Cap1 sold Best Buy Card Portfolio to Citi !!!!!!

[Ron1]

link:

 

http://phx.corporate-ir.net/phoenix.zhtml?c=70667&p=irol-newsArticle&ID=1786225&highlight=

http://www.citigroup.com/citi/news/2013/130218a.htm

Your thoughts?

 

Ron.

Edited February 19, 2013 by Ron1

[cv91915]

Could this be another backdoor way into re-establishing a relationship with Citi?

 

My thinking:

 

1) Get a Barclays US Air credit card now, assuming that when US Air and American merge, Citi will come out on top, and the US Air card will become a Citi AAdvantage card;

2) Get a Best Buy credit card now, which will become a Best Buy Citi card, according to this.

 

Logical? That would be two Citi cards for those of us that Citi may not be so fond of...

Edited February 19, 2013 by cv91915

[A4K]

Wow, I couldn't figure out why my HSBC/Cap1 Best Buy account went from negative to positive with a TRANSFERRED/CLOSED notation. Now I see why. Wonder if Citi will try screwing me over and posting the old data?

[jonson]

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

[Guest]

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

 

Should I PIF in full then? Or, apply for a CLI?

 

Wooo.. i got a CITI BBRZ card now!

[jonson]

This is probably a good thing for Best Buy. I never understood why low-ballers like HSBC and Capital One owned Best Buy. What the heck are you going to buy with a $100 credit limit? At least the people who deserve 4- or 5-digit credit lines can get them.

[jonson]

 

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

 

Should I PIF in full then? Or, apply for a CLI?

 

Wooo.. i got a CITI BBRZ card now!

 

Make sure ALL of your credit is paid in full.

[Guest]

Could this be another backdoor way into re-establishing a relationship with Citi?

 

My thinking:

 

1) Get a Barclays US Air credit card now, assuming that when US Air and American merge, Citi will come out on top, and the US Air card will become a Citi AAdvantage card;

2) Get a Best Buy credit card now, which will become a Best Buy Citi card, according to this.

 

Logical? That would be two Citi cards for those of us that Citi may not be so fond of...

 

I would think so on #2, but we HAVE to manage it like a Prime card now. HAVE TO!

 

use it every couple months, PIF.. no more playing around now that it is Citi...

 

Been with them since 2010, with the HSBC 100-clun. Now at $400. And foe got his up to $700, I wonder if we should all try for a CLI...

[Guest]

link:

 

http://phx.corporate-ir.net/phoenix.zhtml?c=70667&p=irol-newsArticle&ID=1786225&highlight=

 

 

MCLEAN, Va., Feb. 19, 2013 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) today announced that it has reached an agreement to sell the portfolio of Best Buy private label and co-branded credit card accounts, with current loan balances of approximately $7 billion, to Citi. In addition, Capital One and Best Buy have agreed to end their contractual credit card relationship early.

 

The sale of the loans to Citi, which is subject to customary closing conditions, and early termination of the Best Buy

partnership are expected to be finalized in the third quarter of 2013.

Upon closing, Capital One expects that the proceeds from the sale will

approximate the book value of the accounts, resulting in no significant

gain or loss on the transaction.

 

"We have a proven, scale partnerships infrastructure and a great portfolio of partners," said Capital One's Bill Cilluffo,

EVP, Card Partnerships. "Our partnerships business continues to

deliver strong contributions to our results and serves as a platform for

future growth potential."

 

Forward Looking Statements

 

This press release contains forward-looking statements within the

meaning of the Private Securities Litigation Reform Act giving Capital

One's expectations or predictions of future financial or business

performance or conditions. Such forward-looking statements include, but

are not limited to, statements about the projected impact and benefits

of the transactions described in this press release, including future

financial and operating results, timing of closing, the company's plans,

objectives, expectations and intentions and other statements that are

not historical facts. These forward-looking statements are subject to

numerous assumptions, risks and uncertainties which change over time.

Factors previously disclosed in our filings with the U.S. Securities and Exchange Commission (the "SEC")

could cause actual results to differ materially from forward-looking

statements or historical performance. Forward-looking statements speak

only as of the date they are made, and Capital One assumes no duty to

update forward-looking statements.

 

In addition to the factors previously disclosed in Capital One's filings with the SEC,

the following factors, among others, could cause actual results to

differ materially from forward-looking statements or historical

performance: the possibility that conditions to the transactions are

not received or satisfied on a timely basis or at all; the possibility

that modifications to the terms of the transactions may be required in

order to obtain or satisfy such conditions; and changes in the

anticipated timing for closing the transactions.

 

About Capital One

 

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $212.5 billion in deposits and $312.9 billion in total assets outstanding as of December 31, 2012. Headquartered in McLean, Virginia,

Capital One offers a broad spectrum of financial products and services

to consumers, small businesses and commercial clients through a variety

of channels. Capital One, N.A. has more than 900 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.

SOURCE Capital One Financial Corporation

 

 

Tatiana Stead, +1-703-720-2352, Tatiana.Stead@capitalone.com; or Julie Rakes, +1-804-284-5800, Julie.Rakes@capitalone.com

[Ron1]

I haven't gotten any CLI for years from Citi. I think Citi is ok. I'm glad they didn't sell it to BofA/FIA. I'm surprised they didn't sell it to Chase.

