Target sells credit card business

Target sells credit card business Click to Enlarge Photo:

Oct 23, 2012 at 9:14 am

NEW YORK (KNSI) Target Corporation announced today it has reached a deal to sell its entire consumer credit card business to TD Bank Group, ending an almost two-year search for a buyer.

The sale price is five-point-nine billion dollars.

Minneapolis-based Target said the agreement doesn't have any impact on Target's Red Card credit card holders, who receive a 5 percent discount on purchases.

The transaction, subject to regulatory approval, is expected to close in the first half of calendar 2013.

Target said in January 2011 that it intended to sell its credit card business, but put those plans on hold at the beginning of this year.

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