Consumer Payment Card News


In a speech to its membership at the annual Spring Market, True Value unveiled the details of its new co-branded True Value MasterCard card, to be launched in late July. The card, which requires no annual fee, will feature a variety of incentives for cardholders and will replace True Value’s proprietary store card. Associates National Bank (Delaware) is the issuing bank for the card.

Shoppers who use the True Value MasterCard will receive a 2 percent rebate on all True Value purchases, 1 percent off purchases made outside of True Value, and a 5 percent rebate opportunity on balance transfers. All rebates will be paid by check which can be used for merchandise at True Value stores. Rebate checks will be distributed twice a year to cardholders.

In addition, the card will carry a 6.9% annual percentage rate for the first six months. The card also provides a low price guarantee and Extended Warranty coverage on purchases.

“We wanted to develop a universally accepted card that offered true benefits to our cardholders,” said Chuck Kremers, vice president and director of marketing for Cotter& Co., which sponsors the True Value MasterCard, “I think we’ve achieved both. The MasterCard name makes a universally accepted card and our customers will accrue real benefits every time they use the card. At the some time, this card will allow our store owners to fortify the relationships they have with their customers.”

Cotter & Company is a Fortune 500 company and national wholesaler of hardware, building supplies and related items. Headquartered in Chicago for nearly 50 years, it serves more than 6,000 True Value retail members in the U.S. and Canada and in 47 countries around the world.

Associates National Bank (Delaware) is a subsidiary of Associates First Capital Corporation (NYSE: AFS), which is a leading diversified finance company, providing consumer and commercial finance, leasing, and related services through 1,950 offices in the U.S. and internationally. Based in Dallas, it is part of the Financial Services Group of Ford Motor Company and has assets of more than $41 billion.

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