With the help of a Citicorp unit, a recently formed company is teeing off this month into the private-label card market.
Selected American Golf Enterprises of Timonium, Md., is preparing a national rollout of a credit card for private clubs.
Citicorp Retail Services, Melville, N.Y., will issue the cards and process accounts.
Similar to Store Cards
The Citicorp Retail package is similar to that used by department and specialty stores.
"We've taken the structure used for private label credit cards [and adapted it for] private clubs," said William Hall, the golf venture's chief executive officer.
The program allows members to charge their club dues, initiation fees, and refundable bonds, as well as catering and other club-provided services, Mr. Hall said.
The repayment term for large-ticket items can be extended over four years.
Mr. Hall eyes a market consisting of 6,000 private golf clubs and 20,000 other private clubs nationwide. He anticipates signing up 150 clubs in 1993, with increases in following years.
Typically, private clubs run their own, relatively limited credit programs. To assure cash flow, Citicorp Retail Services is committed to settling club charges within three business days.
