CHICAGO—L.L.Bean, Citi Retail Services and Mastercard are partnering on a new co-brand credit card for L.L.Bean customers that is raising the stakes in the rewards card battle.
The new plastic comes with an enhanced rewards structure and suite of benefits, Mastercard said.
L.L.Bean Mastercard cardmembers now have the opportunity to earn more rewards on everyday purchases, including:
- 4% on L.L.Bean purchases
- 2% at gas stations
- 2% at restaurants
- 1% on all other purchases
Rewards are earned as “Bean Buck” points and can be used for savings on L.L.Bean purchases online, in-store, or by phone. “Bean Bucks” can be used in any amount and never expire as long as cardmembers continue using their L.L.Bean Mastercard. In addition, cardmembers continue to enjoy exclusive L.L.Bean benefits, including free shipping, free return shipping and free monogramming, Mastercard stated.
The card has no annual fee and there are no limits on rewards. Customers can apply for the new L.L.Bean Mastercard online, in-store or by calling L.L.Bean.
Also Part of the Deal
As part of this new partnership, Citi Retail Services has acquired the existing $1.5 billion L.L.Bean co-brand credit card portfolio. Existing cardmembers will be issued new L.L.Bean Mastercard accounts and will be automatically upgraded to the new card’s enhanced value proposition.
“We are thrilled to be welcoming Citi and Mastercard to our family of business partners,” said Steve Smith, President and CEO of L.L.Bean. “Their extensive retail experience and ability to put together a program to enhance our customers’ shopping experience made them a natural choice. Our new co-branded card and the greatly enriched rewards it offers are fantastic for our current customers, and will also help us welcome new customers to L.L.Bean to share in our passion for the outdoors.”
“L.L.Bean is much more than a retailer, it’s a lifestyle brand that has redefined customer loyalty and we’re thrilled to partner with them to deliver a card program that extends this lifestyle,” said Craig Vosburg, president, North America, Mastercard.