Citigroup’s C Citi Retail Services has announced long-term partnership with Wayfair W to provide a new private label Wayfair credit card and a co-brand Wayfair Mastercard.
The move comes after Wayfair, a renowned online home decor seller, witnessed a significant surge in demand for online shopping amid the coronavirus pandemic.
Per a CNBC article, Citigroup overtook Alliance Data Systems ADS for this role.
The new cards will provide Wayfair customers with several rewards and benefits. Since the day of announcement, both the credit cards offered 5% back in rewards or financing up to 60 months on eligible Wayfair purchases. Moreover, customers using Wayfair Mastercard will earn 3% in grocery stores, 2% in qualifying online purchases and 1% in others.
Notably, these cards have no annual fee or expiration for rewards earned. Also, cardholders will receive $40 off their first qualifying Wayfair purchase of $250 or more.
Craig Vallorano, head of Citi Retail Services said, “Our new credit card program with Wayfair further diversifies our CRS portfolio, offering innovative financing options for consumers across a wide array of leading brands spanning brick-and-mortar and e-commerce.”
Previously, in January, Citigroup had partnered with Meijer to provide private label and co-brand credit card services.
“With the Wayfair Credit Card and Wayfair Mastercard, we are also able to reward our loyal customers with more added perks and benefits than ever before,” said Larry Lataif, head of U.S. Consumer Financing at Wayfair.
Citigroup continues to execute growth strategies, such as bolstering the company’s position in the booming digital industry and expanding its global market presence, thereby aiming to diversify revenue sources. Additionally, prudent expense management and inorganic expansion strategies keep us encouraged.
The company has lost 3.8% in the past three months compared with 2.7% decline recorded by the industry.
The stock carries a Zacks Rank #3 (Hold), at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A stock worth considering in the finance sector is Bank First National Corporation BFC. This Zacks Rank #2 (Buy) stock has been witnessing upward estimates revision over the past 60 days. Also, its shares have gained 36.9% in the past six months.
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