From the article:
The long-term agreement with Citibank gave the bank an early termination option if sales in any 12-month period at Macy's fell more than 34% compared to the period from July 2006 to June 2007. Because of the impact of the COVID-19 pandemic, sales for the 12-month period ending in February 2021 fell far enough to trigger this option.
In its most recent quarterly report, the company revealed that Citibank exercised its early termination option on June 4. Macy's has six months from that date to decide to purchase the credit card receivables itself or to choose a new credit card partner to purchase them on its behalf. It then has six additional months to complete the transaction.
Thank you for the post.
Great to know what is going on with my new Macy's AX card
I'm guessing that Citi's endgame is to negotiate a better deal for themselves. I would think a lot of other creditors would be interested in the Macy's portfolio, if Macy's does decide to quit playing ball with Citi.
If it changes, would be interesting to see if the race for 25k limits for limited spend ends. Best card around for cranberry padding imo.
I'm just glad they're still doing increases. Just got another 1500 from them.
Just got the upgrade offer, finally, on the 28th, woot! Been "working" on it recently (a few purchases (still Silver though), and increased limit to 5k... the most recent purchase/payment of $62 seems to have been enough to trigger it after 10 years and 3 months)