DALLAS -- Associates Corporation of North America has completed its purchase of Amoco Oil Co.'s consumer credit card operation.
Associates, with about 2.3 million active accounts and $3.1 billion in receivables, gains 8.6 million Amoco-branded credit cardholders, including some cobranded MasterCard and Visa customers.
The Ford Motor Co. subsidiary will become the private label issuer, processor, and setricer of Amoco's proprietary credit card.
The transaction includes the purchase and continued use by Associates of Amoco's credit card facility in West Des Moines. Associates said it will retain most of the 400 employees based there.
The deal does not include Transicard, Amoco's commercial credit card for fleet owners. Amoco is involved in separate negotiations with Associates for the sale of that product.