TD Bank will acquire Nordstrom’s existing Visa and private label consumer credit card portfolios. The companies have also entered into an agreement for TD to become the issuer of Nordstrom-branded Visa and private label consumer credit cards. Terms of the agreements were not disclosed. The sale is expected to close by year-end.
Nordstrom will share in profits from the credit card portfolios and handle collections and customer service. It will continue to own and operate the Nordstrom Rewards loyalty program, private label debit card business, and employee accounts.
Nordstrom offers its...
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