The retail private label/co-brand credit card landscape continues to shift, with GE announcing the acquisition of the TJX programs, currently operated by Chase.
The TJX Rewards credit card program will include the private label credit card and the co-branded MasterCard program, providing cardholders with benefits and convenience, as well as the opportunity to earn special rewards for cardholders. GE Capital will acquire the existing card program assets from JP Morgan Chase. Financial terms were not disclosed.
The deal is expected to close in Q2 2011. In 2010, another large retailer program changed hands, with Capital One acquiring the Kohl’s private label portfolio, previously operated by Chase.