For decades, stores have tried to create customer loyalty by offering proprietary credit cards. Now, further evidence that web retailing is becoming more like traditional retailing, but with a twist, Amazon.com has introduced a proprietary credit “card.”
Not actually a card, but a credit account administered by the Citi Commerce Solutions division of Citibank in conjunction with Amazon.com Financial Services Inc., Amazon will offer a line of credit to customers who don’t have credit cards or who want a proprietary credit account with Amazon.
To launch the card, Amazon is giving a three-month, interest-free grace period on orders of more than $200. The finance offer does not apply to purchases made from the Amazon Marketplace, auctions or Z shops, or at the Circuit City portion of Amazon. The offer also cannot be used for gift certificate purchases and cell phone deposits. The interest rate on the card is 22.9%.
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