Kohl's completes deal with Capital One

MENOMONEE FALLS, Wis. -- Kohl’s Department Stores announced the completion of its private-label credit card portfolio transfer to Capital One Financial Corporation, effective as of April 1, 2011. Capital One has acquired the more than 20 million existing Kohl’s Charge accounts and through the seven-year agreement will offer private-label credit cards to new and existing Kohl’s customers.

“Capital One is a well-respected leader in its industry and an ideal partner to support the growth of Kohl’s credit card business, which accounted for 50% of Kohl’s sales in 2010,” said Kohl’s senior EVP and CFO Wes McDonald. “Capital One’s strategic, analytical approach and commitment to profitable growth make them a strong fit for Kohl’s from both a cultural and financial perspective.”