Dillard’s, Citi, Mastercard strike new credit card agreements

Little Rock-based Dillard’s, Inc. and Mastercard announced that the companies have entered into new agreements to provide a credit card program for Dillard’s customers.

Citi will purchase the existing Dillard’s credit card accounts and Mastercard will serve as the exclusive payment network for co-branded cards offered under the new program.

The Dillard’s credit card program offered by Citi will include a new co-branded Mastercard as well as a private label credit card. The new co-branded Mastercard will replace the existing co-branded card. Additionally, Citi will provide customer service functions and support certain Dillard’s marketing and loyalty program activities related to the new program.

“We are truly pleased to announce this new relationship with Citi and Mastercard,” said Dillard’s President Alex Dillard. “Our customers expect and deserve the highest level of customer care at Dillard’s and that includes providing premium credit services. We are confident we have aligned ourselves with the best in the business to offer first-class credit choices and exceptional cardholder experiences at Dillard’s for years to come.”

The companies expect to launch the new program in late summer 2024 for new Dillard’s credit applicants. The transfer of existing accounts to Citi is expected in the fall of 2024.

Greenhill & Co. served as financial advisor and Morrison Foerster served as legal counsel to Dillard’s in connection with the agreement.