Kohl's completes credit card portfolio transfer to Capital One

Kohl's Department Stores said April 5 that it completed the transfer of its private-label credit card portfolio to McLean, Va.-based Capital One Financial Corp., effective April 1.

The Virginia-based bank has acquired more than 20 million Kohl's charge accounts and will offer private-label credit cards to new and existing Kohl's customers under a seven-year agreement.

Kohl's will manage all customer service, advertising and marketing initiatives for the accounts.

"Private label credit cards account for a significant percentage of all retail credit card balances, and we see this alliance as a tremendous growth opportunity for Capital One's card business," Bill Cilluffo, Capital One executive vice president of card partnerships, said in a statement.

The deal was announced in 2010.