 

 

Ron.

[Ron1]

Press Release from Reuters:

 

http://www.reuters.com/article/2013/02/19/capitalone-bestbuycards-idUSL4N0BJ5HD20130219

 

 

Ron.

[cv91915]

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

 

Don't think so. There MUST be a clause in the agreement between BB and Citi that outlines the conditions under which Citi can alienate BB's customers, and having a BB account in good standing has to take precedence over all/most else. If I was BB I wouldn't sign an agreement without such a clause...

[jonson]

 

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

 

Don't think so. There MUST be a clause in the agreement between BB and Citi that outlines the conditions under which Citi can alienate BB's customers, and having a BB account in good standing has to take precedence over all/most else. If I was BB I wouldn't sign an agreement without such a clause...

 

I'm just saying in general, if Citi pulls your credit and don't like something, they will close your card. I've seen it happen.

[Imma make it rain trick]

So my account is going to the company I had a settlement with....

 

Dear lawdyyyyy

[Ron1]

Are we going to get Best Buy RZMC with the Global Chip?

 

 

Ron.

[cv91915]

 

 

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

 

Don't think so. There MUST be a clause in the agreement between BB and Citi that outlines the conditions under which Citi can alienate BB's customers, and having a BB account in good standing has to take precedence over all/most else. If I was BB I wouldn't sign an agreement without such a clause...

 

I'm just saying in general, if Citi pulls your credit and don't like something, they will close your card. I've seen it happen.

 

I do understand your logic and it makes sense. As a creature of corporate America in the financial services sector (though not in consumer lending) I also know that if my company signed a contract with a third party that allowed the actions of the third party to negatively impact our customers' perceptions of us, the person on our end who signed it would be chocolate-canned before the ink was dry on the agreement. As they say, never get between a dog and his meat.

[jonson]

 

 

 

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

 

Don't think so. There MUST be a clause in the agreement between BB and Citi that outlines the conditions under which Citi can alienate BB's customers, and having a BB account in good standing has to take precedence over all/most else. If I was BB I wouldn't sign an agreement without such a clause...

 

I'm just saying in general, if Citi pulls your credit and don't like something, they will close your card. I've seen it happen.

 

I do understand your logic and it makes sense. As a creature of corporate America in the financial services sector (though not in consumer lending) I also know that if my company signed a contract with a third party that allowed the actions of the third party to negatively impact our customers' perceptions of us, the person on our end who signed it would be chocolate-canned before the ink was dry on the agreement. As they say, never get between a dog and his meat.

 

Hopefully you're right. I may even apply for the Best Buy card to get back in with Citi.

[cv91915]

 

 

 

 

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

 

Don't think so. There MUST be a clause in the agreement between BB and Citi that outlines the conditions under which Citi can alienate BB's customers, and having a BB account in good standing has to take precedence over all/most else. If I was BB I wouldn't sign an agreement without such a clause...

 

I'm just saying in general, if Citi pulls your credit and don't like something, they will close your card. I've seen it happen.

 

I do understand your logic and it makes sense. As a creature of corporate America in the financial services sector (though not in consumer lending) I also know that if my company signed a contract with a third party that allowed the actions of the third party to negatively impact our customers' perceptions of us, the person on our end who signed it would be chocolate-canned before the ink was dry on the agreement. As they say, never get between a dog and his meat.

 

Hopefully you're right. I may even apply for the Best Buy card to get back in with Citi.

 

I hope so too. Let me know how it goes, and I'll do the same in return! Good luck to you!

[jonson]

 

 

 

 

 

Or, Citi will close you. Citi is nortorious for closing cards if they don't like you.

 

Don't think so. There MUST be a clause in the agreement between BB and Citi that outlines the conditions under which Citi can alienate BB's customers, and having a BB account in good standing has to take precedence over all/most else. If I was BB I wouldn't sign an agreement without such a clause...

 

I'm just saying in general, if Citi pulls your credit and don't like something, they will close your card. I've seen it happen.

 

I do understand your logic and it makes sense. As a creature of corporate America in the financial services sector (though not in consumer lending) I also know that if my company signed a contract with a third party that allowed the actions of the third party to negatively impact our customers' perceptions of us, the person on our end who signed it would be chocolate-canned before the ink was dry on the agreement. As they say, never get between a dog and his meat.

 

Hopefully you're right. I may even apply for the Best Buy card to get back in with Citi.

 

I hope so too. Let me know how it goes, and I'll do the same in return! Good luck to you!

 

Thank you!

[timecoloured]

deleted due to paranoia

Edited February 20, 2013 by timecoloured

[chugs102]

For those blacklisted by Citi, this may be a way back in.

 

I have 2 WaMu accounts purchased by Chase. After an initial CLD, my credit lines have been stuck since.

[Occam]

The downside to this will be the loss of 0% FETF.

[Matti]

I have good limits on both cards. I don't see a downside for me personally. Just gives me a 2nd Citi card.

 

I do see Citi weeding their garden, though.... Once they own the portfolio.

[Ron1]

I hope they let me to keep both store card and RZMC.

 

 

Ron.

[foeplay]

The downside to this will be the loss of 0% FETF.

 

 

+1, this card is now worthless to me.