Beneficial National Bank USA and RoomStore, a Texas-based home furnishings retailer, have agreed to offer a private- labelcredit card.
The agreement allows Beneficial to issue cards in nine of the store's 18 outlets. Eight of those stores were formerly Rhodes stores, which were bought by the RoomStore's parent, Heilig-Meyers Co., in 1996.
Beneficial had been supplying credit cards for Rhodes customers since 1992.
Beneficial, with $3.6 billion in receivables, hopes to expand the private-label card to the remaining RoomStores, said Richard C. Klesse, chief executive officer of the retail chain.