Kohl’s completes credit-card portfolio transfer to Capital One
Menomonee Falls, Wis. -- Kohl’s Department Stores said Tuesday it has completed the transfer of its private-label credit-card portfolio to Capital One Financial Corp., effective April 1.
Capital One has acquired the more than 20 million existing Kohl’s Charge accounts and through the seven-year agreement will offer private-label credit cards to new and existing Kohl’s customers. According to the department store retailer, the credit-card business accounted for more than 50% of Kohl’s sales in 2010.
“Capital One’s strategic, analytical approach and commitment to profitable growth make them a strong fit for Kohl’s from both a cultural and financial perspective,” said Kohl’s senior executive VP and CFO Wes McDonald.