FinTech Payments

Wayfair And Citi Partner On Card Offerings

September 11, 2020 at 07:23PM

Citigroup’s Citi Retail Services will provide private label and co-branded credit cards for online home goods retailer Wayfair, the companies announced Friday (Sept. 11).

“Starting today, the Wayfair Credit Card and Wayfair Mastercard will offer 5 percent back in rewards or financing up to 60 months on eligible Wayfair purchases,” the companies wrote in a news release announcing their strategic partnership. In addition, Wayfair Mastercard holders will earn 3 percent back in rewards at qualifying grocery stores, 2 percent back in rewards for qualifying online purchases and 1 percent back in rewards on all other qualifying purchases, according to the release.

Citi Retail Services said the cards will have no annual fees and rewards associated with purchases will not expire.

Larry Lataif, head of U.S. consumer financing at Wayfair, said the partnership will benefit the retailer’s customers.

“At Wayfair, we are focused on creating the best possible shopping experience for home, and that includes delivering the best value while making it as easy as possible for customers to shop millions of items for every room in the home. With the Wayfair Credit Card and Wayfair Mastercard, we are also able to reward our loyal customers with more added perks and benefits than ever before,” Lataif said in a prepared statement. “We are pleased to partner with Citi Retail Services to make it even more rewarding for our customers to create a home they love.”

Craig Vallorano, head of Citi Retail Services, added, “With ecommerce continuing to surge in popularity, we are thrilled to partner with Wayfair to provide customers with seamless, convenient financing embedded in the path to purchase.” The new credit card program with Wayfair, he said, offers “innovative financing options for consumers across a wide array of leading brands” spanning both brick-and-mortar and eCommerce.

Meredith Spatz, executive vice president in North America for Mastercard, said in the release, “Today’s consumers are looking for products and services that simplify their lives, meet their needs and express their lifestyles. As we all are spending more time at home, we are excited to work with Citi and Wayfair to provide Wayfair customers with a convenient and rewarding program that enables them to make purchases towards their home and beyond.”

The home goods sector has received a boost, by many accounts, from the lifestyle changes compelled by the COVID-19 pandemic.

Wayfair reported in August that for a time, sales were up more than 80 percent compared to similar periods a year prior.

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