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Date Published : Thursday, February 21, 2008
The department store chain David Jones has announced details of a new credit card partnership.
According to reports, the retailer is to enter into a venture with American Express - although it was known that Citigroup had also been a frontrunner.
Dubbed, the David Jones American Express card, the new product should be launched within a timeframe that will enable the retailer to benefit from Australia's Christmas shopping season.
Established in 1838 by David Jones, an immigrant from Wales, the company was able to construct its own department store in time for opening in 1877.
"This is a significant opportunity for our company to build a future revenue stream in a segment of the financial services market where consumer brands are currently under-represented," said Mark McInnes, chief executive officer for David Jones.
"We expect the receivables base to grow to three to four times the size of the existing store card receivables base over time."
It was also noted in a statement by Mr McInnes that Australia's market for co-branded credit cards is somewhat underdeveloped when compared with the current market conditions in the US.
Also known as AmEx and Amex, American Express started life in 1850 as a corporation specialising in joint stock and based in New York City.
The company did not move in the production of cards until October 1958, although ideas over the release of a charge card had first been mooted in 1946.
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