Macy’s (NYSE: M) has entered into an agreement with American Express Co. (NYSE: AXP) on a new credit card, which will be issued by Citibank (NYSE :C), the retailer announced Thursday.
The new Macy’s American Express card will replace certain Macy’s Visa cards. According to a statement from Macy’s, cardholders will receive benefits in its retail outlets as well as special offers on out-of-store dining, ravel and retail. The credit card will be issued by Citibank (NYSE :C), which also issues Macy’s store credit card.
To celebrate the launch of the new card, cardholders will be able to receive double rewards through the end of the year on all purchases at gas stations, grocery stores and drugstores.
Macy’s, Inc. (Macy’s) is a retail organization operating retail stores and Internet Websites under two brands (Macy’s and Bloomingdale’s) that sell a range of merchandise, including men’s, women’s and children’s apparel and accessories, cosmetics, home furnishings and other consumer goods in 45 states, the District of Columbia, Guam and Puerto Rico. As of January 30, 2010, the Company’s operations were conducted through four retail operating divisions: Macy’s, macys.com, Bloomingdale’s and bloomingdales.com.
Shares of Macy’s fell by 3.67% on Monday ending the day at $20.20. The stock has a 52 week range of $14.61 to $25.25. Macy’s has a market cap of $8.53 billion and there are currently 422.2 million outstanding shares of Macy’s common stock.
