Companies Agree to Extend Private Label Credit
Card Offering and Explore New Opportunities Together
MCLEAN,
Va., March 18, 2022 /PRNewswire/ -- Kohl's
(NYSE: KSS) and Capital One, National Association, a subsidiary of
Capital One Financial Corporation (NYSE: COF), today announced a
multi-year extension of their credit card program agreement. This
is the second contract extension, with the most recent one
occurring in 2014, and will allow the companies to continue to
build on their relationship and provide industry-leading
experiences and highly compelling products to Kohl's millions of
customers.
The contract extension with Kohl's enables consumers to have
expanded buying power and further solidifies an already strong
partnership. Kohl's high product standards and the company's focus
on customer service extends through its private label credit card
program, Kohl's Card, which offers cardholders access to exclusive
offers, guaranteed savings and online payment services. The two
companies have also agreed to a co-branded card product piloted as
early as 2023.
"The Kohl's credit program is an invaluable piece of our loyalty
program and we are pleased to continue this important partnership
with Capital One to bring the best value to our customers," said
Greg Revelle, Kohl's chief marketing
officer. "For many years, Capital One has been a strong partner and
we look forward to building upon our work together to innovate and
drive excellence in the customer experience."
Kohl's loyalty offerings include Kohl's Card, Kohl's Rewards and
the Company's iconic Kohl's Cash coupons. The Company recently
announced plans to roll out enhanced rewards for Kohl's Card
cardholders this spring. Kohl's Rewards members will earn 7.5% when
they use their Kohl's Card — delivering 50% more in rewards for
Kohl's Card members who are also Rewards members.
"From the start of our partnership with Kohl's in 2011, our
shared focus on innovation and growth has allowed our organizations
to strategically invest to deliver exceptional value to customers,"
said Buck Stinson, SVP of Card
Partnerships at Capital One. "This extension is a testament to our
commitment to building long-standing, mutually beneficial
partnerships and demonstrates how we build relationships and
deliver results over the long-term."
Cautionary Statement Regarding
Forward-Looking Information
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward looking statements include information concerning the
Board's review of expressions of interest and the Company's
business strategies, plans, and objectives. The Company intends
forward-looking terminology such as "believes," "expects," "may,"
"will," "should," "anticipates," "plans," or similar expressions to
identify forward-looking statements. Such statements are subject to
certain risks and uncertainties, which could cause the Company's
actual results to differ materially from those anticipated by the
forward-looking statements. You should understand that these
forward-looking statements are not guarantees of strategic action,
performance, or results. These risks and uncertainties include, but
are not limited to, risks described more fully in Item 1A in the
Company's Annual Report on Form 10-K, which is expressly
incorporated herein by reference, and other factors as may
periodically be described in the Company's filings with the SEC.
Forward-looking statements relate to the date initially made, and
Kohl's undertakes no obligation to update them.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a
financial holding company whose subsidiaries, which include Capital
One, N.A., and Capital One Bank (USA), N.A., had $311.0
billion in deposits and $432.4
billion in total assets as of December 31, 2021. Headquartered in McLean, Virginia, Capital One offers a broad
spectrum of financial products and services to consumers, small
businesses and commercial clients through a variety of channels.
Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New
Jersey and the District of
Columbia. A Fortune 500 company, Capital One trades on the
New York Stock Exchange under the symbol "COF" and is included in
the S&P 100 index.
About Kohl's
Kohl's (NYSE: KSS) is a leading omnichannel retailer. With more
than 1,100 stores in 49 states and the online convenience of
Kohls.com and the Kohl's App, Kohl's offers amazing national and
exclusive brands at incredible savings for families nationwide.
Kohl's is uniquely positioned to deliver against its strategy and
its vision to be the most trusted retailer of choice for the active
and casual lifestyle. Kohl's is committed to progress in its
diversity and inclusion pledges, and the company's environmental,
social and corporate governance (ESG) stewardship. For a list of
store locations or to shop online, visit Kohls.com. For more
information about Kohl's impact in the community or how to join our
winning team, visit Corporate.Kohls.com or follow @KohlsNews on
Twitter.
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SOURCE Capital One; Kohl's