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U.S. Bank and Korean Air Announce New SKYPASS Visa Company Business Credit Card

LOS ANGELES--(BUSINESS WIRE)--May 2, 2005--Asian businesses now have an easier way to manage expenses for multiple employees and earn miles on Korean Air with the introduction of the new SKYPASS Visa(R) Company Business Card issued by U.S. Bank National Association.

Unlike a personal credit card, the SKYPASS Visa Company Business Card is issued to a particular company that in turn can designate multiple users on that account. The benefit is greater flexibility for employees who travel or need the card for other purposes, while providing the company simplified expense management and greater control over its finances. The business name is also on the front of the card and credit limits are higher because the credit decision is made for the business, not the individual.

The SKYPASS Visa Company Business Card complements the five other SKYPASS Visa cards offered to businesses and consumers by U.S. Bank for Korean Air. The SKYPASS cards, which U.S. Bank has issued since 2002, are the only Visa cards issued in the United States that earn SKYPASS miles.

In November 2004, the two companies announced a bilingual, automated, 24-hour account access line with English and Korean capabilities that is the first of its kind nationally. SKYPASS customers also enjoy no cap on miles and bonus miles at renewal. Plus, each year SKYPASS Visa Platinum cardmembers receive double miles on Korean Air ticket purchases, two Korean Air VIP lounge coupons and a $100 discount on a Korean Air ticket purchase.

The SKYPASS Visa allows customers to earn miles for the dollars they charge while enjoying worldwide acceptance, cash access at more than 805,000 ATMs and the superior service of Korean Air. The accumulated SKYPASS miles never expire and can be redeemed for free travel rewards on Korean Air and SkyTeam partners. The SKYPASS Visa cards include SkyBlue with no annual fee, Platinum, Classic, and Secured for personal use or Business Platinum and the Company Business card for business needs.

Companies can apply for the SKYPASS Visa Company Business card by visiting any Korean Air airport office. They can also call 1-866-759-7277 to have an application mailed to them. Customers can pick up any other SKYPASS Visa application at any U.S. Bank branch, Korean Air ticket office or airport locations. They can also apply by phone at 1-866-SKYPASS (1-866-759-7277), ext. 3120 or go to skypassvisa.com/NM129.

Korean Air, with a fleet of 117 aircraft, is one of the world's top 20 airlines and operates almost 400 flights per day to 85 cities in 29 countries. Korean Air is a founding member of SkyTeam, the global alliance partnering AeroMexico, Air France, Alitalia, CSA Czech Airlines, Delta and as of September 2004, Northwest, Continental and KLM. For more information on Korean Air visit koreanair.com.

U.S. Bancorp (NYSE:USB), with $198 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

Teri Charest


"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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