Retailer Sears Holdings has extended its 15-year co-branded and private label credit card agreement with Citi Retail Services.

Under the terms the agreement, Citi will pay $425m to Sears along with a variety of programme changes.

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Additionally, the latest deal involves long-term marketing arrangements, including enhancements to the ‘Shop Your Way Mastercard’ rewards programme.

Shop Your Way Mastercard cardholders will get new everyday benefits such as reward points on purchases at Sears, Kmart, gas stations, grocery stores and restaurants.

Customers can instantly redeem the earned points during shopping at Sears and Kmart. The points can be checked on web or the Shop Your Way app and availed in-store as well as online.

Citi Retail Services head Craig Vallorano said: “The extension provides for strong long-term economic value for both Citi and Sears, and we are especially proud to provide enhanced benefits to our Shop Your Way Mastercard cardmembers every day, at the places they shop most.

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“Consistent with other top-of-wallet credit cards, more than 70% of customers spend on our Citi-Sears general purpose cards occur at merchants beyond Sears, so this enhanced rewards structure is designed to deliver strong value for Shop Your Way card customers as well.”

Sears Holdings chairman and CEO Edward Lampert said: “We saw a strong volume of card issuances in 2017 and we look forward to building on that momentum as the power of the Shop Your Way platform allows us to personalise experiences and make life easier and more rewarding for every cardholder.”