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Date Published : Friday, March 28, 2008
Retail giant David Jones has reiterated its desire to move into the credit card market, after announcing its financial results.
Amid a 25 per cent rise in pre-tax profits for the three months to the end of February, David Jones stated that it will launch its first credit card range - in partnership with American Express (AmEx) towards the end of 2008.
The credit card offers will see David Jones take on other retailers - including Coles, Myer and Woolworths - in the competitive credit card market throughout Australia.
Last month, the retail department store initially announced plans to enter the credit card market after securing a deal with AmEx.
"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," Mark McInnes, chief executive officer for David Jones, said at the time.
"We expect the receivables base to grow to three to four times the size of the existing store card receivables base over time."
Earlier this year, Woolworths - the nation's largest food retailer - joined forces with international bank HSBC to launch its own credit cards, which will be on offer to consumers from June.
Meanwhile, rival supermarket Coles is also a key player in the credit card market, after launching the Coles Group Source MasterCard in 2006, which offers users large discounts on petrol and groceries.
Compare credit card rates.
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