Office Depot and Chase to Help Shoppers Boost Their Spending Power This Holiday Season with the Worklife Rewards Visa Card

DELRAY BEACH, Fla.--(BUSINESS WIRE)--Office Depot (NYSE:ODP), a leading global provider of office products and services, and Chase Card Services, a division of JPMorgan Chase & Co. (NYSE:JPM), today announced the launch of a new promotion for the 2008 holiday season that will help shoppers stretch their budgets and save money.

From Nov. 2 through Dec. 24, 2008, customers who make a purchase of $499 or more with their Chase Worklife Rewards Visa® Credit Card at any Office Depot retail location nationwide or online at www.officedepot.com won’t have to make a payment until January 2010⁽¹⁾. This special offer also includes the most popular holiday gift items, such as notebook computers, desktop computers, cameras, printers, and more.

“Office Depot understands times are tough right now for our small business customers, and that is why we are partnering with Chase to provide this money-saving program during the holiday season,” said Chuck Rubin, President of North American Retail for Office Depot. “With this special interest-free financing offer, customers will be able to make the purchases they want for the holidays and defer payments until 2010.”

Office Depot and Chase are sweetening the holiday deal even more by offering new card members a $20 bonus rebate after a customer’s first purchase with their Chase Worklife Rewards Visa® Credit Card.

“With the current strains of the economic climate and the holiday season right around the corner, Office Depot and Chase are putting their customers first by giving them more time for payments and additional rewards,” said Sherrie Caldwell, General Manager, Business Card Business, Chase Card Services. “The seasonal offerings of the Worklife Rewards Visa card are meant to provide Chase and Office Depot customers with more freedom and less stress as they shop for the perfect gift.”

The Chase Worklife Rewards Visa® Credit Card provides Office Depot customers with a wide variety of valuable benefits, including:

• Five percent back in rebates on all Office Depot purchases, with no exclusions. Rebates are automatically applied as a statement credit to cardmembers’ accounts each month, as long as an Office Depot purchase is made that month. If an Office Depot purchase is not made that month, the rebates continue to accrue until the next Office Depot purchase is made;
• One percent back in rebates everywhere else Visa credit cards are accepted;
• No interest introductory APR on purchases and balance transfers;
• No caps, no limits and no expiration dates on earned rebates;
• Contactless payment functionality for fast and convenient check-out;
• Easy-to-use reporting tools for better cash flow management; and
• Access to entertainment and event packages, travel offers and upgrades and 24/7 concierge services.

The Worklife Rewards Visa® Credit Card is blink-enabled, which allows customers to make quick and convenient purchases simply by holding their card near a point-of-sale terminal at checkout, instead of swiping their card or handing it to a store employee. Chase cards with blink reduce transaction time by as much as 40 percent.

To become a Worklife Rewards member and apply for the Chase Worklife Rewards Visa® Credit Card, simply visit www.myworkliferewards.com.

For more information regarding great holiday gift options from Office Depot, visit your local Office Depot retail location or www.officedepot.com.

About Office Depot

Every day, Office Depot is Taking Care of Business for millions of customers around the globe. For the local corner store as well as Fortune 500 companies, Office Depot provides products and services to its customers through 1,705 worldwide retail stores, a dedicated sales force, top-rated catalogs and a $4.9 billion e-commerce operation. Office Depot has annual sales of approximately $15.1 billion, and employs about 49,000 associates around the world. The Company provides more office products and services to more customers in more countries than any other company, and currently sells to customers directly or through affiliates in 48 countries.

Office Depot’s common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2 trillion and operations in more than 60 countries. The company has more than 157 million credit cards issued. Under the Chase and JPMorgan brands, the firm serves millions of consumers and businesses 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.

⁽¹⁾All single sales receipt purchases made at any Office Depot store between November 2, 2008 and December 24, 2008 equal to or greater than $499 will automatically qualify for a Deferred Interest Promotion without payments. Promotional financing is offered in connection with the Office Depot Worklife Rewards Visa card that is issued by Chase Bank USA, N.A. and subject to credit approval. Purchase price must be paid in full by the due date on your January 2010 statement; minimum payments must be made on other balances on the account and the account must otherwise not be in default during the promotional period or finance charges will be assessed from the purchase date. Length of promotional period could be shorter depending upon the timing and amount of your payments and the type and amount of other account balances. Minimum monthly payments are determined in accordance with your Office Depot Worklife Rewards Visa cardmember agreement ("Agreement"). You must have adequate available credit and not be in default to qualify for promotional financing. See your Agreement for details regarding: payment allocation, minimum payment and default rules, as well as, applicable rates, costs and fees. As of 10/13/08 and subject to change, the following rates and terms apply for new Office Depot Worklife Rewards credit cards: Purchase/Balance Transfer APR = 0% for first six billing cycles after account opening for Elite and Premium accounts (three billing cycles for Standard pricing), thereafter 10.49% variable for Elite pricing, 14.49% variable for Premium pricing and 19.49% variable for Standard pricing. Cash advance APR=20.49% variable for Elite and Premium pricing and 24.49% variable for Standard pricing. Overdraft advance APR=13.99% fixed for Elite, Premium, and Standard pricing. Default APR=up to 28.49% variable; Minimum Finance Charge $1.00. Transaction fee for Balance Transfers 3% of the amount of the transaction, but not less than $5.00; for Cash Advances: 3% of the amount of the transaction, but not less than $10.00. International Transactions: 3% of the U.S. dollar amount of the transaction, whether originally made in U.S. dollars or converted from a foreign currency.