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24/08/2010 -
Retail establishments that accept credit cards are seeing a boom in the number of consumers using private-label store cards to make purchases.While the private-label industry experienced setbacks due to the recession, retailers are now reporting improvement as more Americans are making payments on time.
Last week, Target announced that second-quarter profits for its credit card segment jumped to $149 million - up from $63 million a year ago. Additionally, late payments for both Target and Nordstrom decreased by 0.8 percent and 1.5 percent, respectively.
The industry is doing so well that businesses that had previously considered selling their holdings have taken themselves off the market. In 2008, GE - the largest issuer of private-label cards - put its portfolio on the market. According to Stephen White, a GE spokesman, the store card is "no longer up for sale," the WSJ writes.
Private-label credit cards may benefit not only retailers, but also consumers. The cards, which are generally riskier compared to major branded cards, are used by many low-income families to help boost poor credit scores.
