Capital One snags credit card partnership with Williams-Sonoma – About Your Online Magazine

Capital One has entered into a credit card partnership with Williams-Sonoma, becoming the home furniture retailer’s exclusive issuer and closing an agreement to purchase its existing card portfolio.

The McLean, Va.-based company has entered into a long-term agreement to offer both co-branded and private-label credit cards, according to a press release on Tuesday. In addition to the Williams Sonoma kitchen appliance chain, the retailer’s brands include Pottery Barn, West Elm and Mark & ​​​​Graham.

Capital One’s agreement to buy the retailer’s existing card portfolio ends a years-long partnership between San Francisco-based Williams-Sonoma and Alliance Data Systems, the parent company of Comenity Bank.

Capital One will become the exclusive issuer of Williams-Sonoma’s co-branded and private credit cards in a long-term deal announced Tuesday.

In a statement, Alliance Data, based in Columbus, Ohio, confirmed that the bank and the retailer ended their partnership and “worked together to ensure a smooth transition for cardholders.”

“Alliance Data remains committed to investing in the growth of our business, establishing or expanding relationships with customers who share a mutual interest in driving business performance and success,” said the company.

Laura Alber, President and CEO of Williams-Sonoma, said in the press release that partnering with Capital One will allow the retailer to “deliver enhanced rewards to cardholders, enabling them to earn and redeem across our family of brands”

A spokeswoman for Capital One did not immediately respond to a request for further comment on its plans for the Williams-Sonoma partnership.

The $425 billion asset bank plans to launch the new credit cards before the end of the year and will run them through Visa’s payment network. Existing cardholders will get more details about the transition in the coming months.

Paula Fonseca