Alliance Data Systems Corp. will take over the private-label credit card program for Pier 1 Imports Inc., the retailer said Thursday.
Pier 1 said the agreement was "long term" but did not disclose specifics or other terms. It said that under the agreement, Alliance Data will provide end-to-end private-label credit card services from account acquisition to multichannel marketing and customer service for Pier 1.
Pier 1's current credit card program will remain in place until portfolio conversion happens, which is expected in the first quarter of 2012. Alliance Data anticipates the program portfolio to be in the $120 million range by the end of 2012.
In January, JPMorgan Chase & Co.
Over the past couple of years, JPMorgan Chase has refocused its credit cards business on attracting wealthy customers and has extricated itself from some of its retailer card partnerships.
