Best Buy expands alliance with HSBC

MINNEAPOLIS Best Buy Co. today said that it has extended its strategic alliance with HSBC Finance Corp.'s card and retail services business, the financial services company responsible for managing Best Buy's U.S. private label credit card and Reward Zone MasterCard programs. Terms of the multi-year agreement were not disclosed.

"Continuing our relationship with HSBC means that our customers will continue to benefit from innovative, tailored and flexible financing options that help them bring the entertainment and technological experiences they desire to the places they live, work and play," said Mike Norona, president of Best Buy financial services. "HSBC is a valued strategic partner for Best Buy. Their core capabilities, cultural fit and global presence are aligned and integrated with our future growth plans."

Best Buy's relationship with HSBC began 15 years ago with the launch of the Best Buy-branded credit card for its U.S. customers. In 2006, the company introduced the Best Buy Reward Zone program MasterCard credit card, which rewards loyal Best Buy customers by providing automatic enrollment to the company's popular Reward Zone program. The card enables consumers to accelerate the rate at which rewards are earned.