AARP, Chase Debut Industry’s First Combined Membership, Credit Card

WILMINGTON, DE -- Feb. 3, 2005-- For the first time, AARP, Avis and Chase (NYSE:JPM) today unveiled an innovative feature that will combine the benefits of the AARP membership card with the AARP Visa(R) Credit Card all in one convenient card. The combined credit/membership card is the first-of-its-kind to provide automatic discounts at the point of sale with Avis for AARP members. A summary of the discount will be printed on the Avis sales receipt to inform cardmembers of their savings.

This new technology will give all AARP Visa cardmembers’ the convenience of carrying just one card to reap the benefits of their AARP member discount when they pay for their Avis rentals. In addition, AARP Rewards Platinum Visa cardmembers will earn reward points for their Avis purchases.

Avis, which operates the world’s second largest general-use car rental brand, is the first merchant to launch the new technology. Additional partners will be included in the future to add even more value to the AARP Visa Card.

“At AARP, listening to our members is paramount. For years, our research has told us that members are looking for an easy way to always receive their AARP discounts when using their AARP Visa Card. This new first-of-its-kind technology demonstrates real member value. We hope to continue to add more merchants for our cardmembers, making it even more valuable,” said Bill Farris, AARP Services, Inc., Financial Products vice president.

How It Works

Cardmembers who use their AARP Visa Card at Avis will automatically receive their Avis AARP member discounted rate. The automatic discount is noted in a special message on the receipt.

Cardmembers don’t need to do anything differently - just use their AARP Visa Card as they regularly would to earn the instant discount.

At Avis and all other merchants, AARP Rewards Platinum Visa cardmembers will continue to earn a full one percent back on card purchases starting with the first dollar spent. Every time cardmembers accumulate 2,500 points, they may select their desired reward - $25 cash back or a $25 gift certificate to one of several merchants including gas stations, restaurants, major travel and entertainment providers and other leading retailers.

“AARP has always been a leader in providing straightforward products, and we believe this innovation makes it even better,” said Heather Philp, senior director at JPMorgan Chase & Co.’s card services division. “Providing cardmembers automatic discounts with their AARP Visa Card is something no other credit card offers.”

Cardmember benefits also include no annual fee, low introductory APR, exclusive members-only special discounts, zero liability for unauthorized purchases, flexibility to choose payment due date, exclusive members-only dedicated customer service and no telemarketing.

Consumers may apply for the AARP Rewards Platinum Visa Card or obtain additional information by visiting www.bankone.com/aarp or calling toll-free 800-542-8848.

About AARP Services, Inc. (ASI)

AARP Services, Inc., founded in 1999, is a wholly owned subsidiary of AARP. AARP Services manages the wide range of products and services that are offered as benefits to AARP’s 35 million members. The offers span health and financial products, travel and leisure products,

entertainment, online services and life event services. AARP Services’ responsibilities include developing new products, managing products and services, marketing, creating and maintaining partnership and sponsorship relationships, and developing and managing AARP’s award-winning Web site, AARP.org.

About AARP

AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. We produce AARP The Magazine, published bimonthly; AARP Bulletin, our monthly newspaper; AARP Segunda Juventud, our bimonthly magazine in Spanish and English; NRTA Live & Learn, our quarterly newsletter for 50+ educators; and our website, www.aarp.org. AARP Foundation is our affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

About Avis

Avis Rent A Car System, Inc. and its subsidiaries operate the world’s second largest general-use car rental brand, providing business and leisure customers with a wide range of services at nearly 1,900 locations in the United States, Canada, Australia, New Zealand and the Latin American / Caribbean region. Avis is one of the world’s top brands for customer loyalty, ranking as the number one car rental company in the 2004 Brand Keys(R) Customer Loyalty Index. For more information visit www.avis.com.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The company has approximately 96 million credit cards issued. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients. Information about the firm is available at www.jpmorganchase.com.

Contact Information

Jessica Iben

Media contact

J.P. Morgan Chase & Co.

Contact via E-mail