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The credit card business has long been a pure profit center for a retailer like Macy's. Per data from Citi analyst Paul Lejuez, Macy's credit card business hauled in $863 million in sales last ...
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Citi issues the Macy's and Bloomingdale's American Express cards along with Citi-branded cards. US Bancorp issues American Express-branded cards for US Bank along with Elan Card Services, a subsidiary that issues credit cards on behalf of small to midsize banks. Some credit unions, including PenFed, also issue American Express cards.
Macy’s is warning of a spike in customers who are failing to make credit card payments, adding to the evidence of mounting financial stress on consumers.
Macy's posted a beat on earnings estimates on Tuesday before the market open, but the department store pointed out that its credit card business is under pressure.
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In 2005, Federated Department Stores, now Macy's, Inc., sold its consumer credit portfolio to Citigroup, which reissued its cards under the name Department Stores National Bank (DSNB). [ 44 ] [ 45 ] As of 2013, Citibank employed 2,900 people in Sioux Falls , South Dakota, and contributed to the state holding more bank assets than any other state.
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related to: macy's credit card with citibank account log- 4141 Refugee Road, Columbus, OH · Directions · (614) 860-1621
