American Express (NYSE:AXP) announced a new customer loyalty program that will allow shoppers to rack up points with select retailers and use them at participating stores such as Macy's (NYSE:M) and Rite Aid.
The program is free for shoppers and set to debut in May, reported the Associated Press. Called Plenti, the program is not exclusive to American Express cardholders. Customers of participating companies in the program can earn points by paying with cash or debit and credit cards from any card issuer. American Express has also slated a Plenti-branded credit card for rollout that will give users the opportunity to gain additional points.
Other companies where shoppers can earn points through Plenti include AT&T, ExxonMobil, Nationwide, Hulu and Direct Energy.
Full details of the partnership between American Express and retailers were not disclosed but there will be certain benchmarks that lead to revenue rewards.
American Express embarks on this deal following the announcement of the termination of its long-standing contract with Costco. And last month the card issuer said it would increase annual fees on some of its popular charge cards in an effort to boost revenue.
Looking to broaden its customer base, American Express made a deal with McDonald's last year to allow loyalty members to redeem points at participating locations.
-See this Associated Press article
Macy's refocuses leadership for omnichannel and innovation
Macy's advances omnichannel strategy with same-day delivery
American Express rewards can now be redeemed at McDonald's
Macy's tests Facebook video ads
Macy's to extend click-and-collect chainwide