L.L.Bean and Citi Retail Services Launch New Co-brand Mastercard

Chicago, IL – July 9, 2018 – L.L.Bean, Citi Retail Services and Mastercard are excited to announce a new co-brand credit card for L.L.Bean customers with an enhanced rewards structure and suite of benefits, available today.

L.L.Bean Mastercard cardmembers now have the opportunity to earn more rewards on everyday purchases, including:

• 4% on L.L.Bean purchases
• 2% at gas stations
• 2% at restaurants
• 1% on all other purchases

Rewards are earned as “Bean Buck” points and can be used for savings on L.L.Bean purchases online, in-store, or by phone. “Bean Bucks” can be used in any amount and never expire as long as cardmembers continue using their L.L.Bean Mastercard. In addition, cardmembers continue to enjoy exclusive L.L.Bean benefits, including free shipping, free return shipping and free monogramming.

The card has no annual fee and there are no limits on rewards. Customers can apply for the new L.L.Bean Mastercard online, in-store or by calling L.L.Bean.

As part of this new partnership, Citi Retail Services, one of North America’s largest and most experienced retail credit solution providers, has acquired the existing $1.5 billion L.L.Bean co-brand credit card portfolio. Existing cardmembers will be issued new L.L.Bean Mastercard accounts and will be automatically upgraded to the new card’s enhanced value proposition.

“We are thrilled to be welcoming Citi and Mastercard to our family of business partners,” said Steve Smith, President and CEO of L.L.Bean. “Their extensive retail experience and ability to put together a program to enhance our customers’ shopping experience made them a natural choice. Our new co-branded card and the greatly enriched rewards it offers are fantastic for our current customers, and will also help us welcome new customers to L.L.Bean to share in our passion for the outdoors.”

“We are excited to work with L.L.Bean to drive enhanced value for customers of this beloved American brand through the L.L.Bean Mastercard,” said Craig Vallorano, Head of Citi Retail Services. “This new agreement with L.L.Bean is a tremendous addition to Citi Retail Services’ family of industry-leading brands, and we look forward to bringing innovative offerings to their customers throughout the years ahead.”

“L.L.Bean is much more than a retailer, it’s a lifestyle brand that has redefined customer loyalty and we’re thrilled to partner with them to deliver a card program that extends this lifestyle,” said Craig Vosburg, president, North America, Mastercard. “In partnership with Citi, we’ll bring the benefits and experiences that allow L.L.Bean enthusiasts to explore their passion for the outdoors with the advanced technologies that let them pay when, how and wherever their adventures take them through worldwide acceptance.”

About L.L.Bean

L.L.Bean, Inc. is a leading multichannel merchant of quality outdoor gear and apparel. Founded in 1912 by Leon Leonwood Bean, the company began as a one-room operation selling a single product, the Maine Hunting Shoe. Still family owned, Shawn Gorman, great grandson of Leon Leonwood Bean, was named Chairman of the Board of Directors in 2013. While its business has grown over the years, L.L.Bean continues to uphold the values of its founder, including his dedication to quality, customer service and a love of the outdoors. In the past five years, L.L.Bean has donated over $6 million toward conservation and land stewardship. L.L.Bean currently operates 40 stores in 17 states across the United States, along with 27 stores in Japan. The 220,000-sq. ft. L.L.Bean retail store campus in Freeport, ME, is open 24 hours a day, 365 days a year and welcomes more than 3 million visitors every year. L.L.Bean can be found worldwide at www.llbean.com, Facebook, Twitter, YouTube, Pinterest, Google+ and Instagram.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments, and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Citi Retail Services is one of North America’s largest and most experienced retail credit solution providers, helping retailers grow through private label and co-brand card programs, retail industry insights, transaction data analytics, and fully integrated marketing and loyalty programs. Citi Retail Services is helping build loyalty and drive greater brand equity that has a lasting impact by providing partners with creative customer engagement platforms, a unique product mix and convenient service.

About Mastercard

Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Mastercard Contact

Sarah Ely

[email protected]

L.L.Bean Contact

Carolyn Beem

[email protected]

Citi Contact

Deirdre Leahy

[email protected]