Retailer Sears Holdings has extended its 15-year co-branded and private label credit card agreement with Citi Retail Services.

Under the terms the agreement, Citi will pay $425m to Sears along with a variety of programme changes.

Additionally, the latest deal involves long-term marketing arrangements, including enhancements to the ‘Shop Your Way Mastercard’ rewards programme.

Shop Your Way Mastercard cardholders will get new everyday benefits such as reward points on purchases at Sears, Kmart, gas stations, grocery stores and restaurants.

Customers can instantly redeem the earned points during shopping at Sears and Kmart. The points can be checked on web or the Shop Your Way app and availed in-store as well as online.

Citi Retail Services head Craig Vallorano said: “The extension provides for strong long-term economic value for both Citi and Sears, and we are especially proud to provide enhanced benefits to our Shop Your Way Mastercard cardmembers every day, at the places they shop most.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“Consistent with other top-of-wallet credit cards, more than 70% of customers spend on our Citi-Sears general purpose cards occur at merchants beyond Sears, so this enhanced rewards structure is designed to deliver strong value for Shop Your Way card customers as well.”

Sears Holdings chairman and CEO Edward Lampert said: “We saw a strong volume of card issuances in 2017 and we look forward to building on that momentum as the power of the Shop Your Way platform allows us to personalise experiences and make life easier and more rewarding for every cardholder.”