Since launching Shop Your Way nearly eight years ago, we have built a network of tens of millions of members and enhanced the value they receive through partnerships with thousands of businesses and innovative rewards programs. Today, we are pleased to launch a new Sears Mastercard with Shop Your Way.
More than five million existing Sears Mastercard holders began receiving the new 5-3-2-1 Shop Your Way offer in November 2016. Newly designed Shop Your Way branded cards will be issued to these cardholders beginning in March. Starting today, everyone will be able to apply for the Sears Mastercard with Shop Your Way and access the industry leading benefits with no fee for 12 months from the date the account is open. We have already received a very strong initial response based on the waiting list of prospective cardholders created when we announced the card late last year.
The Sears Mastercard with Shop Your Way enables members to earn points everywhere they go in their daily lives through our 5-3-2-1 rewards offer, which includes: 5% back in points on eligible purchases made at gas stations*; 3% back in points on eligible purchases at grocery stores and restaurants*; 2% back in points on eligible purchases made at Sears and Kmart; and 1% back in points on all other eligible purchases. Points can then be redeemed on purchases ranging from everyday household consumables to larger items such as kitchen appliances sold by Sears and Kmart in store or online and on ShopYourWay.com. These rewards points can also be used in combination with in-store promotions at Sears and Kmart.
We look forward to building on this momentum as we continue to make Shop Your Way an even better program for our members and add new ways for our members to earn rewards that bring value to their lives every day.
We invite you to visit www.shopyourway.com/card to learn more.
Eddie Lampert is Chairman and Chief Executive Officer at Sears Holdings Corporation.
*5% and 3% back on the first $10,000 of combined eligible purchases made on gas, groceries and restaurants and 1% thereafter