Citi Retail Services adds Best Buy’s credit cards

Atlanta-based Citi Retail Services, a provider of private label and co-branded card products, said it has added Best Buy’s U.S. credit card portfolio to the list of accounts it services after completing a deal with Capital One Financial Corp.

Financial terms of the deal were not disclosed.

The deal with the consumer electronics retailer was first announced in February. The Best Buy portfolio has more than $6 billion in receivables.

CRS, a division of Citi, also manages credit cards for ExxonMobil, Macy’s, Sears, Shell, and Atlanta-based Home Depot.

Citi said it does not currently expect the impact of the agreement, acquisition and conversion to be material to its earnings in 2013.

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