By Glenn Johnson

 

TD Bank NA said Wednesday it has reached an eight-year contract extension with Target Corp. to continue as the exclusive issuer of the retailer's co-branded and private label consumer credit cards.

TD first acquired Target's U.S. credit-card portfolio in 2013 and is expected to carry on in that role until 2030, the companies said Wednesday.

The extension comes after Target and TD Bank earlier this year expanded Target's in-house credit card, the RedCard Mastercard, to originate co-branded cards. In addition to offering 5% savings at Target, the co-branded cards offer discounts on eligible dining, gas and other purchases.

TD Bank, a subsidiary of Toronto-Dominion Bank, is one of the ten largest U.S. banks, with nearly 10 million customers.

 

Write to Glenn Johnson at glenn.johnson@wsj.com

 

(END) Dow Jones Newswires

September 21, 2022 10:15 ET (14:15 GMT)

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