Target Sells RedCard Credit Card Biz to TD Bank But Will Keep Servicing

You know that Target card you have in your wallet. Not the debit card, but the credit card. Well Target has sold their book of customers and accounts to Toronto Dominion Bank (TD Bank) for a reported $6 billon. The price tag is equal to the entire amount of the amount due on the cards.

The agreement does not have any impact on Targetfs 5% REDcard Rewards program. And interestingly Target team members will continue to provide all servicing for Target Credit Card and Target Visa accounts.

So what is Target going to do with all that cash? Apparently they are going to use 90 percent of the proceeds to pay down debt. – Source

Steve Rhode Debt Coach and Author

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

See Full Bio

Consumer Debt Consumer Bankruptcy How to Get out of Debt Money Troubles Money Personalities Budgeting Behavioral Economics Motivation Inspiration Money Management The History of Credit and Debt Getting Out of Debt Get Out of Debt Debt Settlement Credit Counseling Loan & Debt Relief Scams Debt Relief Industry Practices Exposing Deceptive Financial Services Helping Consumers Navigate Financial Hardship Consumer Advocacy Consumer Debt Expert Consumer Protection Debt Relief Scam Student Loan Bankruptcy Debt Validation Debt and Mental Health Student Loans Debt Consolidation Debt in the Military