Bon-Ton Stores has entered into a third amendment to the Credit Card Program Agreement with HSBC Bank Nevada – a national banking association (HSBC). Under the agreement, which is in effect through June 20, 2012, Bon-Ton continues to participate in the revenue generated by credit sales.
Bon-Ton has said that the third amendment defines additional protection for the credit lines of certain of the company’s loyal credit card customers. It revises the compensation the company will receive for certain types of sales made on the credit cards, and provides that the company and HSBC will share certain losses associated with the Credit Card Program.
Bud Bergren, president and CEO of Bon-Ton, said: We are pleased to announce the continuation of the strategic alliance with HSBC. We consider our proprietary credit card program to be a key component of our retailing concept, and we place a high degree of importance on our relationship with our loyal cardholders.
