Another sub-prime issuer is struggling with rapid account growth and a simultaneous sharp rise in chargeoffs. Dallas-based UICI acknowledged yesterday that it expects to post a $79 million loss for the fourth quarter. The loss is attributed to UICI’s United CreditServ subsidiary which needs to boost reserves for credit card losses associated with the relatively new, sub-prime ‘ACE VISA’ credit card program. United CreditServ says over the past twelve months it has experienced a significant increase in new ‘ACE VISA’ cards issued and is now taking steps to substantially restructure and reprice the credit card product. The issuer has also installed an entirely new management team this year which included the hiring of W. David Huddleston, former President of Associates National Bank, as President and CEO of United Credit National Bank, United CreditServ’s SD-based credit card issuing bank. Under the ‘ACE VISA’ program applicants are offered a $400 minimum credit line in exchange for charging a $300 personal finance educational program, a $19.00 processing fee and a $49.00 annual fee. According to CardWatch ([www.cardwatch.com]) the required $300 personal finance educational program consists of five booklets and two videotapes produced by a group called: American Credit Educators. The ACE program is similar to the now defunct ‘Best Bank VISA’ program which offered a $600 credit line in exchange for charging a $500 travel club membership fee. The ‘ACE VISA’ carries a 19.92% APR and a $25 annual fee for any additional cards.