Capital One Financial Corporation has inked a new deal with Hudson’s Bay Company, to issue its store branded cards. Hudson Bay Company is the multinational parent company of Saks Fifth Avenue and other luxury brands like Lord & Taylor.
With this new partnership Capital One becomes the exclusive issuer of all HBC credit cards, including private label cards and co-branded ones. Now Capital One will have access to all HBC-owned retailers, which also include OFF 5TH and Home Outfitters.
They plan on adding Lord & Taylor credit cards, which are now offered by Synchrony Bank, into the mix in June.
According to both companies, this new branding alliance will offer customers a wide range of flexible payment options and a streamlined experience in all their stores.
“Our branded credit cards are part of that experience and, building on the success we have had thus far, we are pleased Capital One will continue to deliver this service to our customers,” said Jim Coggin Jr., SVP, Credit Operations & Facilities, HBC.
They go way back
Capital One and Hudson’s Bay Company have history going back to January 2011, when Capital One acquired Hudson’s Bay Company credit card portfolio from GE Capital Retail. This deal resulted in Capital One Canada almost tripling the accounts they service in Canada.
The continuation of their relationship is seen as evidence of Capital One’s commitment to growing its credit card partnership business.
“We’re extending this partnership with HBC because our companies share a deeply rooted commitment to delivering the very best experience for our customers,” said Jimmy Cannon, EVP, Card Partnerships.
Capital One Financial Corporation, the holding company for Capital One, N.A., and Capital One Bank (USA), N. A., has over $200 billion in deposits and $300 billion in total assets.
Hudson’s Bay Company was founded in 1670, and is the longest continually operated company in North America. They own retail stores in the U.S and Canada, including Hudson’s Bay in Canada with 90 locations, two outlet stores and thebay.com.