GE Capital (GE Money Bank) obtains Citigroup Inc. portfolio of cards

[emptypockets]

According to USA Today 10/6/2010

NEW YORK (AP) — Citigroup is selling $1.6 billion in retail credit card assets to GE Capital as the bank continues to shed smaller businesses to focus on its core consumer banking operations.

The latest transaction gives GE Capital access to nearly 36 retail portfolios, including cards for retailers such as Home Depot, Sears Holdings and Macy's, along with businesses including Shell and ExxonMobil. The portfolio services more than 40 million customers and consists of about $50 billion in managed assets. Citigroup Inc. will service the portfolio until the first quarter as GE Capital finishes converting merchants and cardholder accounts to its system.

http://www.usatoday.com/money/industries/banking/2010-10-06-citi-credit-cards_N.htm?loc=interstitial...

I wonder if this will have any effect on those that already have numerous GE money Bank cards (i.e. Lowe's Walmart, JCP, etc.), since some speculate that  there is a limit on the numer of cards they (GEMB) will issue you.

[Anonymous]

Good, now I can finally get-in with Macy's!

[Creditaddict]

ARE YOU KIDDING ME.... Talk about sit back and watch your cards go down the drain.

I don't think GE has heard of a 15k credit line on a store card like my Home Depot or my more than 27k I have across all the Macy's accounts.

I hope some of these cards will continue to be managed under someone else with GE just backing them

[Anonymous]

If I understood that correctly, Macy's is managing their cards themselves (via DSNB), just using Citi' for some services. Which should mean that there won't be much change with your limits.

[Anonymous]

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@Anonymous wrote:

If I understood that correctly, Macy's is managing their cards themselves (via DSNB), just using Citi' for some services. Which should mean that there won't be much change with your limits.

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DSNB is Citibank. According to a CSR, DSNB is the name of a medium-size office inside some Citibank building in SD

[Creditaddict]

I'm actually kind of surprised to hear this, because it was just a couple years ago that GE tried to sell of all of the retail cards devision and they had no buyers.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

If I understood that correctly, Macy's is managing their cards themselves (via DSNB), just using Citi' for some services. Which should mean that there won't be much change with your limits.

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DSNB is Citibank. According to a CSR, DSNB is the name of a medium-size office inside some Citibank building in SD

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I know the quote. Nevertheless, Macy's are managing their cards themselves. It's them who decide about whether you get the card and what the CL is.

[Anonymous]

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@Creditaddict wrote:

I'm actually kind of surprised to hear this, because it was just a couple years ago that GE tried to sell of all of the retail cards devision and they had no buyers.

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Yes, but they already withdrew the offer years ago. Last thing I read is that they consider their retail card business to be very profitable and intend to keep it.

[Pushto700]

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@emptypockets wrote:

According to USA Today 10/6/2010

NEW YORK (AP) — Citigroup is selling $1.6 billion in retail credit card assets to GE Capital as the bank continues to shed smaller businesses to focus on its core consumer banking operations.

The latest transaction gives GE Capital access to nearly 36 retail portfolios, including cards for retailers such as Home Depot, Sears Holdings and Macy's, along with businesses including Shell and ExxonMobil. The portfolio services more than 40 million customers and consists of about $50 billion in managed assets. Citigroup Inc. will service the portfolio until the first quarter as GE Capital finishes converting merchants and cardholder accounts to its system.

http://www.usatoday.com/money/industries/banking/2010-10-06-citi-credit-cards_N.htm?loc=interstitial...

I wonder if this will have any effect on those that already have numerous GE money Bank cards (i.e. Lowe's Walmart, JCP, etc.), since some speculate that  there is a limit on the numer of cards they (GEMB) will issue you.

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Nice newsbreak. This may mean better news for me as I have a couple of GE Money CC's (Pep Boys & Discount Tire), and was shot down recently for a HD CC. Kinda glad I was....Citibank can be a bit unnerving as I have seen with some with the CLD's out of no where.

[Pushto700]

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@Anonymous wrote:

Good, now I can finally get-in with Macy's!

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Interesting, I have a Macys CC as well....maybe the crazy slashing and non-limit reporting will cease and the card may actually have better value now.