Citibank has exercised it's "early termination" clause with the Macy's portfolio

[unsungivy]

Finally found an update on this:

https://www.macysinc.com/investors/news-events/press-releases/detail/1730/macys-inc-and-citibank-n-a...

Long story short: Macy's+Citibank to March 2030

[CYBERSAM]

Sweet! Didn't want to make the change after recent upgrade! 👍👍

[BearsCubsOtters]

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@unsungivy wrote:

Finally found an update on this:

https://www.macysinc.com/investors/news-events/press-releases/detail/1730/macys-inc-and-citibank-n-a...

Long story short: Macy's+Citibank to March 2030

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Thank you! I was wondering what happened with that as December 2021 should have been an announcement. I wouldn't have minded Goldman Sachs but I am glad it is staying with Citibank for the SP CLI.

[1GaDawg85]

glad to see that Citi is holding onto the portfolio!

[M_Smart007]

I am "Double" glad that Citi will continue the relationship with Macy's

@unsungivy, Thank you for posting the update

[iced]

Is this news related to why I got a notice that my old Macy's store card just got closed out of the blue? It's fine as I haven't used it in years, but the timing is at least interesting.

[K-in-Boston]

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@iced wrote:

Is this news related to why I got a notice that my old Macy's store card just got closed out of the blue? It's fine as I haven't used it in years, but the timing is at least interesting.

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Doubtful.  It just means that Citi could have exercised the option to divest itself of the portfolio.  Most likely it was just the card being dormant for too long.

[LADave]

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@BearsCubsOtters wrote:

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@unsungivy wrote:

Finally found an update on this:

https://www.macysinc.com/investors/news-events/press-releases/detail/1730/macys-inc-and-citibank-n-a...

Long story short: Macy's+Citibank to March 2030

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Thank you! I was wondering what happened with that as December 2021 should have been an announcement. I wouldn't have minded Goldman Sachs but I am glad it is staying with Citibank for the SP CLI.

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GS has SP CLIs for their Apple Card and probably also their GM Rewards card. They also have SP applications for both cards. 😉

[Royalbacon]

Has Citi done this at all with Sears?

If they're not happy with falling sales at Macy's, they certainly can't be happy with Sears then you would think...? Sears is in much, much, much more dire straits then Macy's has ever been.

[FinStar]

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@Royalbacon wrote:

Has Citi done this at all with Sears?

If they're not happy with falling sales at Macy's, they certainly can't be happy with Sears then you would think...? Sears is in much, much, much more dire straits then Macy's has ever been.

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The Sears portfolio is handled by Citi Retail, not DSNB. Each Citi entity has different contractual agreements with their respective partnerships. FWIW, even though all Sears brick and mortar stores have closed, there's still an online presence + the Sears credit cards are still alive and kicking (for now at least).