Tuesday May 6
Target sells stake in credit card receivables to JPMorgan
Target Corp. said Monday it will sell nearly half its credit-card receivables to JPMorgan Chase & Co. for $3.6 billion, a move the retailer had long resisted.
Target will still run its credit card business, which includes a Target Visa card and a store card, and said customers won't notice any change. In effect, Target gets the cash and JPMorgan gets the right to a chunk of the future profits from the credit card business.
The Minneapolis-based discounter said the interest represents about 47 percent of what Target credit card customers owe. The deal is expected to close before the end of the month. Read more
Posted by The Associated Press
Full Story: The Associated Press
Complete Coverage: 3 stories
- Earth Times - Chase and Target Announce Credit Card Financing Agreement
- Earth Times - Target Corporation Announces Agreement to Sell Interest in Credit...
- Alaska Journal of Commerce - Target sells stake in credit card receivables to JPMorgan
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