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Citi Retail and Sears to extend co-brand, private label credit card agreement

Citi Retail Services and Sears Holdings Inc. said Monday they are extending their 15-year, co-brand and private label credit card program and making changes to the rewards program. Cardholders will now get 5% back in points on eligible purchases made at gas stations, will get 3% back in points on eligible purchases at grocery stores and restaurants and 2% back in points on eligible purchases made at Sears and Kmart, among other changes. As part of the agreement, Sears will receive $425 million from Citi, $400 million of which has already been received.