Monro launches 'Drive Card' credit card

ROCHESTER, N.Y. — Monro Muffler Brake Inc. has launched a private-label credit card, called "Drive Card," that management expects will be a "big driver of customer loyalty."

The new card, developed in partnership with Citibank N.A., replaces a Goodyear-label card Monro had offered in the past. The new card debuted in March.

As much as 10 percent of Monro's business has been booked through the card since it launched, Monro President and CEO John Van Heel told financial analysts in a May 18 conference call.

The company's goal to is to double that, he said. The pace of applications for the new card since its launch is five times that with the previous card, he added.

The card can be used for any product or service at any Monro location.

Purchases of $250 or more will be interest-free for up to six months, Monro said. If the full amount is not taken care of in that grace period or payments are late, interest will be charged on the balance dating back to the date of purchase. The annual percentage rate for purchases 29.74 percent.

Monro is offering exclusive discounts and other promotions for cardholders to draw attention to it.