ATLANTA, Feb. 9, 2011 – First Data Corporation , a global leader in electronic commerce and payment processing, today announced it has renewed its credit card processing agreement with World's Foremost Bank, a wholly owned subsidiary of Cabela's Incorporated (NYSE:CAB), to provide payment processing services for approximately 2 million credit card accounts.
In addition to credit card processing, First Data also provides statement production, plastic card production and associated mailing services for the bank. Financial terms of the extended agreement were not disclosed.
The World's Foremost Bank was chartered by Cabela's in 2001 and serves as the exclusive issuer of the Cabela's CLUB Visa credit card, which was established in 1995. The bank provides customer service, risk management and payment processing exclusively for Cabela's CLUB Visa cardholders. The Cabela's CLUB Visa credit card allows consumers to earn points on all of their purchases, which they can apply toward their next purchase at Cabela's.
"First Data has been a trusted partner for more than 15 years," said Sue Saathoff, executive vice president of World's Foremost Bank and vice president at Cabela's. "We chose to extend our relationship with First Data based on our long-standing history, and the fact that First Data provides the services, functionality, and flexibility to enable us to continue to provide a best-in-class loyalty product to our customers."
"This renewal signifies the importance of, and strengthens our commitment to, helping drive our customers' success," said Ed Labry, president, First Data - North America. "Our ability to offer the full spectrum of industry-leading services and the expertise of our dedicated employees who serve our customers every day are the key ingredients to long-term relationships like this one."
About Cabela's Incorporated
Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading specialty retailer, and the world's largest direct marketer, of hunting, fishing, camping and related outdoor merchandise. Since the Company's founding in 1961, Cabela's® has grown to become one of the most well-known outdoor recreation brands in the world, and has long been recognized as the World's Foremost Outfitter®. Through Cabela's growing number of retail stores and its well-established direct business, it offers a wide and distinctive selection of high-quality outdoor products at competitive prices while providing superior customer service. Cabela's also issues the Cabela's CLUB® Visa credit card, which serves as its primary customer loyalty rewards program. Cabela's stock is traded on the New York Stock Exchange under the symbol "CAB".
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction.
Joe Arterburn, Cabela's
Nancy Etheredge, First Data