Citi targets homebodies with cobranded Wayfair Mastercard
Citi has teamed with home furnishings giant Wayfair on a pair of credit cards—one cobranded with Mastercard and a private label version—capitalizing on the pandemic-accelerated e-commerce boom.
Targeting homebound shoppers, the Wayfair Mastercard and private-label card’s loyalty program offers 3% back in rewards for grocery purchases and 2% back on online purchases. All other purchases yield 1% back on the no-annual-fee card.
According to eMarketer data, Wayfair also is one of the only U.S. e-commerce retailers to crack the Top 10 this year without a chain of brick-and-mortar stores augmenting its volume, underscoring e-commerce’s momentum. (Wayfair has one store in Natick, Mass., and one outlet store in Kentucky.)"With e-commerce continuing to surge in popularity, we are thrilled to partner with Wayfair to provide customers with seamless, convenient financing embedded in the path to purchase,” said Craig Vallorano, head of Citi retail services, in a press release.
The move marks the first time Wayfair has offered a cobranded credit card. Alliance Data Systems’ Comenity Bank previously offered a private-label Wayfair credit card, which stopped accepting purchases this week.
“As we all are spending more time at home, we are excited to work with Citi and Wayfair,” said Meredith Spatz, Mastercard’s executive vice president for North America in the release.