Walgreens Inks Credit-Card Deal with Synchrony, Mastercard

(Bloomberg) -- Walgreens is getting a credit card.

In the coming months, the Walgreens Boots Alliance Inc. drugstore chain plans to introduce new credit cards with Synchrony Financial as well as a separate prepaid debit card, according to a statement Wednesday. Both will run on Mastercard Inc.’s network.

“As we continue to focus on creating new revenue streams, we look forward to exploring and introducing even more health and well-being payment initiatives in the near future,” Walgreens President John Standley said in the statement.

The new cards will “closely connect” with the chain’s revamped customer loyalty program, myWalgreens. The program -- which has more than 100 million members -- already offers customers discounts such as 5% back on Walgreens-branded products.

The credit cards, which are slated to debut in the second half of the year, will offer users other myWalgreens cash rewards, according to the statement. The Walgreens chain includes Duane Reade stores.

“We understand the critical need to prioritize the consumer experience in a way directly relevant to their everyday lives, and this card is representative of that,” Linda Kirkpatrick, Mastercard’s president of North America, said in the statement.

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