True Value rolls out credit card with rewards

After completing the planning and the soft launch, True Value Co. plans to launch its credit card program for consumers in stores beginning March 7.

The True Value Discover Card will officially launch March 7 with the enticement of a $10 off-the-next-purchase deal for those who apply. But the bigger benefit is the rewards that accrue over time. Consumers get 3% back for purchases made at participating True Value stores, 2% back for purchases of gas and groceries, and 1% back on all other purchases. 

March 7 also marks the launch of the Commercial Credit Card, the Taylor Rental credit card, the Grand Rental Station card and the Home & Garden Marketplace card. 

WIth the launch, True Value joins rival co-ops in the field of in-store credit card finance.

The Ace Rewards Visa Card issued by U.S. Bank, which offers a similar reward structure, with the addition of points towards Ace Rewards. Do it Best offers a private-label card through Shoppers Charge Accounts Co. 

More than 1,600 True Value stores have signed up to offer the credit card program.

At the True Value Spring Market in Atlanta, CEO Lyle Heidemann described the program as an important step for retailers that is offered to them free. 

"We soft launched this program in 75 stores the past two weeks with no glitches," said Heidemann. "I actually applied and was accepted for a co-branded card. It was easy and took less than two minutes to apply."