Capital One Sells Best Buy Credit Card Portfolio to Citi

MyBankTracker

By , Staff Writer
Posted on Tue Feb 19, 2013, Last Updated on Tue Feb 19, 2013

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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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