Dillard’s, Citi and Mastercard Announce New Credit Card Agreements
January 29 2024 - 4:15PM
Business Wire
Dillard’s, Inc. (“Dillard’s”) (NYSE: DDS), Citi (NYSE: C) and
Mastercard (NYSE: MA) announced today that the companies have
entered into new agreements to provide a credit card program for
Dillard’s customers. Citi will purchase the existing Dillard’s
credit card accounts and Mastercard will serve as the exclusive
payment network for co-branded cards offered under the new
program.
The Dillard’s credit card program offered by Citi will include a
new co-branded Mastercard as well as a private label credit card.
The new co-branded Mastercard will replace the existing co-branded
card. Additionally, Citi will provide customer service functions
and support certain Dillard’s marketing and loyalty program
activities related to the new program.
“We are truly pleased to announce this new relationship with
Citi and Mastercard,” said Dillard’s President Alex Dillard. “Our
customers expect and deserve the highest level of customer care at
Dillard’s and that includes providing premium credit services. We
are confident we have aligned ourselves with the best in the
business to offer first-class credit choices and exceptional
cardholder experiences at Dillard’s for years to come.”
“We’re proud to enter this new long-term agreement with such a
beloved and iconic brand like Dillard’s,” said Kartik Mani, Head of
Citi Retail Services and Head of Connected Commerce. “Citi looks
forward to bringing value to Dillard’s loyal customers through
access to credit, rewards, and best-in-class digital capabilities
from our trusted financial institution.”
“Today’s digital consumers expect value beyond a transaction,
from brands they admire and trust,” said Jason Lane, Executive Vice
President, Global Account Management at Mastercard. “We’re looking
forward to creating seamless, safe and secure payment experiences
for Dillard’s co-brand cardholders, with benefits and rewards that
complement cardholders’ dynamic lifestyles.”
The companies expect to launch the new program in late summer
2024 for new Dillard’s credit applicants. The transfer of existing
accounts to Citi is expected in the fall of 2024.
Greenhill & Co. served as financial advisor and Morrison
Foerster served as legal counsel to Dillard’s in connection with
the agreement.
Cautionary Statement About Forward-Looking Statements
This release contains certain forward-looking statements.
Statements regarding future events with regard to the new credit
card program agreement between the two parties including, but not
limited to, the purchase of existing credit card accounts, the
offering of new co-branded and private label credit cards, the
provision of certain customer service and support functions, the
timing of the new program launch and the timing of the transfer of
existing accounts from are forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The Company cautions that forward-looking statements contained in
this report are based on estimates, projections, beliefs and
assumptions of management and information available to management
at the time of such statements and are not guarantees of future
performance. The Company disclaims any obligation to update or
revise any forward-looking statements based on the occurrence of
future events, the receipt of new information or otherwise.
Forward-looking statements of the Company involve risks and
uncertainties and are subject to change based on various important
factors. Actual future performance, outcomes and results may differ
materially from those expressed in forward-looking statements made
by the Company and its management as a result of a number of risks,
uncertainties and assumptions, including those detailed from time
to time in our periodic reports filed with the Securities and
Exchange Commission, particularly those set forth under the caption
“Item 1A, Risk Factors” in the Company’s Annual Report on Form 10-K
for the fiscal year ended January 28, 2023.
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version on businesswire.com: https://www.businesswire.com/news/home/20240129270534/en/
Dillard’s, Inc. Julie Johnson Guymon 501-376-5965
julie.guymon@dillards.com
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