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Target to Issue Proprietary Credit Cards to All New Credit Accounts

Target Corporation has announced that all new qualified credit card applicants will receive the Target Credit Card, a credit product accepted at all Target stores and Target.com. Effective April 29, 2010, Target will no longer issue the Target Visa Credit Card to new credit card applicants. Existing Target Visa Credit Card holders will not be affected.

“Recent product testing and guest research underscores the tremendous value enjoyed by Target Credit Card guests. Target benefits from these powerful guest relationships through increased trip frequency and retail sales.”

“Our financial products are designed to deepen relationships with our retail guests and drive profitable sales for Target,” said Terry Scully, president, Target Financial Services. “Recent product testing and guest research underscores the tremendous value enjoyed by Target Credit Card guests. Target benefits from these powerful guest relationships through increased trip frequency and retail sales.”

The comprehensive testing, conducted over the last several months, demonstrated that guests tend to spend more at Target when issued a Target Credit Card instead of a Target Visa. As a result, this decision is expected to produce greater retail sales for Target, while also reducing the amount of receivables the company funds.

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