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U.S. Bank and LAN Airlines Introduce LANPASS Visa(R) Card Program

MINNEAPOLIS & MIAMI, Jun 30, 2010 (BUSINESS WIRE) --

U.S. Bank and LAN Airlines have partnered to introduce the LANPASS Visa(R) Credit Card, giving LAN Airlines and its affiliates' customers a new way to earn travel rewards with card purchases. Cardmembers can use their LANPASS Visa(R) Card or LANPASS Visa(R) Signature Card to earn miles for travel to more than 70 destinations worldwide on Latin America's leading airlines. LAN and its affiliates offer flights from its U.S. gateways -- New York, Los Angeles and Miami, and as of July 1 San Francisco -- to every major city in South America, including more than 30 destinations in Chile, Peru, Argentina and Ecuador.

"LAN Airlines has established an extremely successful customer loyalty program with LANPASS," said John Owens, senior vice president of U.S. Bank Retail Payment Solutions. "Drawing on our industry experience as a credit card issuer for a number of frequent flyer programs, we worked with LAN to create the new LANPASS Visa Card as a way to enhance the LANPASS loyalty program and give LAN customers even more opportunities for travel rewards."

"We are dedicated to providing our customers with products and services that meet their needs, and by partnering with U.S. Bank for the LANPASS Visa Credit Card, we are giving customers in the United States a new way to earn travel rewards," said Pablo Yunis, vice president, North America and the Caribbean for LAN Airlines.

LANPASS Visa cardmembers receive one LANPASS mile for every dollar they spend on their card, with no cap on miles earned. Cardmembers also receive an annual discount of 10 to 20 percent for the first LAN ticket they purchase each year using their card. New LANPASS Visa cardmembers can accelerate their award travel earnings with up to 20,000 bonus miles the first time they use their card. LANPASS Visa Signature cardmembers also receive double miles on LAN ticket purchases and a 25 percent mileage bonus on all LAN flights. For more information or to apply for the LANPASS Visa, visit www.lanpassvisa.com/news.

U.S. Bank has issued consumer, business and corporate cards for decades and has long supported the airline industry, largely as a frequent flyer program card issuer. The company also provides card processing services for more than 80 airlines globally, and supports corporate and private aircraft fleets with the U.S. Bank Multi Service Aviation Card, accepted worldwide by more than 7,000 aviation service providers in over 190 countries.

U.S. Bank Retail Payment Solutions (RPS) is one of the nation's leading payment processing and full-service issuing providers. RPS offers credit, debit, and prepaid payment solutions to consumers and small businesses through U.S. Bank and in partnership with financial institutions, businesses, governments and employers.

About LAN

LAN Airlines is one of the leading passenger and cargo airlines in Latin America. The company and its affiliates serve over 70 destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 700 additional international destinations through its various alliances. LAN Airlines and its affiliates have a leading position in their respective domestic markets of Chile and Peru as well as an important presence in the Argentinean domestic market and Ecuador.

Currently, LAN Airlines and its affiliates operate one of the most modern fleets in the world, with 86 passenger aircraft, and its cargo subsidiary, LAN CARGO and its respective cargo affiliates, have a fleet of 11 freighters. The company recently completed its short haul fleet renovation process by acquiring new aircraft from the Airbus A320 family, enabling LAN to improve its efficiency and to reduce significantly its CO2 emissions. The fleet renovation is part of the company's commitment to the protection of the environment.

LAN is one of the few Investment Grade airlines in the world (BBB). The company's world class quality standards enabled its membership in oneworld(TM), the global alliance that encompasses the best airlines in the world. For more information please visit www.lan.com or www.oneworldalliance.com.

About U.S. Bancorp

U.S. Bancorp (NYSE: USB), with $282 billion in assets as of March 31, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,025 banking offices in 24 states and 5,312 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

SOURCE: U.S. Bank

U.S. Bank
Teri Charest, U.S. Bank Media Relations, 612-303-0732
teri.charest@usbank.com
or
LAN Airlines
Megan Kat, 786-265-6333
megan.kat@lan.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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