BJ's Wholesale Club Introduces New Partnership with Capital One

Rhea-AI Summary

BJ's Wholesale Club and Capital One Financial have entered a strategic agreement, making Capital One the exclusive issuing partner for BJ's Mastercard program, set to launch in early 2023. This agreement includes the acquisition of BJ's existing credit card accounts. BJ's aims to enhance member value through improved customer service and digital offerings, leveraging Mastercard's extensive network. Capital One's proven track record in delivering superior payment products positions the partnership to accelerate BJ's growth and enhance customer loyalty.

Positive

• Strategic partnership enhances BJ's customer value and digital experience.
• Capital One will acquire BJ's existing credit card accounts, strengthening its portfolio.
• The launch of a new Mastercard program in early 2023 promises improved rewards for members.

Negative

• None.

Capital One Selected as New Exclusive Issuing Partner for the BJ's Mastercard^® Program

MARLBOROUGH, Mass., Oct. 12, 2022 /PRNewswire/ -- BJ's Wholesale Club (NYSE:BJ), a leading membership warehouse club operator, and Capital One Financial (NYSE: COF), a leading bank and credit card company, announced today that they have entered into a strategic program agreement for Capital One to become the exclusive issuing partner for BJ's co-brand Mastercard® program. The new program is expected to launch in early 2023.

With the new BJ's Mastercard program, Capital One has also entered into an agreement to acquire the existing portfolio of BJ's credit card accounts. Over the coming months, more details will be provided to existing cardmembers on the transition to the new card program, which will continue to run exclusively on the Mastercard network.

"When we can deliver incredible value with a partner who is the absolute best at what they do, our members win," said Bill Werner, Executive Vice President of Strategy and Development at BJ's Wholesale Club. "Capital One's customer service and digital experience are unmatched in the card space, and we are so excited to pair this first-class offering with the power of Mastercard's network and an upgraded value proposition as we continue to deliver to our members what we believe is the best program in retail."

"We're proud to enter into a strategic partnership with BJ's to further accelerate their growth and support their commitment to deliver significant value to their members," said Buck Stinson, Senior Vice President, Head of U.S. Card Partnerships at Capital One. "We look forward to working together to offer BJ's Mastercard cardmembers unique value and convenience."

"We've been proud to bring the power of our network to support BJ's Mastercard cardmembers since 2014," said Bunita Sawhney, Executive Vice President, U.S. Financial Institutions at Mastercard. "With the addition of Capital One as the exclusive issuing partner for this program, we will be able to further deliver industry-leading everyday rewards and benefits to BJ's members."

BJ's Wholesale Club delivers value, convenience and assortment through incredible savings at an unbeatable value, helping members save up to 25% off grocery store prices on national brands. BJ's is proud to offer a wide assortment of fresh foods, produce, household essentials, gas, tires and much more. As an easy one-stop shop, members can enjoy a differentiated shopping experience enhanced by omnichannel capabilities, including same-day delivery, in-club pickup and ship-to-home.

Capital One has a superb track record of working with partners to deliver industry-leading payment products and digital capabilities that drive partner growth and deepen customer loyalty.

About BJ's Wholesale Club Holdings, Inc.

Headquartered in Marlborough, Massachusetts, BJ's Wholesale Club Holdings, Inc. (NYSE: BJ) is a leading operator of membership warehouse clubs in the Eastern United States focused on delivering significant value to its members. The Company provides a curated assortment of grocery, general merchandise, gasoline and other ancillary services to offer a differentiated shopping experience that is further enhanced by its omnichannel capabilities. Since pioneering the warehouse club model in New England in 1984, the Company currently operates 232 clubs and 162 BJ's Gas® locations in 18 states. For more information, please visit us at www.bjs.com or on Facebook, Twitter or Instagram.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $307.9 billion in deposits and $440.3 billion in total assets as of June 30, 2022. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index. Visit Capital One About for more information.

About Mastercard

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com

View original content:https://www.prnewswire.com/news-releases/bjs-wholesale-club-introduces-new-partnership-with-capital-one-301646528.html

SOURCE BJ's Wholesale Club Holdings, Inc.; Capital One Financial Corporation; Mastercard

FAQ

What is the new partnership between BJ's and Capital One?

BJ's Wholesale Club has selected Capital One as the exclusive issuing partner for its Mastercard program, which is set to launch in early 2023.

When will the BJ's Mastercard program launch?

The new BJ's Mastercard program will launch in early 2023 according to the recent announcement.

What will happen to existing BJ's credit card accounts?

Capital One has agreed to acquire the existing portfolio of BJ's credit card accounts as part of the new partnership.

How will the partnership benefit BJ's members?

The partnership aims to deliver enhanced customer service, digital experience, and improved rewards for members through the new Mastercard program.

What are the key companies involved in the BJ's Mastercard program?

The key companies involved are BJ's Wholesale Club, Capital One Financial, and Mastercard.