Target Closes Sale of Credit-Card Portfolio
March 14, 2013,
MINNEAPOLIS-Target has completed the sale of its entire credit-card portfolio to TD Bank Group for $5.7 billion.
As previously announced, the two companies have formulated a seven-year program under which TD will also underwrite, fund and own future Target credit-card and Target Visa receivables in the United States. Under this agreement, according to a Target statement, TD will oversee both risk-management policies and regulatory compliance, while Target will continue to perform account-servicing functions.
Other Articles By Author
Patti Carpenter Talks Color and its Importance in the Home
HFN's DIGITAL EDITION
COVER STORY: Sharpening the Focus on Millennials
Find out what makes Millennials tick when it comes to home decorating, shopping and at-home entertaining with HFN's annual consumer study. Turns out, Millennials favor the in-store shopping experience.
ALSO IN THIS ISSUE:
- Power of the People - Crowdfunding campaigns provide needed capital, feedback for home and housewares product launches.
- Omnichannel Retailing: Visual Search Takes Off - Learn how voice and visual search are revolutionizing product discovery.