TORONTO – Best Buy Canada is shifting its credit card portfolio to Desjardins Financial Group, the companies announced Wednesday.
The retailer, which has closed some stores and shrunk its overall retail footprint amid stiffening competition from Amazon.ca and brand-led stores, such as Apple, will move the portfolio to Quebec-based Desjardins in April, ending a prior relationship with the financial institution Chase Canada.
“We have a long history of partnering with financial institutions to provide our branded credit card portfolio,” said Jeff Shelman, director of communications at Minneapolis-based Best Buy Co., Inc.
Last year in the U.S., Citigroup bought the portfolio of Best Buy’s private label and co-branded credit cards from Capital One Financial for an undisclosed sum.
Financial Post
