Niraj Shah, Wayfair CEO
Ashlee Espinal | CNBC
Citigroup won the rights to offer a pair of new credit cards with online furniture seller Wayfair, edging out Alliance Data Systems, CNBC has learned.
The deal happened amid surging demand for home goods as millions of Americans were forced to work remotely from their residences during the coronavirus pandemic. Wayfair saw an 84% jump in second-quarter sales and turned a profit for the first time since going public in 2014. The online retailer’s stock has climbed 192% this year.
Credit-card issuers have been fiercely jockeying over multi-year co-brand deals as they offer banks a way to quickly tap into consumer spending at popular retailers. For instance, last year Goldman Sachs won the rights to offer the Apple Card, helping it immediately…