Department store Myer is set to relaunch its store-branded credit card after dumping Latitude Financial and moving to a new provider. The move comes as Myer promises a slew of new credit card features in its ongoing battle to win over customers and bond them closer to the department store. The new card will include the unlimited potential to earn shopping rewards points and no annual fee for the first year.
Myer’s relationship with Latitude Finance Australia to issue the Myer Visa Credit Card and Myer Black Card has come to an end, with the department store deciding to enhance its offering via a new relationship with Macquarie Bank to issue the new Myer Credit Card, available from October 2017. Latitude Financial, formerly GE Capital Finance, has written to around 50,000 Myer credit card holders attempting to jump the gun when they are moved to a new card and win them over to a Latitude platform.
However this has caused some confusion with cardholders, which has triggered a number of inquiries to the Myer helpline. Myer is moving fast to dispel any confusion and is beginning to contact its department store credit card holders to ensure they switch over to the relaunched Myer credit card rather than stay with Latitude.
The new Myer credit card will feature a number of special features, including uncapped shopping credits delivering the unlimited potential to earn rewards that will include three Myer One shopping credits for every $1 spent on eligible purchases.
This will extend to up to three Myer One shopping credits for every $1 spent on eligible purchases at Myer affiliates and one Myer One shopping credit for every $1 spent on eligible purchases everywhere else. As a special offer to entice existing and new Myer card holders, the new Myer credit card has no annual fee for the first year, and it’s $69 ongoing.
The new Myer Credit Card also doubles as a Myer one card, and there will be a 0 per cent balance transfer for 14 months from approval. A store-branded credit card is viewed as a crucial add-on to winning over shoppers, keeping them loyal and encouraging them to spend at the store, and is expected to be highlighted at Myer’s strategy day on November 1.
It comes after Myer recently posted its worst earnings since it listed on the ASX.
MYR Price at posting:
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... First year no annual fee, backed by Maquarie, great points and thereafter $69 annual fee ...
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