Nordstrom sells credit card portfolio to TD Bank Group
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.
Latest Other Card News
A student loan refinancing typically involves taking out a new loan to pay off your existing debt. Refinancing student loans can potentially lower your interest rate, fees, or/and allow you to get better repayment terms, helping you save money. However, it is important to consider whether your loan is private or federal and what benefits […]
2020 has definitely been a very unusual and challenging year. Many of us have been waiting for its end more than ever. And now, when there is less than a week left until the beginning of the new year, it’s time to sum up the outgoing one and find out the results of the annual […]
Walmart is finally ready to introduce a new subscription service offering free same-day delivery and fuel discount. Walmart+ was supposed to go live back in July, however, it was delayed due to the COVID-19 outbreak. Now the launch is planned to take place on September 15. The new product will help you order any goods […]
This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed. Using the tool, you can find out your credit score and take a look at your credit report, […]
A virtual credit card is a unique credit card number that is linked to your main credit card account but is different from the physical card number. The virtual credit card number allows to shop online or over the phone without using your physical credit card. The numbers can usually be used once and expire if not used. The cardholders can also delete the numbers if they want or need to.
