Wells Fargo has entered into a partnership to fund, issue and service US-based retailer Dillard’s-branded private label and co-branded credit cards.
Under the partnership, Wells Fargo will also manage the cardholder loyalty programme for Dillard’s, which is being extended for 10 years from the fourth quarter of 2014, following the expiry of current agreement.
The extended programme will enable Dillard’s to increase its earnings.
Wells Fargo consumer credit solutions head, Tom Wolfe, said through the expanded relationship, they look forward to bringing Wells Fargo’s proven marketing and underwriting capabilities as well as new rewards strategies to Dillard’s, allowing them to deliver great value to customers.
Dillard’s president, Alex Dillard, said they are pleased with this new partnership on many levels, from the financial arrangements to their shared vision for future programme growth.
"We talked with a number of potential bank partners and we believe Wells Fargo’s vision for the success of our credit card program is completely aligned with ours," Dillard added.