Citi Retail Services has inked a multi-year renewal agreement with ExxonMobil for its consumer and commercial credit card relationship. The agreement with ExxonMobil is the eighth contract renewal Citi Retail Services has announced since the beginning of 2014.
Citibank’s average yield for its U.S. retail credit card portfolio rose 5 basis points (bps) in the third quarter, compared to one-year ago, but down 6 bps sequentially. The net interest revenue (NIR), which includes some fees, also jumped by 30 bps year-on-year (YOY) for Q3/15, and up sharply by 37 bps from the prior quarter.
Citibank’s average yield for its U.S. retail credit card portfolio rose 11 basis points (bps) in the second quarter, compared to one-year ago, and up 4 bps sequentially. The net interest revenue (NIR), which includes some fees, also jumped by 26 bps year-on-year (YOY) for Q2/15, but down slightly from the prior quarter. Also, credit quality improved in the quarter.
Citibank’s purchase dollar volume (PDV) for its U.S. retail credit card portfolio will likely decline slightly to $23.1 billion, compared to Q2/14, predicts RAM Research. In the first quarter PDV declined 1% YOY to $16.5 billion, according to CardData.
Brooks Brothers and Citi Retail Services have inked a new multi-year credit card relationship. As part of the agreement, Citi Retail Services, a unit of the 203-year-old global bank, will provide private label and co-branded credit cards for the nearly 200-year-old retailer.
American Express has corralled nine major U.S. merchants to form the first U.S.-based coalition loyalty card program. The new Plenti card and/or FOB can be used any form of payment that the partner accepts at checkout – cash, credit, debit or prepaid and offers cardholders the ability to double-dip with other rewards payments cards.
Citibank’s average yield for its U.S. retail credit card portfolio rose 33 basis points (bps) in the first quarter, compared to one-year ago, and up 16 bps sequentially. The net interest revenue (NIR), which includes some fees, also jumped by 49 bps year-on-year (YOY) for Q1/15 and up slightly from the prior quarter.
Citi announced it will be consolidating the Office Depot and OfficeMax retail credit credit agreements into one program, following the announced merger of Office Depot and OfficeMax. Citi Retail Services previously provided credit solutions to both retailers prior to the integration.
Macy’s and Citi Retail Services announced the early renewal and long-term extension of their credit card services agreement. This new agreement, to run through March 2025, with substantially similar financial terms.
Citi Retail Services announced a long-term extension of their successful 22-year credit relationship with Staples, the world’s largest office products company and second largest Internet retailer. Citi Retail Services will continue to provide processing services and customer service support for all of Staples’ private label credit card programs. Staples offers three private label credit programs to meet the needs of businesses and organizations of all sizes, as well as individual consumers: The Staples Business Credit Account with Revolving Terms, the Staples Commercial Billing Account with Net Pay terms, and the Staples Personal Credit Account. Each credit program has no annual fee, and can be used for purchases at Staples stores, by catalog and online at Staples.com.
Citi forged a multi-year credit card agreement with BrandSource buying group to offer customer financing for purchases at more than 4,500 locally-owned BrandSource retailers. Citi will provide customer value propositions and fully integrated marketing programs to drive increased BrandSource sales and loyalty. The BrandSource Credit Card will provide BrandSource customers special rebates and offers, no interest financing options and a simple application process, including in-store credit approval.
Speedpass customer appreciation days are back! To express appreciation to customers, ExxonMobil is repeating a favorite promotion of 15 cents per gallon rebate of gas purchased with a registered Speedpass account. Beginning today, customers may register their Speedpass accounts at Speedpass.com/save to earn discounts for a 60-day period when they use their Speedpass devices on…