Target sells their card portfolio to TD Bank

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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CC Deville
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Target sells their card portfolio to TD Bank

Postby CC Deville » Tue Oct 23, 2012 3:38 pm

Looks like Target National Bank found a buyer for its cards:

Target to sell its credit card business to TD Bank - latimes.com

Sounds like it will be the same set up that Macys/Bloomies has with Citibank and Kohl's with Capital One wherein the cards are backed by the bank but still serviced by the retailer as opposed to the cards that GECRB backs.

This leaves Cabela's and Nordstrom as the last retailers that still have their own banks


FutureBillionaire
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Postby FutureBillionaire » Tue Oct 23, 2012 5:14 pm

Interesting. I wonder how many folks carry those cards.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

CC Deville
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Postby CC Deville » Tue Oct 23, 2012 5:46 pm

Not sure....other forums talk about the Target cards from time to time...mostly to complain about the toy limits. I think the REDcard Debit card is becoming more popular these days....you get the same 5% off with the Target Visa and Target REDcard retail account but without the inquiry or new trade line.

Target has been looking to sell TNB for a few years now.....I just wish retailers kept their accounts in house like back in the old days. In just the past 10 years Sears, Dillard's, Saks, Kohl's, Chevron, Macy's/Bloomies and now Target have all sold their banks. But with Macy's/Bloomies and Kohl's you would never know it since they still service the accounts. So it sounds like Target cardholders shouldn't see too many changes.

The ironic thing is that Target, an American company, is moving into Canada by purchasing their Zeller's stores and now TD, a Canadian company, is buying Target's card portfolio....



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