MINNEAPOLIS--(BUSINESS WIRE)--July 31, 2006--U.S. Bank, the
leading issuer of Visa Gift Cards in the United States, recently
issued its 10 millionth card and expects to surpass 15 million during
the 2006 winter holiday season.
"Gift cards are here to stay," says John Focht, senior product
manager of prepaid cards at U.S. Bank. "Since they were first
introduced in 2003, we've seen dramatic year-over-year growth in U.S.
Bank Visa Gift Cards through all of our channels. This is attributable
to the fact that gift cards are convenient and valuable to the
recipient. We expect the growth to continue for several years to
Mother's Day, Father's Day and the summer graduation season
continue to be a particularly popular time for gift cards. U.S. Bank
saw gift card sales at 86 percent of its branches in May, and it sold
334,781 Visa Gift Cards during the first two weeks of June leading up
to Father's Day.
U.S. Bank issues Visa Gift Cards in 41 states through its 2,430
retail branches and mall partners, including Simon Property Group,
Macerich Malls and Crocker Park.
U.S. Bank offers a variety of prepaid cards in addition to gift
cards, including payroll cards for employers, Visa Buxx for teenagers,
and the ReliaCard for government disbursements, such as child support
payments, unemployment compensation and temporary assistance.
U.S. Bancorp (NYSE:USB), with assets of $213 billion, is the 6th
largest financial holding company in the United States. The company
operates 2,434 banking offices and 4,966 ATMs, 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 the parent company of U.S. Bank.
Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bank Media Relations
Teri Charest, 612-303-0732
SOURCE: U.S. Bank