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

unsungivy
Frequent Contributor

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

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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Message 11 of 21
CYBERSAM
Valued Contributor

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

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





Message 12 of 21
BearsCubsOtters
Frequent Contributor

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


@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


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.

Message 13 of 21
1GaDawg85
Valued Contributor

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

glad to see that Citi is holding onto the portfolio!


FICO 5 ,4, 2 - 4/2022                            FICO 8 - 5/2022                                   FICO 9 - 4/2022                                   FICO 10 - 4/2022
      
Message 14 of 21
M_Smart007
Legendary Contributor

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

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

@unsungivy, Thank you for posting the updateSmiley Happy

Message 15 of 21
iced
Valued Contributor

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

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.

Message 16 of 21
K-in-Boston
Moderator

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


@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.


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.

Message 17 of 21
LADave
Regular Contributor

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


@BearsCubsOtters wrote:

@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


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.


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

Message 18 of 21
Royalbacon
Frequent Contributor

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

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.

Chapter 7 Bankruptcy Filed-September 2020 Discharged-December 2020
Kohl's Credit Card $3000 Limit (Opened October 2016) Survived Bankruptcy for whatever reason
Capital One Venture One $3000 Limit (Opened December 2020)
Capital One Auto Loan (Opened March 2021)
Capital One Cabela's $5000 Limit (Opened December 2021)
America First Credit Union Visa $1000 Limit (Opened December 2021)
Message 19 of 21
FinStar
Moderator

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


@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.


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).

Message 20 of 21
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