What Is A Private Label Credit Card
If youre simply looking to offer financing to your customers then trying to offer a private label credit card is one avenue. 10th edition report has been added to research and markets offering.
The private label credit cards in the us.
What is a private label credit card. A credit card that is branded for a specific retail establishment manufacturer or special interest. If the retailer does not manage the private label card a third party issues the cards and collects the payments from cardholders. Why private label credit cards.
The private label credit card programs currently in operation can only exist because they are in compliance with the credit card act of 2009 and can ensure the financing offered by retailers honors consumer rights in the credit card space. However it likely wont be simple or quick. More importantly private label cards are the least expensive form of payment that can be accepted by retail companies.
Companies issue their own credit cards for several reasons. One is that it increases the volume of sales by providing customers with an alternative way of shopping with them. The number of private label credit card plcc took a nosedive in 2010 but after 2010 we have seen a steady growth in private label credit cards in us.
Profitable strategies for increasing private label card income a first data white paper credit card delinquency rates continued to improve maintaining a months long trend. The private label credit card purchase value to grow at an average annual rate. However it likely wont be simple or quick.
The private label credit card market in us has witnessed ups and downs after the great recession of 2008. The private label card difference is that these transactions occur in a closed loop and are designed to increase sales and enhance customer loyalty rather than focusing on the credit feature as a profit center. Private label credit cards are cards branded for a specific retailer independent dealer or manufacturer.
Private label credit card. A private label credit card is a type of revolving credit plan managed by a bank or. For example a sears credit card issued by visa that applies only to purchases at sears retail stores.
A private label credit card is a store branded credit card that is intended for use at a specific store.
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