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The TJX Cos. To Get Credit Card Program From GE Capital

Jan 19, 2011 | Reprints | Unlock Link | Print

Framingham-based apparel and home fashions retailer The TJX Cos. Inc. has entered into a multi-year agreement in which Stamford, Conn.-based GE Capital Retail Consumer Finance will provide the consumer credit card programs for the company’s U.S. operations.

The TJX Rewards credit card program will include the private label credit card and the co-branded MasterCard program, according to a statement. GE Capital will acquire the existing card program assets from JP Morgan Chase.

"This $400 million portfolio acquisition further demonstrates our commitment to the U.S. retail credit card space," said Margaret Keane, CEO and president of GE Capital Retail Consumer Finance. "The transaction, which we expect to close in the second quarter of 2011 and be immediately accretive, will broaden our portfolio with a terrific retailer and accelerate the growth of what is a high performing, core business for GE Capital."

Financial terms of the agreement were not disclosed.

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