Retail giant Shein introduces its inaugural credit card offering
Shein, the popular fast-fashion retailer, has announced the launch of its first branded credit card, designed to facilitate access to credit and reward everyday use. The partnership with Mexico-based fintech startup Stori marks a "natural step" towards enhancing users' shopping experience, according to Ted Wang, head of global payments for Shein.
The Shein credit card is available in both physical and digital formats, and it specifically targets the Mexico market, aiming to address financial inclusion challenges in the region. Stori, the first partner for Shein's credit card program, is proud to be a part of this alliance, as stated by Marlene Garayzar, chief growth officer and founder of Stori.
The credit card has a 99% approval rate, according to the press release, and users will earn double points on all purchases made on the Shein Mexico platform. For purchases outside of the store, both nationally and internationally, users will earn one point. The credit card's acceptance is global due to backing from Mastercard.
Upon card activation, users will receive 250 "Shein welcome points". Users can redeem these points for various rewards within the Shein platform. The Shein credit card emphasizes responsible use of credit, according to the release.
It is not clear from the current information if Shein has plans to extend the credit card program beyond Mexico. However, the partnership is expected to significantly enhance the shopping experience for Shein's Mexican users.
Shein's foray into the credit card market is a strategic move to strengthen its position in the fast-fashion industry and provide additional benefits to its users. The company's focus on financial inclusion and user experience aligns with Stori's mission to make financial services more accessible and user-friendly.
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