Citi Retail Services has signed a long-term agreement with Caterpillar Financial Services (Cat Financial) to provide private label credit card program in the US and Canada.
As part of the deal, Cat Financial will jointly manage the overall program and continue to provide guidance on product offerings, while Citi will be responsible for the origination and portfolio management.
The new Cat Card Program will offer commercial and consumer financing options, which will give consumers the flexibility to finance parts, servicing and rental needs at participating Cat dealers in the US and Canada.
Citi Retail Services head Craig Vallorano said: “Caterpillar has been a Citi banking partner for more than 90 years, and we’re excited to work together in this new capacity to serve their loyal customers.
“This relationship allows us to expand our deep expertise in the dealer network distribution market space and is an important addition to the Citi Retail Services portfolio.”
Presently, Citi is accepting online applications for the new Cat Card in the US and will begin accepting applications in Canada from 21 August.
Existing Cat Financial Commercial Account customers can continue to use their accounts at participating Cat dealers. In the coming weeks, Citi will provide new Cat Commercial Card with a new account number to replace the existing account number.
Caterpillar Financial Services president Dave Walton said: “Our partnership with Citi on the Cat Card Program brings substantial opportunity to both the Caterpillar enterprise and our customers.
“Building on the success of the existing Commercial Account product over the last 10 years, Citi brings the scale to grow the product through their established infrastructure and technological capabilities already in place, including service centers for both customer and dealer support, automated online credit approvals, and broad marketing and analytics capabilities.”
Citi Retail Services offers consumer and commercial credit card products to both private label and co-brand, to retailers and their clients.
Cat Financial offers a wide range of financing solutions to customers and Cat dealers for Cat machinery and engines, Solar Gas Turbines and other equipment and marine vessels.