Payment Card News

People's TJX VISA New Promotion

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People’s Bank kicked-off a back-to-school promotion for its ‘TJX’ VISA card yesterday. Each time consumers use the TJX VISA Card at off-price retailers, T.J. Maxx or Marshalls, they will receive a reward equal to five percent of their purchases. The no-fee card carries a 6.9% six month intro rate and a 15.9% fixed long-term rate. T. J. Maxx currently operates more than 575 stores in 47 states. Marshalls has more than 450 stores spanning 37 states and Puerto Rico

FULL STORY:
Whether it’s for casual attire, weekend sportswear or formalwear, clothes shopping has become a major pastime for many people. American retailers are reporting strong sales this quarter, with same-store sales up 5.7 percent in July, according to the Goldman, Sachs Retail Composite Index. In today’s booming economy, the growth in sales at off-price retailers across the country indicates that Americans love to shop — especially when they are getting great value for their money. Now, a new co-branded card with the nation’s leading off-price retailers, T.J. Maxx and Marshalls, helps consumers realize additional shopping savings by earning rewards every time they use the card. In addition, the TJX Visa Card features a fixed low interest rate.

Each time consumers use the TJX Visa Card at either T.J. Maxx or Marshalls, they will receive a reward equal to five percent of their purchases. When consumers use the card wherever Visa cards are accepted worldwide — at 14 million locations in 239 countries — they will earn a reward equal to one percent of their purchases.

Unlike typical co-branded products, the TJX Visa Card bears no annual fee. It carries an introductory 6.9 percent annual percentage rate (APR) for the first six months on purchases and balance transfers. After the introductory period, the APR is fixed at a low 15.9 percent. With a fixed rate card, consumers avoid the frequent rate increases that can catch variable rate cardholders by surprise.

Off-Price Retailers Drive Volume

Continuing strong off-price retail sales indicate that the thrill of a bargain has taken hold in the American shopping culture. The off- price segment continues to outpace the retail industry, with leading off-price retailer, The TJX Companies, posting a 9.7 percent growth in sales this July. As further evidence of this growth trend, the sales figures for women’s wear at off-price retailers reached $5.4 billion in 1996 — an eight percent increase over 1995 volume.

The TJX Visa card is issued by People’s Bank of Connecticut, one of the fastest growing card issuers in the country. People’s Bank, with assets of more than $7.8 billion, has a managed credit card portfolio of approximately $3 billion and is internationally recognized for offering credit cards with low fixed rates. Nationally, the bank is the 26th issuer of bank credit cards. People’s Bank serves Connecticut through a network of 110 branches, automated teller machines, PC, video and telephone banking.

T.J. Maxx and Marshalls are the nation’s leading off-price retailers. T.J. Maxx sells brand name and designer fashions for the entire family at up to 60 percent less than department and specialty store prices. T.J. Maxx currently operates more than 575 stores in 47 states. Marshalls offers a wide selection of current season, top quality, designer and brand name fashions for the entire family and home at prices 20 to 60 percent lower than department stores, specialty boutiques and catalogs. Marshalls has more than 450 stores spanning 37 states and Puerto Rico.

Visa is the preferred payment brand and the largest consumer payment system worldwide. It plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions, their cardholders, and the global economy. Visa is the only consumer payment system to facilitate $1 trillion worth of purchases of goods and services in a fiscal year. Visa’s nearly 600 million cards are accepted at more than 14 million worldwide locations, including over 370,000 ATMs in the Visa/PLUS Global ATM Network. Visa’s Internet address is http://www.visa.com.

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