August 03, 2011 09:00 AM Eastern Daylight Time
MINNEAPOLIS & MILWAUKEE--(BUSINESS WIRE)--U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), and SkoreIt!, a leader in the Internet penny auction industry, have launched the new, co-branded SkoreIt! U.S. Bank Visa® Gift Card for SkoreIt website members. This represents the first partnership between a major national bank and a leader in the penny auction sector. The U.S. Bank SkoreIt! Visa Gift Card will be serviced and fulfilled by U.S. Bank, ensuring the highest level of security and integrity.
“Because of the fun, reliable and user-friendly auction experience it provides, U.S. Bank has awarded exclusivity to SkoreIt! for penny auctioning of U.S. Bank Visa Gift Cards.”
A penny auction is a type of auction in which participants must pay a non-refundable fee to place a small incremental bid. When the time expires, the last participant to have placed a bid wins the item and also pays the final auction price, which is generally 80 to 99 percent lower than the retail price of the item.
“Our partnership with SkoreIt! is an opportunity for U.S. Bank to partner with a new and innovative vehicle that is accessed by tens of thousands of visitors a day,” said Kevin Morrison, senior vice president and head of the prepaid division at U.S. Bank Retail Payment Solution. “Because of the fun, reliable and user-friendly auction experience it provides, U.S. Bank has awarded exclusivity to SkoreIt! for penny auctioning of U.S. Bank Visa Gift Cards.”
The SkoreIt! U.S. Bank Visa Gift Card is welcomed everywhere Visa debit cards are accepted in the United States, including online and mail order purchases. Gift cards in denominations ranging from $25 to $500 are available for bidding and are personalized with either the bidder’s name or "A Gift for You" if the card is intended to be a gift. The dollar amount can also be embossed on the card. Lost or stolen Visa Gift Cards can be replaced if the account number is provided upon immediate contact with U.S. Bank.
“Our robust national marketing efforts since the inception of SkoreIt have contributed to consumer education and awareness of the penny auction industry,” said Joseph Crivello, chief operating officer at SkoreIt!. “We are delighted to work with a financial partner of U.S. Bank’s stature. The partnership with U.S. Bank will allow us to continue to deliver value and high quality service to our rapidly growing community of bidders.”
Being a bidder on SkoreIt! is easy. Interested participants can purchase a bidpack at www.skoreit.com, place their bids and compete to be the highest bidder to “skore” the item.
About SkoreIt!
SkoreIt! is a leader in the Internet penny auction industry and is a division of Vesuvius Technologies, LLC, a privately held limited liability company. SkoreIt! is an industry leader in a rapidly emerging sector offering auctions combining entertainment, shopping and competition in a configuration commonly referred to as a “penny auction.” SkoreIt! conducts business with a variety of major national brands. Please visit www.skoreit.com for additional information.
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.
