Capital One, one of the largest U.S. credit-card issuers, entered an agreement to sell its portfolio of Best Buy credit card accounts to Citi. The current loan balances of the card portfolio is roughly $7 billion.
The sale is expected to close in the third quarter of 2013.
Cardmembers should not expect any major changes to their cards — they’re likely to receive new cards (sporting the Citi logo) when the deal is finalized.
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