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Citi Announces U.S. Credit Card Agreement with Best Buy

GFT

By GFT
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The last post in this topic was posted 4769 days ago. 

 

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GFT

GFT

Posted
Posted
Citigroup Inc. (NYSE: C)
February 19, 2013
Citi Announces U.S. Credit Card Agreement with Best Buy Citi to acquire $7 billion of credit card receivables from Capital One


Agreements expand Citi Retail Services' position as a market leader

New York – Citigroup today announced that it will enter into a strategic agreement with Best Buy to issue and manage Best Buy-branded cards in the United States. In addition, Citi also reached an agreement with Capital One Financial Corp. to acquire approximately $7 billion of Best Buy private label and co-branded card loans. Both deals are anticipated to close in the third quarter of 2013 subject to customary conditions. Citi does not currently expect the impact of the transactions to be material to its earnings in 2013.

"This will add another premier retail franchise and high-quality card portfolio to Citi Retail Services and significantly expand our already strong position as a market leader in North America," said Bill Johnson, CEO of Citi Retail Services. "Best Buy is the leader in consumer electronics and we are excited to partner with them. We look forward to leveraging Citi's capabilities and expertise to grow and enhance Best Buy's relationships with their loyal and valued customers."

Citi Retail Services provides consumer and commercial credit card products, services, and retail solutions to national and regional retailers across North America. The business services nearly 90 million accounts for a number of iconic brands, including The Home Depot, Macy's, Sears, Shell, and ExxonMobil.

 


T77125

T77125

Posted
Posted

Wow, the portfolio changes hands twice in less than 12 months. I wonder if Cap1 reliazed they can't make money off Best Buy store cards because of the 18 month intrest free policy.

 

I'm also wondering if we will even get CAP1 issued cards now. Me thinks not.

hrguy

hrguy

Posted
Posted (edited)

So if I get a Worst buy card now, I'll have an in with Citi? Would that be worth anything for future cards with Citi? Any thoughts?

:dntknw: I am wondering how Citi is gonna mess up our reporting for those of us that IIB this card under HSBC, cant be worse than what CapOne did

Edited by hrguy
GR8WhiTE

GR8WhiTE

Posted
Posted

Wow, the portfolio changes hands twice in less than 12 months. I wonder if Cap1 reliazed they can't make money off Best Buy store cards because of the 18 month intrest free policy.

 

I'm also wondering if we will even get CAP1 issued cards now. Me thinks not.

still got Costco

GR8WhiTE

GR8WhiTE

Posted
Posted

 

Citigroup Inc. (NYSE: C)
February 19, 2013
Citi Announces U.S. Credit Card Agreement with Best Buy Citi to acquire $7 billion of credit card receivables from Capital One

 

 

Agreements expand Citi Retail Services' position as a market leader

New York – Citigroup today announced that it will enter into a strategic agreement with Best Buy to issue and manage Best Buy-branded cards in the United States. In addition, Citi also reached an agreement with Capital One Financial Corp. to acquire approximately $7 billion of Best Buy private label and co-branded card loans. Both deals are anticipated to close in the third quarter of 2013 subject to customary conditions. Citi does not currently expect the impact of the transactions to be material to its earnings in 2013.

"This will add another premier retail franchise and high-quality card portfolio to Citi Retail Services and significantly expand our already strong position as a market leader in North America," said Bill Johnson, CEO of Citi Retail Services. "Best Buy is the leader in consumer electronics and we are excited to partner with them. We look forward to leveraging Citi's capabilities and expertise to grow and enhance Best Buy's relationships with their loyal and valued customers."

Citi Retail Services provides consumer and commercial credit card products, services, and retail solutions to national and regional retailers across North America. The business services nearly 90 million accounts for a number of iconic brands, including The Home Depot, Macy's, Sears, Shell, and ExxonMobil.

I never knew Macys was backed by Citi

hrguy

hrguy

Posted
Posted

 

 

Citigroup Inc. (NYSE: C)
February 19, 2013
Citi Announces U.S. Credit Card Agreement with Best Buy Citi to acquire $7 billion of credit card receivables from Capital One

 

 

Agreements expand Citi Retail Services' position as a market leader

New York – Citigroup today announced that it will enter into a strategic agreement with Best Buy to issue and manage Best Buy-branded cards in the United States. In addition, Citi also reached an agreement with Capital One Financial Corp. to acquire approximately $7 billion of Best Buy private label and co-branded card loans. Both deals are anticipated to close in the third quarter of 2013 subject to customary conditions. Citi does not currently expect the impact of the transactions to be material to its earnings in 2013.

"This will add another premier retail franchise and high-quality card portfolio to Citi Retail Services and significantly expand our already strong position as a market leader in North America," said Bill Johnson, CEO of Citi Retail Services. "Best Buy is the leader in consumer electronics and we are excited to partner with them. We look forward to leveraging Citi's capabilities and expertise to grow and enhance Best Buy's relationships with their loyal and valued customers."

Citi Retail Services provides consumer and commercial credit card products, services, and retail solutions to national and regional retailers across North America. The business services nearly 90 million accounts for a number of iconic brands, including The Home Depot, Macy's, Sears, Shell, and ExxonMobil.

I never knew Macys was backed by Citi

The Macy's Visa was bought out by Citi years ago and no longer exists. The newer Macy's Amex and Storecard are issued by DSNB.

hrguy

hrguy

Posted
Posted

So how do we apply for the Macy's store card? and Nordstrom's (while we're at it)?

At their respective sites or in the store..........

GR8WhiTE

GR8WhiTE

Posted
Posted

 

So how do we apply for the Macy's store card? and Nordstrom's (while we're at it)?

At their respective sites or in the store..........

got caught up...I meant to ask for the corporate app

GR8WhiTE

GR8WhiTE

Posted
Posted

 

 

 

So how do we apply for the Macy's store card? and Nordstrom's (while we're at it)?

At their respective sites or in the store..........
Whaaaat?!

you sound like the chick from the hip-hop abs commercial

Rebuilding2010

Rebuilding2010

Posted
Posted

 

 

 

 

 

 

So how do we apply for the Macy's store card? and Nordstrom's (while we're at it)?

At their respective sites or in the store..........
Whaaaat?!
you sound like the chick from the hip-hop abs commercial
Shhhh. I don't want people here to know what I do for a living.

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