Macy's Credit Card Customers: Important

[patrick12]

Citi has announced the closing of the sale of $1.6 billion in managed assets, part of its U.S. retail sales finance portfolios, to GE Capital.

Retail Partner Cards, within Citi Holdings, provides consumer and commercial credit card products and services, including private label credit cards, for national and regional retailers across the U.S. The business services more than 40 million customers and consists of managed assets of approximately $50 billion . Retail partners include The Home Depot, Shell, Macy's, Sears, and ExxonMobil, among others.


I just found this out on the internet! Eeek!

[patrick12]

Citi has announced the closing of the sale of $1.6 billion in managed assets, part of its U.S. retail sales finance portfolios, to GE Capital.

Retail Partner Cards, within Citi Holdings, provides consumer and commercial credit card products and services, including private label credit cards, for national and regional retailers across the U.S. The business services more than 40 million customers and consists of managed assets of approximately $50 billion . Retail partners include The Home Depot, Shell, Macy's, Sears, and ExxonMobil, among others.

[eugene66]

It seems that Citi is finally passing the Macy's card portfolio to GEMB and in the process(my guess) has implemented a change to the accounts during the official changeover.

[patrick12]

I acually found this out last fall, however, I did some calling of my own as well today with Macy's credit services and got the same answer! We no longer offer a credit limit, however, a guide line, and that has to be authorized before and puchase can be made. Citi is really doing some interesting things right now, I have noticed too that they sold their Citi Auto portfolio off to Santander Consumer USA, its a bank based out of spain, HSBC Auto Finance also sold their auto portfolio off to Santander. I wouldnt be suprised if Citi sells their mortage portfolio next, and I wouldnt be suprised if its with Bank of America! Just like County Wide! Im so glad my mortgage is with a local bank! I dont ever have to worry about it being sold off! They service everything in house!

[eugene66]

I remember reading an article last year too about the purchase but as i re-read the article today, the last sentence stood out which mentioned that "Citi would service the accounts for the first quarter" of this year too which the quarter is almost over.

I shop at Macy's a lot but this move will make me sockdraw the card and use my Discover card.

[Wanderer]

As to Citi Group, Citi Bank, Citi Holdings, Citi Financial ... there were directions from the Federal Government to break Citi up and cause them to spin off parts of their companies after the financial situations we have all lived through (three parts). Citi was disposing of Citi Financial (sub-prime) too. This follows on the direction of the Federal Government. Until today, based on the current FG postings... little had been said as to what Citi would be spinning off. Now we know. Yes, forgot to add, Citi was undecided if they would spin off the regular card services and only pursue the private client/banking market with more exclusive products for the rich.

[patrick12]

Since were on the subject of sell offs, I have noticed as well that Kohl's and Chase Bank wont be renewing their contract with their store cards, that portfolio is being sold off to Capital One.

[Wanderer]

Since were on the subject of sell offs, I have noticed as well that Kohl's and Chase Bank wont be renewing their contract with their store cards, that portfolio is being sold off to Capital One.

Yeah... and I have a Kohl's Store Card. Capital One... hmm... no more credit line increases! Closed all of my Capital One Cards in 2009. Now I will be back there...! GADS!

[Wanderer]

From Macy's we go to Capital One rolling out a new Delta Sky Miles World Master Card and Delta Sky Miles Gold Master Card to be available in the Canadian Market (no American Express affiliation).

[Wanderer]

As to Citi Group, Citi Bank, Citi Holdings, Citi Financial ... there were directions from the Federal Government to break Citi up and cause them to spin off parts of their companies after the financial situations we have all lived through (three parts). Citi was disposing of Citi Financial (sub-prime) too. This follows on the direction of the Federal Government. Until today, based on the current FG postings... little had been said as to what Citi would be spinning off. Now we know. Yes, forgot to add, Citi was undecided if they would spin off the regular card services and only pursue the private client/banking market with more exclusive products for the rich.

. Changes are in the wind and world for Citi Bank and affiliates.

[Wanderer]

In reference to CitiFinancial... they will be OneMain Financial the summer of 2011. More of the Citi restructuring.

A quote from their new website: "We are pleased to announce that CitiFinancial will be changing its name to OneMain FinancialSM this summer. We're changing the name to distinguish ourselves with an identity that better fits who we are and what we do. We’re a consumer loan company with a local presence in neighborhoods across the country. With a 99-year heritage and more than 1,300 branches in the U.S., we’re here to serve you wherever you are."

Keep a look out for more Citi happenings.

[ColoNative]

Citi has announced the closing of the sale of $1.6 billion in managed assets, part of its U.S. retail sales finance portfolios, to GE Capital.

Retail Partner Cards, within Citi Holdings, provides consumer and commercial credit card products and services, including private label credit cards, for national and regional retailers across the U.S. The business services more than 40 million customers and consists of managed assets of approximately $50 billion . Retail partners include The Home Depot, Shell, Macy's, Sears, and ExxonMobil, among others.

Oh great! Well, I will be closing my Macy's now. I refuse to do business with GEMB. And now Kohl's going with Capital One of all banks...more reasons not to carry retail charge cards I guess.

The ironic thing about this is that before the Federated Department Stores and May Department Stores merger in 2006, GE issued around half of all Macy's and Bloomingdale's cards. So FACS (Macy's credit division) took the GE cards back and sold to Citi (named it Department Stores National Bank) and now it is going back to GE.

[Wanderer]

Oh great! Well, I will be closing my Macy's now. I refuse to do business with GEMB. And now Kohl's going with Capital One of all banks...more reasons not to carry retail charge cards I guess.

The ironic thing about this is that before the Federated Department Stores and May Department Stores merger in 2006, GE issued around half of all Macy's and Bloomingdale's cards. So FACS (Macy's credit division) took the GE cards back and sold to Citi (named it Department Stores National Bank) and now it is going back to GE.

There is a scary pattern appearing! Fewer card issuers controlling the credit card market. Make one mad and you may be done. I don't like Capital One and now my Kohl's Card is Capital One? What can I do? If you don't like GE Money Bank and one doesn't like Capital One... where fo you go? The smaller banks don't seem interested in offering retail credit or charge cards. Black listing? I have no doubt that FIA Card Services does it!

[ColoNative]

There is a scary pattern appearing! Fewer card issuers controlling the credit card market. Make one mad and you may be done. I don't like Capital One and now my Kohl's Card is Capital One? What can I do? If you don't like GE Money Bank and one doesn't like Capital One... where fo you go? The smaller banks don't seem interested in offering retail credit or charge cards. Black listing? I have no doubt that FIA Card Services does it!

I know...and GEMB of all banks too. They are awful. And they usually take over the card program fully (Gap, Dillards, JC Penney etc). So I wonder if Macy's will be giving up full control to GE or keeping it as is.....I personally don't have anything against Capital One, in fact, I like them, but it seems weird that they would want a piece of the retail card pie. At one point in time, Capital One was ripe for a takever and now they are buying up banks (Chevy Chase-RIP) and retail cards....hmmmm.

[kdb030609]

Citi has announced the closing of the sale of $1.6 billion in managed assets, part of its U.S. retail sales finance portfolios, to GE Capital.

Retail Partner Cards, within Citi Holdings, provides consumer and commercial credit card products and services, including private label credit cards, for national and regional retailers across the U.S. The business services more than 40 million customers and consists of managed assets of approximately $50 billion . Retail partners include The Home Depot, Shell, Macy's, Sears, and ExxonMobil, among others.

Well we're currently into the second quater of 2011. Has anyone heard anymore of this Citi sell off to GE Capital? I've got two of the cards listed and I haven't heard anything from Citibank on this change.