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Target Corp., announced Monday it will sell a portion of its credit card receivables to J.P. Morgan Chase.
Price tag: $3.6 billion, for 47 percent of Target's outstanding receivables
Closing date: Before the end of May
FINE PRINT
• Target maintains control of its credit card operations, including customer service.
• Target and J.P. Morgan Chase share expected profits, with Chase's interest capped at 3.4 percent of the principal.
• Target agrees to a 7 percent purchase discount, citing a seasonal low in the receivables. Chase has option to increase its investment to $3.9 billion.
Source: Target Corp.
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