If you own a Best Buy Credit Card, a new development has occurred that you should know about. Citi Retail Services, a division of Citigroup (NYSE:C) recently acquired Best Buy‘s stable of credit cards. According to an article at Bizjournals.com, Citi Retail Services CEO, Bill Johnson, stated that “The success of this endeavor speaks not only to the value we place on Best Buy as a client, but to the commitment and expertise of our people.”
Also, according to Citi, the Best Buy suite of credit cards currently yields over six billion dollars in receivables–which explains why a behemoth like Citi Retail Services pursued this acquisition.
Time will tell if this development adds value to Best Buy’s credit card offerings (which we rated poorly). But we will be analyzing any changes Citi makes to the cards in the future and we will let CardSight readers know what we find.