Retailers, consumers and prices
Check Out Line: Visa Out, Amex in at Macy’s
Check out Macy’s dumping Visa for Amex. m
The department store chain operator has reached a deal with American Express to switch the Macy’s and Bloomingdale’s co-branded credit cards to Amex from Visa. The cards will be issued by Citi.
Macy’s did not say why it made the change. Customers will receive their new card by the end of the year and the cards will have the same credit limits, current balances, historical account information and loyalty program rewards as the current Visa cards.
Retailers count on the store-branded credit card to maintain customer loyalty, while also receiving a font of information in terms of a customers’ purchasing history. They also can account for a big chunk of a retailer’s sales.
But if you are a Macy’s or Bloomie’s card holder, the switch to Amex from Visa could be a bit of a surprise. if any of you are reading this, how do you feel about having the switch made on you?
Also in the basket:
Misses’ market sees marked turnaround (WWD, subscription required)
In E-book era, you can’t even judge a cover (N.Y. Times)