Mastercard (NYSE:MA) has begun a new partnership to provide a credit card program for customers of the Dillard’s department store chain.
Under the terms of the partnership, Citi will purchase the existing Dillard’s credit card accounts and Mastercard will become the exclusive payment network for the program, which will include both a new co-branded Mastercard and as a private label credit card.
The companies expect to launch the new program in late summer 2024 for new Dillard’s credit applicants. The transfer of existing accounts to Citi is expected in the fall of 2024.
Dillard’s is headquartered in Little Rock, Arkansas, and has approximately 280 stores across 29 states – however, it does not have a retail presence in the Northeast.
“We are truly pleased to announce this new relationship with Citi and Mastercard,” said Dillard’s President Alex Dillard. “Our customers expect and deserve the highest level of customer care at Dillard’s and that includes providing premium credit services. We are confident we have aligned ourselves with the best in the business to offer first-class credit choices and exceptional cardholder experiences at Dillard’s for years to come.”
Photo by Aaron Burr / Flickr Creative Commons
