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Author: Starbucks credit cardrechargeable Starbucks store card NY Times Feb 21st 03 |
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Date Posted: Sunday, February 23, 05:19:08am http://www.nytimes.com/2003/02/21/business/21JAVA.html Starbucks Adds a Credit Card By SHERRI DAY Starbucks customers will soon be able to pick up revolving credit lines with their double tall mocha lattes. Today, Starbucks, Bank One and Visa are expected to announce the creation of a Starbucks credit card, set to make its debut in the fall. It will function as a traditional credit card and will double as a rechargeable Starbucks store card, allowing customers to prepay for purchases by loading money onto the card. With the Starbucks credit card, these payment options will be available on one card in the United States for the first time. Analysts described the partnership of the three companies as an innovative way for the financial institutions to gain market share in the heavily saturated and slow-growing credit card business. "There's no downside to this because any time you bring a novel idea to the market, you're going to have a group of customers who embrace it because they simply want to be the first kids on their block with that product," said David Robertson, the publisher of the Nilson Report, which tracks the credit and debit card industry. "It doesn't mean that it's going to be as big of a product as the G.M. card, but its chances of success are very strong." Starbucks said the credit card would include a reward component allowing users to earn free Starbucks products and rebates. "Unlike airline tickets, these rewards can be immediate," said Howard Schultz, the chairman and chief executive. "We are doing something that has never been done before, which we think is compatible with our brand and what our customers have come to expect from us." The decision to create a Starbucks credit card was based in part on surveys of Starbucks customers, who told the company that they had too many credit cards. Neither Starbucks nor its financial partners would release the terms of the credit card. The companies said it would be marketed in a variety of ways including direct mail and store displays. Mr. Schultz said that while he did not want Starbucks to be in the business of hawking credit cards, he did want consumers to have a special place in their wallets for the Starbucks card. "What I'd like this to be is their favorite card or their most-valued card," Mr. Shultz said. Starbucks introduced prepaid cards in November 2001, aimed at repeat customers and holiday shoppers who might give them as gifts. Besides fostering speedier service and shorter lines, the cards helped sales. Almost 7 percent of Starbucks transactions in 2002 were made with the cards, the company said. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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