Capital One Financial Corp. will acquire 20 million card accounts after signing a deal with Kohl’s Corp. to offer store-branded credit cards to new and existing customers of Kohl’s and its subsidiaries, Kohl’s announced in a recent U.S. Securities & Exchange filing.
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The companies signed the seven-year agreement on Aug. 11. Cap One is replacing JPMorgan Chase & Co. as the issuer of the private-label cards.
Kohl’s will continue to advertise and market the credit card program to its customers.
Representatives from both Cap One and Kohl’s were not immediately available to comment on the deal.
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