CIT Enters Agreement With MBNA to Offer Business Credit Card Services to CIT Customers

NEW YORK--(BUSINESS WIRE)--CIT Small Business Lending Corporation, the nation's No.1 Small Business Administration lender for the last five years and a subsidiary of CIT Group Inc. (NYSE: CIT), today announced that it entered into a marketing agreement with MBNA America to provide private-label credit card services to CIT Small Business Lending customers throughout the U.S.

Under the agreement, MBNA will design, develop and administer the CIT card program through the MasterCard brand name and network. Services will be customized to the CIT brand, and include account acquisition and authorization, private-label card issuance, statement generation, marketing services, remittance processing, and customer satisfaction.

"The ability to offer a business credit card provides an important service for our small business customers," commented John Canning, President of CIT Small Business Lending. "The MBNA program is a great way to help our customers meet short-term working capital needs while giving them the ability to better manage their business expenses."

Customers will be able to apply for an account online, by phone, or by fax. Two types of accounts will be offered, both featuring low minimum monthly payments:

* Business Credit Card Account - no annual fee, a fixed rate

* Business Rewards Credit Card Account - travel/merchandise reward enhancement with a $35 annual fee, along with a fixed rate

Tom Hallman, Vice Chairman of CIT Specialty Finance, remarked, "We are pleased with this strategic partnership with MBNA. Through our business credit card program, we look forward to building CIT brand equity and strengthening relationships with our small business customers."

About MBNA

MBNA Corporation (NYSE: KRB), the largest independent credit card lender and a recognized leader in affinity marketing, is an international financial services company with $116.6 billion in managed loans, providing lending, deposit, and credit insurance products and services. More than 5,000 organizations and financial institutions worldwide endorse MBNA credit cards and related products and services. For more information, visit the company's web site at http://www.mbna.com/ .

About CIT Small Business Lending Corporation

CIT Small Business Lending Corporation, a business unit of CIT Specialty Finance, offers Small Business Administration (SBA) loans to finance business acquisitions, owner-occupied real estate purchases and franchise and medical and professional practice start-ups through a network of field representatives. The nation's No.1 SBA lender, CIT Small Business Lending Corporation has been designated a "Preferred Lender" by the SBA and can provide quick credit decisions and loan closings. The company's website and online SBA loan application are located at http://www.smallbizlending.com/ .

About CIT

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com/ .

Web site: http://www.cit.com/ http://www.smallbizlending.com/ http://www.mbna.com/