Saks Fifth Avenue credit card portfolio to move to Bread Financial

THE Saks Fifth Street credit map wallet East be transferred has Bread Financial, A technology oriented financial services company.

Bread will function THE credit map program For all chains of THE Saks And Saks Disabled 5th businesses.

In A statement Wednesday, THE Columbus, Based in Ohio Bread said he has A multi-year, multiple payments product agreement with Saks. Bread Also sign A definitive agreement has transition THE existing Saks Fifth Street credit map wallet Since another issuer, Capital A. THE transaction East expected has close In THE third quarter of 2024, subject has customary closing terms.  

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Along with It is purchase of THE Saks credit map wallet, Bread will issue And support THE existing Saks World Elite Mastercard credit map And THE Saks credit map beginning In August.

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Map members can to use their credit cards online And has all Saks Fifth Street And Saks Disabled 5th Locations And earn two has six points by dollar spent using their credit map, base on THE floor level. Saks World Elite MasterCard card holders can Also earn two points by $1 on purchases out of Saks Fifth Street And Saks Disabled 5th everywhere MasterCard East accepted. Points are redeemable For SaksPremier gift cards. 

THE agreement come has A time When credit map delinquencies to have has been on THE increase nationally And as Saks East actively negotiate has take on THE Neiman Mark Group.

According to has Bread, THE agreement will advantage clients by manufacturing he Easier For them has learn about, sign up For And to use their Saks credit map online, And In Saks And Disabled 5th stores And mobile apps because of Bread "robust digital abilities. »

Bread Also noted that he will support Saks Fifth Street with marketing abilities, "using extensive data And deep consumer knowledge has build very target And integrated campaigns. These abilities enable more significant customer engagement And loyalty all along THE clients purchases journey And In their channel of choice. »

 Val More, executive vice president And chief commercial officer of Bread Financial, said THE business will provide clients through Saks Fifth Street And Saks Disabled Fifth with "two credit map product offerings that can provide A pupil And personalized payment experience," add, "We are excited has share OUR cross-channel skill through credit, loyalty, marketing And data knowledge with A renowned brand has deliver A convincing Payments And rewards journey For It is coveted clients."   

Emilie Essner, chief marketing officer, Saks, added: “We look Before has functioning with Bread Financial has leverage It is industry leader abilities has offer A pupil payment experience that East adapted has OUR clients through THE Saks Fifth Street ecosystem. As A leading expert on THE luxury consumer, We know that OUR clients to wait for pupil, personalized And easy experiences, particularly When purchases For the fashion. »

Bread payment solutions include private label And co-branding credit cards And buy NOW, pay later some products. Bread Also offers cash back, savings And American Express service.