Target Corporation announced 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.
âOur financial products are designed to deepen relationships with our
retail guests and drive profitable sales for Target,â said Terry Scully,
president, Target Financial Services. âRecent 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.â
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.
