TD Bank Cements Deal to Issue Target Credit Cards - Card Issuers 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 » Card Issuers » TD Bank Cements Deal to Issue Target Credit Cards

TD Bank Cements Deal to Issue Target Credit Cards

Add to Favorites:
TD Bank Cements Deal to Issue Target Credit Cards
March
18

The acquisition of Target’s U.S. Visa and private label card portfolio by Toronto Dominion (TD) Bank was finalized last week. TD Bank will be the exclusive issuer of Target credit cards in the United States for the next seven years under this agreement, which was announced in October of last year.

TD now owns over five million active Visa and private label Target store card accounts, with a gross outstanding balance of $5.7 billion. The deal helps the bank expand its North American presence.

TD Bank and its subsidiaries make up the sixth largest bank in North America and serve about 22 million customers. Target has over 1,700 retail locations across the United States as well as serving customers at Target.com. They plan to open 105 stores throughout all ten Canadian provinces by the end of this year.

Target and TD Bank to work together

Over the next seven years, TD Bank and Target will share all profits generated by the card portfolios, but Target will have the larger interest. Target will be in charge of operations and customer service and will pay most of the operating costs under the agreement.

TD Bank will fund all portfolio costs, control risk management policy and ensure regulatory compliance. The Canada-based company will also send a team to Target’s Minneapolis headquarters to work with Target staffers heading up the card program.

REDcard rewards will remain

Consumers who have the Target REDcard should not expect any impact on their personal accounts. The Target 5% REDcard Rewards program will not be changed, and Target employees will still service accounts as they have previously. The sale of the card portfolio will have minimal impact on cardholders, shoppers and employees, according to Target.

Target REDcard Rewards give cardholders an automatic 5% savings on all purchases at Target stores and online at Target.com. They also get free shipping from Target.com and an extra 30 days to return purchases.  All cardholder terms and conditions will remain the same under TD Bank’s ownership of the Target card portfolio.

Add to Favorites:

Related News:

Free Two-Day Shipping for American Express Cardholders
Free Two-Day Shipping for American Express Cardholders

Posted: May 27, 2013

American Express has partnered with ShopRunner, a network of over 70 online retailers, and is offering a free one-year membership to cardmembers. It includes free two-day shipping on items from any ShopRunner retailer. Continue reading
American Express and Costco to Break Ties
American Express and Costco to Break Ties

Posted: February 17, 2015

American Express and Costco are ending their relationship, with the split slated to take effect on March 31, 2016. Continue reading
TD Bank New Cash Credit Card
TD Bank New Cash Credit Card

Posted: January 29, 2016

TD bank has launched the TD Cash Visa Signature Credit Card, offering 2% cash back when you eat out whether that's at Nobu, Starbucks, or MacDonald's. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Match Mile For Mile: 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
You could turn $200 into $400 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit