Creditnet News Story
Target to stop offering Visa cards
Wednesday, April 21, 2010
By William Davis
Target Corporation said it will cease issuing store-branded Visa cards.
A major retailer recently announced it will no longer issue Visa cards as of April 29.
Target Corporation said that product testing revealed that consumers tended to spend more at its stores when using a Target credit card rather than cards issued in conjunction with Visa. Terry Scully, president of Target Financial Services, said the company's financial products are meant to further a connection with its customers while driving sales for the retailer.
"Target benefits from these powerful guest relationships through increased trip frequency and retail sales," Scully said.
The company noted that consumers who currently carry a Target Visa card will not be affected by the switch and that the new card will be accepted at all retail locations and at its website, www.target.com.
Target also made a change to its site that allows consumers to access their gift-card accounts without having to carry plastic with them. Gift-card information can now be accessed with an internet-capable mobile device through a PIN-protected account.
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