Capital One has struck a deal with Williams-Sonoma to become the “exclusive long-term issuing partner” for the home retailer’s new co-brand and private-label credit card program, according to an announcement.
Their tie-up will encompass Mark & Graham, West Elm, Pottery Barn Kids, Pottery Barn Teen, Pottery Barn and Williams Sonoma, while it will let clients shop and accrue rewards throughout the collection of brands. The new cards and “loyalty enhancements” are anticipated to roll out prior to the year’s conclusion, according to the announcement.
“Williams-Sonoma, Inc. and Capital One share a commitment to providing our customers with best-in-class digital innovation to enhance the customer experience,” Williams-Sonoma President and CEO Laura Alber said in the announcement. “Our partnership with Capital One will allow us to also provide enhanced rewards to our cardmembers, enabling them to earn and redeem across our family of brands.”
In conjunction with the new credit card program for the retailer, Capital One has struck a purchase and sale deal through which it will acquire the current portfolio of the retailer’s credit card accounts “subject to the satisfaction or waiver of customary closing conditions.”
“With its iconic collection of premium home furnishings, decor brands and digital-first approach, Williams-Sonoma, Inc. is an ideal partner for Capital One,” Buck Stinson, senior vice president, head of U.S. card partnerships at Capital One, said in the announcement. “In addition to strategic alignment, Williams-Sonoma, Inc. and Capital One share a mutual commitment to sustainability that will be reflected in meaningful ways in the refreshed credit card and loyalty program.”
The news comes as Synchrony Financial and American Express Co. are among banks seeking Amazon’s credit card business, which J.P. Morgan Chase currently handles. Amazon and J.P. Morgan rolled out their inaugural co-branded Visa credit card in 2002, and the portfolio is estimated to have $15 billion in loans, according to a published report.