Target and Chase

[granny031350]

Target and Chase are hooking up according to the WSJ.  Hopefully the deal will close in the second quarter.  I couldn't get the article to link. 

[llecs]

Found this backing that, but I don't subscribe:

http://online.wsj.com/article/SB120545984844635601.html?mod=wsjcrmain

Here's a summarized version:

http://www.cnbc.com/id/23627317

Edit: Found the full article on WSJ:

NOPE, didn't work. Found the article via Marketwatch. If you click it it has the full article. But when linked here, it only shows the summary.

Message Edited by llecs on 03-14-2008 08:59 AM

Message Edited by llecs on 03-14-2008 09:03 AM

[Anonymous]

Target talks with J.P. Morgan Chase about a credit card deal-WSJ

Target Corp. (TGT) is talking with J.P. Morgan Chase (JPM) about the bank buying half of its credit card operations for about $4B, reports the Wall Street Journal. J.P. Morgan wants to move into retail branded cards, and already owns portfolios from Circuit City Stores (CC) and Kohl's Corp. (KSS). Target earned about $600M from its credit card business in pretax profit in 2007. A 50% sale could cut Target's exposure to consumer debt, and the proceeds could be used to fund share repurchases, analysts say. :

So far just talks no deals yet....but you are right if it goes through it would be a second quarter thing. At 50%, they would be selling off $4Bil in receivables! Seems like I would not want to sell if I was making 600 mil on credit cards pretax a year. I guess that is me. I would not mind it though I love my Chase!

[Anonymous]

Thats a lot of money!!  I guess I will get a chase card after all!

[Anonymous]

In looking at old posts, it looks like WhirledPeasPlease reported this on Wednesday.  They hadn't announced who it was but they had the 4B number right.  Interesting how and when this stuff comes out.

[Anonymous]

I don't have a Target card, but do have a Chase card. They (Chase) have been getting kinda tight with issuing CLI's and in granting new cards. I wonder if this means Chase will be reviewing all their newly-purhased Target cards.

[Anonymous]

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@Anonymous wrote:

I don't have a Target card, but do have a Chase card. They (Chase) have been getting kinda tight with issuing CLI's and in granting new cards. I wonder if this means Chase will be reviewing all their newly-purhased Target cards.

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My scores are much lower than yours, but Chase has given me CLI's, one just recently. So I must not be in the same overall limit you are. I now have $10k with Chase. It was three cards, combined to one, plus two CLI's. They have been pretty generous to me.

[Anonymous]

OMG... first talk of buying out WaMu, now Target.... time to trim the flock!!!!   They SCARE me.

Message Edited by Brammy on 03-14-2008 05:09 PM

[Anonymous]

Don't forget Countrywide Mortgage! Now THAT'S really scary.

[Anonymous]

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chiwiseguy wrote:

In looking at old posts, it looks like WhirledPeasPlease reported this on Wednesday.  They hadn't announced who it was but they had the 4B number right.  Interesting how and when this stuff comes out.

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Hi Chi -

Thanks for the props!  Interesting to see it begin to play out.  However I have a nasty history with Chase (old First USA card).  I can see a CLR in my future!  EEEK!  Keep THAT card at ZERO!

-P