Petro-Canada said it sold its proprietary credit card portfolio to GE Capital Canada for $110 million.
GE Capital Canada will now provide Petro-Canada with card issuing, processing, billing, collection, and customer service functions. Petro- Canada will retain its commercial credit card and responsibility for card marketing.
The card will remain a Petro-Canada card, and cardholders will continue to accumulate Petro-Points to redeem for merchandise for their cars.
The conversion is expected to take six months.
GE Capital Canada is a unit of GE Capital Services, a wholly owned subsidiary of General Electric Co.