US-based retail company LL Bean has collaborated with credit solution provider Citi Retail Services and Mastercard to introduce a new co-brand credit card for its customers.
In addition, the alliance also includes acquisition of LL Bean’s current co-brand credit card portfolio by Citi Retail Services for $1.5bn.
Existing customers will be issued new Mastercard accounts and will automatically receive various benefits associated with the new card.
The Mastercard credit card is focussed on reward points called Bean Bucks. Cardholders will be able to earn rewards on LL Bean purchases and everyday spends such as gas stations and restaurant payments.
Bean Bucks does not have any expiration date and can be availed in-store, online or during mobile shopping.
The new card has zero annual fee and no rewards limits, as well as includes exclusive LL Bean benefits such as free shipping, return shipping and monogramming.
LL Bean president and CEO Steve Smith said: “Our new co-branded card and the greatly enriched rewards it offers are fantastic for our current customers, and will also help us welcome new customers to LL Bean to share in our passion for the outdoors.”
Mastercard North America president Craig Vosburg added: “In partnership with Citi, we’ll bring the benefits and experiences that allow LL Bean enthusiasts to explore their passion for the outdoors with the advanced technologies that let them pay when, how and wherever their adventures take them through worldwide acceptance.”