Sears and Citi Retail Services introduced the Sears Mastercard with Shop Your Way® benefits in November 2016 and we are proud of the results. We saw strong volume of card issuances. We have awarded tens of millions of points to members on everyday purchases on everything from gas, to groceries to dining. And we’ll continue to do so.
Today, we announced the long-term extension of our private label and co-brand credit card relationship along with a $425 million payment from Citi in connection with the extension of our partnership and long-term marketing arrangements that include ongoing enhancements to the Shop Your Way® Mastercard rewards program. The card’s benefits, such as a best-in-class 5% back in points on gas, that were once only available on a promotional basis are now available every day. Existing and new Shop Your Way® Mastercard cardholders will continue to automatically earn more Shop Your Way points that can be redeemed on purchases ranging from everyday household consumables to larger items such as kitchen appliances sold by Sears or laundry detergent sold at Kmart in store or online and on ShopYourWay.com.
We are extremely proud of our longstanding relationship with Citi and this extension is an indication of their confidence in our transformation. Working together, the Shop Your Way® Mastercard will continue to be a cornerstone of the Shop Your Way engagement platform as we provide cardholders with an industry-leading 5-3-2-1 value proposition.
Our Shop Your Way membership program seeks to connect our members to personalized products, programs and partners that help them save time and money every day. It’s about creating a more personalized, convenient and rewarding shopping experience – both in our stores, online and through our growing network of Shop Your Way partners.
We will continue to build on this momentum as we successfully execute on our Best Members, Best Categories and Best Stores strategy.
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 annually of combined eligible purchases made on gas, groceries and restaurants and 1% thereafter.
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