U.S. Bank First in Industry to Launch
Mobile-Enabled Credit Card Application at Select Retail Locations

October 11, 2011

MINNEAPOLIS, Oct 11, 2011 (BUSINESS WIRE) --

U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), announced today the launch of a new U.S. Bank Card app for select retail partners. The new iPhone app brings convenience and buying power into the users' hands by giving them the opportunity to apply for and receive on-the-spot credit to make immediate in-store purchases. Currently, the app is being piloted with REI (Recreational Equipment, Inc.), a leading retailer of quality outdoor gear and apparel, and will be introduced to other retail partners later this year. The new iPhone app expands U.S. Bank's leadership in the mobile banking space.

The U.S. Bank Card app allows consumers to easily apply for a U.S. Bank co-branded credit card. The REI version of the app, called the REI Visa App, is available at the iTunes App Store by searching for "REI". With instant credit approval, the new cardholder receives a secure, virtual credit card via their mobile phone. The virtual credit card contains account information that the cardholder can provide to the sales specialist so purchases can be made immediately. Furthermore, the app provides anytime access to account management tools, such as viewing the account balance and most recent transactions as well as making a payment to the account. It also features a convenient link to REI's website to shop for favorite products. Although currently available for iPhone only, the U.S. Bank Card app will be available to Android users in the near future.

"The new U.S. Bank Card app provides our existing credit card partners, such as REI, the opportunity to enhance their relationship with their customers by moving the card-opening process from the checkout lane to the front of the store, using mobile technology," said Dominic Venturo, chief innovation officer for U.S. Bank Payment Services division. "We are excited to partner with REI to offer consumers the convenience of instant access as well as the ease and security of managing their account through their mobile device."

U.S. Bank Payment Services continues to be an innovation leader. Most recently, it introduced the first dual interface payment solution that combines EMV chip, Visa payWave and magnetic stripe technologies to enhance acceptance and compatibility with credit cards systems worldwide.

Adding to its list of firsts, U.S. Bank:

-- partnered with Visa to pilot contactless payment capabilities to an existing mobile device;

-- launched a full-suite mobile banking solution with bill pay capabilities for prepaid cardholders and

-- launched Visa person-to-person payment service to customers with a U.S. Bank Visa debit card.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,086 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 and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

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SOURCE: U.S. Bank

U.S. Bank Public Relations
Teri Charest, 612-303-0732
teri.charest@usbank.com

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