Creditnet News Story
Macy's announces change in co-branded cards
Thursday, April 1, 2010
By Sam Lee
Current Visa cards through Macy's and Bloomingdales will be switched over to American Express and issued by Citi.
A major department store recently announced that its store credit cards will be co-branded through agreements with American Express and Citi.
Macy's Inc. said that its current Visa cards will be replaced by the new cards, which will be issued by Citi. Tom Cole, chief administrative officer for Macy's, said that the new cards will continue to support the company's rewards programs.
"We expect a smooth transition for our customers without interruption to their shopping experience," Cole said.
Customers who carry the current Visa cards can expect new plastic by the end of this year. They will also be sent notification of the changes involved with the switch.
Along with Macy's stores, Visa cards issued by Bloomingdale's will be affected. However, store cards that are not co-branded will see no change.
Though rewards cards may be a popular draw for some consumers, a recent report from the Wall Street Journal notes that a number of banks are cutting back on co-branded cards. These cards are often associated with particular retailers and are seen by the financial institutions as too expensive to maintain.
| 
Subscribe | |
