BJ's existing cardmembers will receive more details on the transition to the new card program in the coming months.
BJ's Wholesale Club and Capital One Financial have entered into a strategic program agreement for Capital One to become the exclusive issuing partner for BJ's co-branded Mastercard program, which is expected to launch in early 2023.
With the new BJ's Mastercard program, Capital One has also entered into an agreement to acquire the existing portfolio of BJ's credit card accounts. Over the coming months, more details will be provided to existing cardmembers on the transition to the new card program, which will continue to run exclusively on the Mastercard network.
"When we can deliver incredible value with a partner who is the absolute best at what they do, our members win," said Bill Werner, EVP of strategy and development at BJ's. "Capital One's customer service and digital experience are unmatched in the card space, and we are so excited to pair this first-class offering with the power of Mastercard's network and an upgraded value proposition as we continue to deliver to our members what we believe is the best program in retail."
Capital One is a financial holding company whose subsidiaries, which include Capital One N.A. and Capital One Bank (USA) N.A., had $307.9 billion in deposits and $440.3 billion in total assets as of June 30. The company works with partners to help deliver industry-leading payment products and digital capabilities that drive partner growth and deepen customer loyalty.
"We're proud to enter into a strategic partnership with BJ's to further accelerate their growth and support their commitment to deliver significant value to their members," said Buck Stinson, SVP, head of U.S. card partnerships at McLean, Va.-based Capital One. "We look forward to working together to offer BJ's Mastercard cardmembers unique value and convenience."
"We've been proud to bring the power of our network to support BJ's Mastercard cardmembers since 2014," added Bunita Sawhney, EVP, U.S. financial institutions at Purchase, N.Y.-based Mastercard. "With the addition of Capital One as the exclusive issuing partner for this program, we will be able to further deliver industry-leading everyday rewards and benefits to BJ's members."
In other payment product news, DoorDash has partnered with Chase to launch the first-ever DoorDash Rewards Mastercard that allows cardmembers to unlock benefits and earn rewards on purchases both on and off the DoorDash platform.Instacart has also recently teamed up with Chase Bank to offer an Instacart Mastercard Credit Card, allowing users to earn 5% cash back on Instacart purchases made from more than 800 retail brands at 70,000-plus store locations.