Capital One taking Over Kohl's Charge accounts

[Mary Tomkins]

Re:
http://www.financeglobe.com/Finance/...nts/Page0.html

[ColoNative]

Re:
http://www.financeglobe.com/Finance/...nts/Page0.html

Crazy. I wonder why Chase sold it off so soon...I hope Capital One doesn't try to rebrand them as a MasterCard or Visa....

[Wanderer]

Crazy. I wonder why Chase sold it off so soon...I hope Capital One doesn't try to rebrand them as a MasterCard or Visa....

Note, Kohl's signed a seven year agreement with Capital One but, will keep local control over the card services including customer service. Possibly Kohl's had a long term agreement with Chase. They did mention that the contract was up and they needed to renew or seek another vendor to actually process the card purchases, payments and the like.

[ColoNative]

Note, Kohl's signed a seven year agreement with Capital One but, will keep local control over the card services including customer service. Possibly Kohl's had a long term agreement with Chase. They did mention that the contract was up and they needed to renew or seek another vendor to actually process the card purchases, payments and the like. Sort of like when HSBC transferred my HSBC American Express Card over to Direct Merchant's Bank where all the non-pure HSBC Cards are...?! Or, Bank of America using FIA Cards Services for MBNA Canada and Bank of America USA. However, with Kohl's still handling the actual credit and customer service it may be all right. Withrespect to Citi Bank etal... they have federal pressure to restructure and resize themselves after the major melt down so, they are parting themselves out.

This is true. Chase did not really have any dealings with the day-to-day activities at Kohl's. Same with the current situation at Macys/Bloomies, Citibank owned the portfolio but Macy's still manages it (ie the stupid credit line as a guidance crap). Poor Citibank, how that Vikram Pandit still has his job is beyond me.

[Wanderer]

This is true. Chase did not really have any dealings with the day-to-day activities at Kohl's. Same with the current situation at Macys/Bloomies, Citibank owned the portfolio but Macy's still manages it (ie the stupid credit line as a guidance crap). Poor Citibank, how that Vikram Pandit still has his job is beyond me.

Yeah... and while Rome burns Pandit fiddles (he still has a job). No thanks to him the new Citi will look and operate differently. As a former share holder (dumped their stock) I was not happy with performance. Hello, anybody on the board capable of thinking...?

[ColoNative]

Yeah... and while Rome burns Pandit fiddles (he still has a job). No thanks to him the new Citi will look and operate differently. As a former share holder (dumped their stock) I was not happy with performance. Hello, anybody on the board capable of thinking...?

He needs to be removed for sure. Citibank started declining when they merged with Travelers.