the nation."
"Our customers recognize the added convenience of shopping with the
Kmart Credit Card and that the 'Rewards' program provides them with
even greater savings for their shopping dollar," said Floyd Hall,
Kmart chairman, president and CEO. "Customer response to the Kmart
Credit Card test has been excellent. In fact, during the test,
Kmart card holders shopped our stores more often and their average
transaction was higher than that of non-card holders."
Kmart Corporation, with sales of $34 billion in 1995, serves
America with 2,147 Kmart and 168 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 a joint
venture, to Mexico.
Beneficial Corporation is a $15 billion, New York Stock
Exchange-listed financial services holding company. Beneficial
National Bank USA has more than $2.8 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: August 27, 1996
