Kmart Rewards Credit Card Introduced

TROY, Mich. - Kmart Holding Corp. yesterday launched the Kmart Rewards credit card, which is being managed by Prospect Heights, Ill.-based HSBC-North America's retail services business, a leading issuer of private label (merchant-branded) credit cards in the United States.

The credit card program offers $10 off the first card purchase of $50 or more and a $10 reward for every $250 in account purchases afterward. Customers will also be offered 90-day same-as-cash financing on any purchase over $100 during the 2004 holiday season.

"The Kmart Rewards credit card is an important tool in our efforts to retain and better serve our existing customers," said Kmart c.m.o. Paul Guyardo in a statement. "The Rewards card will provide valuable benefits and increased spending power both in our stores and online, just in time for the holiday season."

Additionally, Kmart will create various promotional offers for its cardholders, customized to their individual buying habits and offering extra benefits to membership. According to the company, a more sophisticated approach to direct marketing will result from this intelligence, leading to a greater sense of loyalty among existing Kmart shoppers.

"Like Kmart, we understand the needs and expectations of today's consumers," noted Richard Klesse, managing director of business development and client relations for HSBC Retail Services. "Our customized private label financing program will help Kmart deliver world-class service to their customers and build brand loyalty through the benefits of this new card."

The card has no annual fee, offers free online access, and will be marketed through in-store promotion, print, and online advertising beginning this week.
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