Credit Card News: Card Issuers

Selected cards: 0
Advertising Disclosure
Citi Finalizes Acquisition of Best Buy Credit Cards
24 Nov
People with Best Buy store credit cards in their wallets are no longer customers of Capital One Financial. Citi finalized the acquisition of the Best Buy credit card portfolio in September.

The deal was first announced in February 2013, when Capital One said they were selling the Best Buy portfolio to Citi for about $7 billion. Capital One did not indicate a reason for the sale, but said they did not expect to absorb any losses from it.

Citi owns many store card portfolios, including The Home Depot, Macy’s, and Sears. They manage nearly 90 million retail accounts and also have gas credit card holdings with the Shell and ExxonMobil co-branded gas cards to their name. Citi is one of the biggest banks in the world, with more than 200 million customers all over the world. They manage bank accounts, credit cards, securities and brokerages and provide wealth management to high-profile clients.

The deal was completed relatively quickly; a fact that Citi Retail Services CEO Bill Johnson said was remarkable. “Executing a conversion of this size in less than seven months is unheard of in the industry,” said Johnson.

The acquisition was announced in February and completed in September.  Citi reports that the portfolio is currently worth over $6 billion.

Best Buy cards help consumers save on electronics

People who shop at Best Buy can get special financing and enjoy discounts at the electronics retailer. There are rewards programs offered to Best Buy cardholders, and these programs were not expected to change due to the handover from Capital One to Citi.

Around the holidays, Best Buy offers steep discounts on things like flat screen TVs and laptops, often in high demand by consumers looking for big sales.

Best Buy is based in Minneapolis, Minnesota and their second-quarter earnings in 2013 were a reported $266 million on revenue of $9.3 billion.

Read Also Related News

  • 1 Sep

    A new partnership between Chase Card Services and Expedia Group will allow Chase Ultimate Rewards members to enjoy more choices, more flexible rewards redemptions, and enhanced capabilities when using their reward points. Under the...

  • 11 Jan

    The Consumer Financial Protection Bureau (CFPB) recently released its biennial in-depth report on the state of credit in the United States. The report sheds light on many aspects of the credit card industry, including how many people are...

  • 16 Feb

    Citi’s mobile app has been updated to allow cardmembers to scan their credit cards, allowing them to skip the burdensome step of entering all 16 digits manually when they want to buy something with their Citi card. Customers will be...

looking for a Credit CARD:
The Bank of Missouri: First Access Visa® Solid Black Credit Card
Apply Online
Perfect credit not required for approval; we may approve you when others won’t
The Bank of Missouri: Milestone® Mastercard®
Apply Online
Prequalify for a card today and it will not impact your credit score
Celtic Bank: Surge Mastercard®
Apply Online
See if you’re Pre-Qualified without impacting your credit score
Want to Read News From Other Categories?
Your Money
Card Issuers
  • 29 Sep

    It has long been extremely difficult to be approved for a credit card, even a secured credit card, with no credit score. While some credit card issuers allow co-signers, many major issuers do not.

    Going forward, you may no longer need a credit score to qualify for a...

Customer Questions

  • To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.

  • Avoiding your credit card bill will do a lot of damage on your credit and you will need a good deal of time and effort to undo it. When you miss a payment, you get slapped with late fees. If you do not make a payment for an entire billing cycle, you’ll be considered 30 days past due and this will be reported to the...

  • The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...

  • If your security code is rubbed out, contact your credit card issuer and explain them your situation. Most likely you will be offered a replacement card. Your credit card issuer will not provide you with the security code over the phone or via email. That's for your own protection.

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • 0 Selected Cards Compare