TD Bank announced a multiyear contract extension with Target Corp., under which the bank will continue to be the exclusive issuer of Target co-branded and private label consumer credit cards through 2030.
According to a Sept. 21 announcement, Cherry Hill-based TD acquired the retailer’s U.S. credit card portfolio in 2013.
“A decade of partnership has enabled our teams to innovate together and deliver a compelling card program for Target guests,” Chris Fred, TD’s head of U.S. credit cards and unsecured lending, said in a statement.
TD said it expanded its RedCard Mastercard program with the retailer earlier this year, as well.
Gemma Kubat, president of Target’s financial and retail services, said RedCard holders have saved more than $9.7 billion over 12 years because of the card’s 5% discount at Target as well as additional discounts at other locations.
“By deepening our partnership with TD Bank, Target will continue to offer guests meaningful, everyday value through 5% savings, free shipping from Target.com on most items, extended return times and exclusive offers,” Kubat added.
The news about its Target partnership follows closely after TD’s announcement that the it will open 15 stores in Charlotte, N.C., by 2025.