MINNEAPOLIS, Apr 20, 2010 (BUSINESS WIRE) --Target Corporation (NYSE:TGT) announced today that all new qualified credit card applicants will receive the Target Credit Card, a credit product accepted at all Target stores and Target.com. Effective April 29, 2010, Target will no longer issue the Target Visa Credit Card to new credit card applicants. Existing Target Visa Credit Card holders will not be affected.
"Our financial products are designed to deepen relationships with our retail guests and drive profitable sales for Target," said Terry Scully, president, Target Financial Services. "Recent product testing and guest research underscores the tremendous value enjoyed by Target Credit Card guests. Target benefits from these powerful guest relationships through increased trip frequency and retail sales."
The comprehensive testing, conducted over the last several months, demonstrated that guests tend to spend more at Target when issued a Target Credit Card instead of a Target Visa. As a result, this decision is expected to produce greater retail sales for Target, while also reducing the amount of receivables the company funds.
The statements on expected sales and funding of receivables are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date they are made and are subject to risks and uncertainties which could cause the company's actual results to differ materially. The most important risks and uncertainties are described in Item 1A of the company's Form 10-K for the fiscal year ended January 30, 2010.
Target Corporation's retail segment includes large general merchandise and food discount stores and Target.com, a fully integrated on-line business. In addition, the company operates a credit card segment that offers branded proprietary credit card products. The company currently operates 1,740 Target stores in 49 states. Target Corporation news releases are available at www.target.com.
SOURCE: Target Corporation
John Hulbert, 612-761-6627 (investors)
Eric Hausman, 612-761-2054 (media)