Sovereign to Develop New Credit Card Products - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Sovereign to Develop New Credit Card Products

Sovereign to Develop New Credit Card Products

Add to Favorites:
Sovereign to Develop New Credit Card Products

Sovereign Bank recently made public its plans to purchase the particular Sovereign-branded credit card portfolio, previously owned by FIA Card Services, N.A. This according to a press release issued last week by the company. Sovereign Bank happens to be a “wholly owned subsidiary of Banco Santander, S.A.”

What does that mean, per se? Well, the portfolio itself is worth a respectable $200 million in balances and consists of a good 105,000 credit card relationships. The majority of these accounts, having just been acquired, were customers who had an existing relationship with the bank.

In the press release, Nuno Matos (the managing director of retail banking for Sovereign) said about the historic acquisition: “our portfolio will strengthen our relationship and provide more convenient service to customers.”

As it sits now, the Sovereign brand of credit cards is currently issued and administered by FIA Card Services, N.A. And such it will continue until the transaction is finalized next year.”We are gaining the flexibility to design a line of cards with different value propositions,” said Eduardo Tobon, head of Santander’s U.S. Cards Division.

He also offered this prediction for the future of credit card usage for the bank’s customers: “offering a full suite of Sovereign/Santander credit cards will enhance our entire line of plastics and give customers more options to help them meet their everyday financial needs.”

The array of specific terms and conditions surrounding the deal, though, were not disclosed.

All credit cards terms, fees and rates mentioned in this article/post are actual on the posting date. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Small Business Saturday Resonates With Consumers

Posted: November 21, 2017

If you know that November 25 is Small Business Saturday you are in good company because 61% of consumers know it is taking place too, according to the 2017 Small Business Saturday Consumer Insights Survey. Continue reading
Chase Adds Two New Point Transfer Travel Partners

Posted: November 20, 2017

Chase has inked a new deal with the Aer Lingus loyalty program, AerClub, and the Iberia loyalty program, Iberia Plus, making them their newest Chase Ultimate Rewards point transfer partners. This new deal lets eligible Chase credit ... Continue reading
Small Business Owners Optimistic and Going Digital

Posted: November 17, 2017

Optimism is up and on track among small businesses this quarter according to the new The Q4 Wells Fargo/Gallup Small Business Index, also finding that hiring is in the air for some of these businesses, along with upping their game when it ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the cash back earned at the end of your first year, automatically.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit