TD Bank Acquires Target’s Credit Card Portfolio

Today, Target agreed to sell its consumer credit card business to Toronto-Dominion Bank.

TD Bank will purchase the portfolio for an amount equal to the gross value of the outstanding receivables, estimated to be  approximately $5.9 billion.

The agreement is for seven years. TD Bank will become the exclusive issuer of Target-branded Visa and private label cards in the United States.

TD Bank is currently the sixth-largest bank in North America.

"Our agreement with Target will significantly expand our presence in the North American credit card business and will establish TD as a key player in this space," said TD Bank Group's CEO Ed Clark in a statement.

The deal is expected to close during the first half of 2013 but is subject to regulatory approval.

This entry was posted in Credit Card News and tagged , , , by Lynn Oldshue. Bookmark the permalink.
The information contained within this article was accurate as of October 23, 2012. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website.
Editorial Disclosure is an independent, for-profit web site. participates in the Affiliate Network, and receives compensation from most of the credit card issuers whose offers appear on the site. This compensation helps support our website and enables us to write insightful articles to help you manage your credit card accounts. This compensation, as well as the likelihood of applicants’ credit approval and our own proprietary website guidelines, may impact how and where the cards appear on our site. does not include all credit card companies or every available credit card offer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however credit card offers change frequently. After you click on an offer you will be directed to the credit card issuer’s secure web site where you can review the terms and conditions for your offer.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.