Walgreens Becomes a New Player on the U.S. Financial Services Scene
Walgreens has recently announced its plans to enter the consumer financial services market. To be precise, the second-largest pharmacy store chain in the United States is going to start issuing credit cards and prepaid debit cards under its brand. The main reason for this expansion of the scope of activity is the losses incurred by the company during the COVID-19 pandemic. The first fiscal quarter alone cost the company $308 million.
The new products will be released later this year. It is known that the Walgreens credit card should work on the Mastercard network. And the issuing bank will be Synchrony, which has more than a dozen co-branded cards under its belt.
The credit card is supposed to come with cash rewards. It will be tied to the new myWalgreens loyalty program which was launched this autumn with more rewards and attractive perks like Pickup service. The program members can now earn 1% in Walgreens Cash rewards storewide and 5% in Walgreens Cash rewards on Walgreens branded products.
It was also revealed that the Walgreens rewards credit card will come with benefits for shopping at some other places, plus will bring its holders enhanced cash rewards for purchases in the health and wellness category.
John Standley, Walgreens president, claimed that the company is not going to stop on the two financial products and looks forward “to exploring and introducing even more health and well-being payment initiatives in the near future.”
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