Nordstrom and TD Bank have announced a new credit card partnership that's sure to make shopping even more rewarding.
Nordstrom customers can now earn 4 points for every dollar spent at Nordstrom and Nordstrom Rack, with no rotating categories or spending limits.
With this new partnership, cardholders will also enjoy a 20% discount on their first purchase with their new card.
This credit card partnership offers a great opportunity for customers to earn points and rewards on their purchases, making it a smart choice for anyone who shops at Nordstrom regularly.
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Nordstrom and TD Bank Partnership
TD Bank has been the exclusive issuer of Nordstrom's U.S. Visa and private label consumer credit cards since 2015, when it acquired Nordstrom's credit card portfolio.
The partnership between Nordstrom and TD Bank has been in place for over seven years, with both companies working closely together to deliver exceptional card products and experiences to Nordstrom customers.
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David Swift, Head of Credit Card Partnership Programs at TD Bank, praised the partnership, saying that his teams have built an outstanding working relationship with Nordstrom.
Through the Nordstrom card program, customers enjoy more rewards, exclusive perks, and early access to Nordstrom's highly anticipated Anniversary Sale.
The partnership has allowed Nordstrom to focus on what it does best - providing elevated retail experiences to its customers - while TD Bank handles the credit card operations.
Nordstrom's President of Payments and Credit, Dennis Bauer, said that TD Bank shares Nordstrom's dedication to meeting customers' evolving needs, and that they value their partnership as they continually innovate their offerings and enhance their capabilities.
The partnership has been a long-term agreement, with TD Bank set to continue providing credit card services to Nordstrom customers for years to come.
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Nordstrom Secures Credit Card Deal
TD Bank acquired Nordstrom's credit card portfolio in 2015, marking the beginning of their partnership.
Nordstrom's stock spiked in after-hours trading after the company announced that the deal to sell its credit card business to TD Bank had been closed, with the stock rising by as much as 5 percent to $75.
The two companies have entered into a long-term agreement under which TD Bank will be the exclusive card issuer for Nordstrom-branded Visa cards and Nordstrom customer credit cards.
The $2.2 billion represents the credit card receivables from the deal, with Nordstrom prepaying $325 million of secured debt due October 2016.
Nordstrom will perform all servicing functions associated with the credit card portfolio and will also have the primary responsibility for the marketing of Nordstrom-branded Visa and private label cards.
The net revenue from the credit card portfolio will be shared by Nordstrom and TD Bank, with Nordstrom having the option to repurchase the entire credit card portfolio upon termination of the agreement.
TD Bank will become the exclusive issuer of Nordstrom-branded Visa and private label consumer credit cards in the United States under a separate long-term agreement.
Nordstrom's sale of its credit card business to TD Bank drew a positive reaction from its investors, with the company planning to return capital directly to its shareholders using its balanced approach to capital allocation.
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