Citigroup will not renew Zales’ private label credit card
Citigroup has announced the end to a nearly 10-year relationship with Zales’ jewelers. Citigroup will not be renewing the company’s private-label credit card when it expires in March of 2010. The company will have the option of creating a new agreement with Citi or shopping for a new credit provider.
The company’s current terms include 0% liability on unauthorized purchases, an optional credit insurance and options of no interest, no payments for 90 days and no interest no payments for 6 months for qualifying online purchases.
The move did not come as a surprise to Zale’s Treasurer David Sternblitz as the entire credit industry makes changes in the face of new credit card legislation. The move is not seen as a reflection of Zale’s sales performance.
