Chicago-based True Value Co. is in the early stages of the launch of its Discover credit card program, and expectations are high, according to the co-op.
“Our new credit card program provides retailers with many strategic advantages to strengthen existing customer relationships while attracting new customers and driving retail growth,” said Blake Fohl, VP marketing and chief customer officer for True Value Company. “Introducing the True Value Discover card program this spring is just one of the ways True Value continues to support our retailers and their customers.”
The program connects retailers to consumers with new offerings that pass financial benefits and incentives along to the consumer with zero to minimal costs for True Value retailers, according to the co-op. The card program, issued by Alliance Data, utilizes the unique capabilities of the Discover network and its millions of merchant locations.
In a press release Wednesday, the co-op shared some of the business metrics behind the card program that was launched in March. Participating retailers immediately experienced increased sales and transaction sizes, with the average True Value Discover card transaction exceeding $330. The program currently has a 70% credit approval rate for customers applying for the card, which is higher than most programs of similar size, the co-op said.
True Value customers also experience significant benefits through the True Value Discover card’s 3-2-1 rewards model. Customers receive a 3% reward on all True Value purchases, a 2% reward on all gas and grocery purchases and a 1% reward on all other purchases made with the card.