Tractor Supply Company (TSC) and Citi Retail Services have agreed to a multi-year extension of their decades-old credit card relationship, the two companies announced on Monday (May 24). They said in a news release that the deal marks “a continued commitment” to expanding the TSC’s personal credit card portfolio, “a key strategic area that has recently realized significant growth.”
“For more than 20 years, Citi Retail Services has served as a true partner to Tractor Supply, providing innovative credit programs and supporting company-wide growth,” said Kurt Barton, Tractor Supply’s chief financial officer. “Looking ahead, we believe this renewal will bring even more value to our customers, while also fostering greater brand loyalty and driving sales during an exciting growth period for Tractor Supply.”
The deal comes as TSC is enjoying what it calls record Q1 performance, with a 42.5 percent year-over-year net increase in sales. The rural lifestyle retailer also plans to open 80 new stores this year, at a time when people are moving into the suburbs, and reversing a long trend of growth within cities.
This is the latest in a string of good news for TSC, which reported record full-year sales and earnings at the start of 2020, a 30 percent increase in its dividend. And in February, the company made the largest acquisition in its 83-year history: TSC paid $297 million to purchase Orscheln Farm and Home, a deal that included Orscheln’s 167 stores spread throughout 11 states in the Midwest. David Chubak, head of Citi Retail Services, said the new agreement “reinforces our shared commitment to enhance the customer experience with an increased focus on multi-channel benefits as we look to engage our next generation of customers.”
Citi issues two cards for TSC: the TSC Personal Credit Card, which offers special status in the store’s Neighbor’s Club and 5 percent back on some purchases; and the Tractor Supply Business Card for business customers.
