Mall Developers’ Alliance to Market Credit Card

The U.S.’s largest mall developers have formed an alliance to market a Visa credit card that consumers can use at their properties to gain discounts on future purchases.

Led by Indianapolis-based Simon DeBartolo Group Inc., the developers collectively own more than 400 malls. Long bitter competitors, they have come together for the first time, hoping that a credit card will help boost lagging mall sales and increase the amount of time consumers spend at their properties. (Since the 1980s, shoppers have been spending less time at malls.)

The developers have reached an agreement with Visa USA Inc. to issue a card through PNC Bank Corp. The card, called the Mall VIP Card, will give consumers 2% back on every dollar spent at one of the participating malls and 1% back on every dollar spent elsewhere.

ppppp The benefits accrue monthly. For example, after spending $1,000 at a participating mall, shoppers could get a $20 gift certificate redeemable at any of the mall’s stores.

The card is being test marketed at 14 select properties with a national roll-out planned in September.