Printer Friendly

ALL SEARS STORES TO ACCEPT VISA, MASTERCARD, AND AMERICAN EXPRESS IN ADDITION TO SEARSCHARGE AND DISCOVER CARD

 HOFFMAN ESTATES, Ill., July 29 /PRNewswire/ -- Expanding credit operations and enhancing convenience for customers, Sears Merchandise Group today said all of its U.S. and Puerto Rico stores will accept Visa, MasterCard, and American Express cards beginning Aug. 1, in addition to its popular SearsCharge and the Discover Card.
 "This is another strategic move that's a win-win for Sears and its customers," said Arthur C. Martinez, chairman and chief executive officer of Sears Merchandise Group. "Our customers have responded enthusiastically to these new credit operations during our recent test, resulting in new customers shopping our stores and incremental sales gains. At the same time, we have aggressively marketed our widely used SearsCharge card and it continues to be our customers' first choice.
 "As we introduce this program nationally Sunday, Aug. 1, Sears will be the only store accepting all five of America's most popular credit cards," Martinez said. "We believe we are the store offering customers the most credit options and programs, while providing us with opportunities to increase sales and attract new customers.
 "This decision offers an additional convenience for family members from about 20 million households who don't have Sears cards but who do carry Visa, MasterCard and American Express cards to shop more frequently at Sears," Martinez said. "We will be welcoming a large number of new customers to our stores to show them our superior merchandise values."
 Sears has been testing these credit options since November 1992 in 140 Sears stores and other units in the Dallas, Dayton, Miami, Orlando, San Diego and Syracuse markets. Sears will accept Visa, MasterCard and American Express beginning next month at more than 1,800 U.S. and Puerto Rico Sears units, including its multi-line retail stores, Homelife furniture stores, retail outlet stores, product services units, hardware stores, freestanding auto centers, appliance stores and the new retail dealer stores.
 Sears also said today it has improved its SearsCharge "Rapid Credit" program, enabling qualified customers to open an account in less than two-and-a-half minutes at cash registers in Sears multi-line retail stores. SearsCharge, the largest retail credit card in the country with 27 million active accounts, expects to add over five million new accounts in 1993.
 Jane J. Thompson, executive vice president, credit, said, "We saw in our test stores that SearsCharge continues to be the first choice among our customers because of its attractive and competitive features.
 "Customers benefit from two value-added SearsCharge programs," Thompson said. "The Bonus Club gives them a one-percent payback on accumulated purchases of $200 and Sears Best Customer program provides invitations to special promotions and events, priority services, and special discounts."
 Additionally, SearsCharge has no annual fee, lower monthly payments than any national retailer and a 30-day grace period on payments.
 "New and existing SearsCharge customers also are attracted to our card because it offers them a line of credit beyond their traditional bank cards," Thompson said.
 Sears began offering installment credit plans in 1911 to farmers in rural America who used Sears credit as a way to purchase appliances and needed equipment until their crops were harvested and sold in the fall. Sears established its revolving charge account in 1953 and estimates it has about 50 million accounts overall and about 70 million outstanding cards.
 -0- 7/29/93
 /CONTACT: Perry Chlan of Sears Merchandising Group, 708-286-7079/
 (S)


CO: Sears, Roebuck and Co. ST: Illinois IN: REA SU:

SM-MG -- NY045 -- 7463 07/29/93 11:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 29, 1993
Words:573
Previous Article:AMERICAN STOCK EXCHANGE HONORS TRANS-LUX AT OPENING OF NEW INDEX TRADING AREA
Next Article:SHAW INDUSTRIES DECLARES DIVIDEND
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters