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Citi Retail Services has renewed its longtime card-issuing relationship with Tennessee-based Tractor Supply Co., which saw record sales during the pandemic as consumers expanded their backyard menageries.
Citigroup, which began issuing
Tractor Supply’s private-label card in 2000, has finalized a multiyear deal to continue issuing consumer and business versions of the card with plans to expand various digital features, Citi said in a Monday press release.
As part of the agreement, Citi will work closely with Tractor Supply to expand the card portfolio in part through the card’s tight connection to the chain’s Neighbors Club loyalty program, which customers are encouraged to join when they apply for a card, according to a Citi spokesperson.
, transactions and dollar volume for private-label credit cards dropped sharply with the onset of COVID-19, but then experienced recovery in the second half of the year. Even so, Packaged Facts projects flat to low growth in upcoming years for the private-label card market, with receivables estimated at $142 billion in 2020.
Private label credit cards, also called store cards, are the original credit cards. Traditional private label credit cards are good for in-store credit only, as opposed to store credit cards that are co-branded with Visa, Mastercard, or American Express, and therefore applicable for general use.
Private label credit card performance will continue to be hampered by the bankruptcies of some large partner retailers, tied not only to the accelerated surge in e-commerce in the wake of COVID-19, but to the longer-term trend of mall closings since 2010.
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U.S. Fintech LendingPoint Appoints Ashish Gupta As New Chief Risk Officer
LendingPoint, a data and technology platform dedicated to democratizing credit and accelerating commerce, announced on Tuesday it has appointed
Ashish Gupta as its new Chief Risk Officer.
According to LendingPoint, Gupta will lead data science/AI, risk, fraud, and market modeling as well as pricing for LendingPoint’s direct-to-consumer and point of sale/e-commerce verticals. He has more than 15 years of experience in banking and fintech credit products. He recently was Chief Credit Officer of Proper. Prior to Prosper, he served as Senior Vice President and Director at Citigroup, Citi Retail Services.