Capital One Taking Over Kohl's Charge Accounts

Kohl’s announced on Tuesday that the transfer of its private-label credit card portfolio to Capital One has been completed as of April 1, 2011. Capital One will service new and existing Kohl’s charge accounts for a seven year contract. Through the partnership, Capital One acquired more than 20 million existing Kohl’s charge accounts - which accounted for 50% of the department store’s sales last year.

"Kohl's has an exceptional brand and offers a great experience to their customers. We are eager to work with them to support the continued growth of their business," said Bill Cilluffo, Executive Vice President of Card Partnerships at Capital One.

Current Kohl’s charge customers shouldn’t notice any changes with their accounts as Kohl’s will continue to manage all customer service, advertising and marketing initiatives supporting charge accounts. The companies said customers will continue to receive the same exclusive benefits, including savings on their first purchase, Pick-Your-Day shopping passes and special event discounts throughout the year.

Kohl’s, operating 1,097 stores in 49 states, is a value-oriented department store that sells moderately priced apparel, shoes, beauty, accessories, and housewares. The company takes an active role in the communities it serves and has raised more than $180 nation-wide for children’s initiatives.

Capital One is a U.S.-based bank offering a broad spectrum of financial products and services to customers, businesses, and commercial clients. A Fortune 500 company, the bank and its subsidiaries had $122.2 billion in deposits and $197.5 billion in total assets as of the end of last year.


Sources:
Capital One Bank
Kohl’s