card after it promised to expedite applications from Signature cardholders who wanted to Christmas shop.

But the Bank of Butterfield has not seen a similar influx of applications for its Visa and Mastercard credit cards.

About 10,000 Signature and Travel Card credit cards are not being honoured since four local companies were ordered liquidated last Wednesday. The Signature card, honoured at many local stores and restaurants, was operated by Telecheck Holdings Ltd., one of the failed companies.

A Supreme Court hearing on the liquidations is set for December 29. The Bank of Bermuda said it moved to expedite credit card applications to help local shoppers and merchants at the height of the Christmas shopping season.

"We are receiving a substantial increase in credit increases and in new credit card applications,'' said Mr. Danny Fox, manager of retail banking at the Bank of Bermuda.

Normally, it took one to three weeks to obtain a Bermudacard, but the bank was trying to process applications within two days, a spokesman said on Friday.

"We will certainly look at the applications and rush them through as quickly as we can,'' she said.

The bank would still have to assure itself of the applicant's credit worthiness, she said.

Mr. Fox said interest in the Bermudacard began to increase before the liquidation of Telecheck was ordered by the Supreme Court.

On December 13, a few days before the Telecheck companies ran into trouble, the bank announced it had removed all finance charges on Bermudacard purchases until March 12, 1994.

In what was a first-time offer, cardholders new and old would still have to make the minimum monthly payments, but would not be charged interest.

Mr. Julian Hall, lawyer for Telecheck founders Mr. Richard Burns and Mr.

Thomas Burns, has questioned whether the Bank of Bermuda's offer and the court-ordered liquidation of Telecheck was a coincidence.

Mr. Fox said the bank's offer predated the court's action and there was no connection.

At the Bank of Butterfield, there were inquiries after the Signature card failed, but no major increase in credit card applications, said Mr. Stephen Todd, a senior manager in retail banking.

Applications could normally be processed in 24 hours, so no extraordinary steps were needed, Mr. Todd said.