Nordstrom sells credit card portfolio to TD Bank Group
Monday, June 29th, 2015
Updated: June 29th, 2015
The content is accurate at the time of publication and is subject to change.
Nordstrom agreed to sell its existing U.S. Visa and private label consumer credit card portfolio to TD Bank Group. TD Bank also signed an agreement with Nordstrom to become the exclusive U.S. issuer of Nordstrom Visa and private label credit cards in the U.S.
Nordstrom customers will not experience big changes because Nordstrom will continue to manage customer service for the cards. The retailer will also continue to fund and manage the Nordstrom Rewards loyalty program, Nordstrom debit cards, and Nordstrom employee accounts. The terms of retailer’s loyalty program will remain unchanged as well.
The process started a year ago and expected to come to an end in the second half of 2015. For Nordstrom it means getting out of business of financing its customers in order to focus on online business, stores renovation and expansion of its discount franchise. As for TD, this great partnership and collaboration will boost the growth of their North American credit card business.
This is the second U.S. card deal for TD Bank. Earlier, in 2013, it acquired the credit-card balances from Target Corp.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Wednesday, September 19th, 2018
Credit scores and credit reports have become an integrate part of our lives and financial health. There are a lot of services that allow to check credit reports online and ...
Tuesday, February 6th, 2018
If your wallet is bulging with store loyalty cards, there’s good news for you from Samsung Pay. The most widely accepted mobile digital wallet system in the United States is now ...
Friday, September 1st, 2017
Identity theft and banking fraud concern more and more Americans, according to a recent FICO survey. And that is not a surprise as credit card fraud continues to grow, especially ...
Tuesday, April 12th, 2016
Springtime is the season for house hunting, but many people planning to move this year say they’ll rent, not buy, their new digs.
Tuesday, January 5th, 2016
Online banking has revolutionized the way people do business with their banks, and one result is that fewer and fewer folks are actually stopping in to branches to do things like ...