Wells Fargo continued in its recent credit card push earlier this week, by inking a deal with Dillard’s to issue and service credit cards for the department store retailer.
Wells Fargo will take over for GE consumer finance unit sometime during Q4 2014. The financial terms of the deal are not known at this time, but it is known that Wells Fargo will enter into a ten-year agreement to offer co-branded and private label credit cards for Dillards.
Wells Fargo, despite some recent success in retail cards, has lagged behind other banks in offering private label cards.
“This is one area that we’d like to spend some more time expanding,” said Tom Wolfe, Wells Fargo’s executive vice president for consumer credit solutions, report Reuters.
Wells Fargo has also recently partnered with American Express to develop a rewards program that targets increasing use among affluent card customers.
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