March 31, 2010
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News: AmEx, Macy's, and Citi Delight Over Partnership
American Express (AmEx) has joined Macy's and Bloomingdale's Department Store with a new credit card adventure that will be managed and issued by Citi Bank. In a statement from Tom Cole, Macy's Chief Administrative Officer, the company is excited about offering the new co-branded AmEx credit card that will receive all the benefits of the Macy's Star Rewards and Bloomingdale's Insider loyalty programs. Cole said the company expects a smooth transition for their customers. Under the agreement, Macy and Bloomingdale Visa cards will be replaced with a new American Express credit card. Customers should be receiving new cards by the end of the year.
William Stredwick, Vice President and General Manager of American Express Global Network Services said the company is "delighted" over the new partnership and they look forward to offering their credit card customers new opportunities. The new AmEx credit card will offer the same credit limits and services as the existing co-branded card. For those customers who hold a store branded card exclusively, no changes will occur. AmEx reward program for its regular Membership Rewards customers will not be a part of the Macy's and Bloomingdale programs; these are separate loyalty programs exclusively for regular AmEx customers.
The partnership is a landmark move between four of the nation's most exclusive businesses in their own industries. Macy's, Inc., is a premier retailer with annual sales of over $23.5 billion. The company owns and operates Bloomingdales, an upscale luxury full line department store. American Express is a diversified global financial services company and is one of the nation's largest credit card issuers. The company holds nearly 25 percent of the total U.S. card transactions in regard to dollar amounts. AmEx is unique in that the company is a card processor as well as provider of credit. During the recent recession, AmEx was hailed as the top performer among a struggling industry.