Stein Mart revamps retail credit card
October 19, 2011
By: Megg Mueller
Fashion discount retailer Stein Mart has inked a new deal to retain and revamp its retail credit card offerings with GE Capital. The deal announced is a multi-year agreement between the retailer and the bank to continue the co-branded Platinum Rewards MasterCard.
As part of the agreement, GE Capital will create a new private label Stein Mart credit card that the retailer will use within its customer loyalty program with the aim of increasing sales and customer engagement. The new card is set to debut in early 2012. No terms have been released yet for the anticipated private-label card.
Credit card rewards
The current Stein Mart Platinum Rewards MasterCard gives customers two reward points for each dollar spent in the store, and one for purchases made elsewhere. Rewards points are only redeemable toward merchandise at Stein Mart stores. Once a customer reaches 1,000 reward points, they will receive a $10 Stein Mart gift card. Whether these terms will carry over to the new card is not known.
The interest rate on the existing card is typical of retail cards, running from 19.99 percent to 29.99 percent APR depending on the customer's credit rating. The card has no annual fee. Customers can only apply for the card in-store with the help of a sales associate.
Stein Mart offers discount designer clothing and discount home decor in a department-store atmosphere. Based in Jacksonville, Fla., Stein Mart operates 260 stores in 30 states nationwide and in the District of Columbia. Customers can also shop online. Stein Mart was founded in the early 20th century and has been a partner with GE Capital's Retail Finance business since 2006.
GE Capital's Retail Finance division offers many retail credit cards, both co-branded and private label. The company has 23 retail partners, including IKEA, The Gap, Dillard's, Banana Republic, The Mens Wearhouse, JC Penney, Old Navy, Amazon and Walmart.