Best Buy Canada, operator of Best Buy and Future Shop, and Desjardins Group, the largest Credit Union in Canada, have announced a new partnership. The partnership will have Desjardins, through its Card and Payment Services business unit, acquiring both the Best Buy Canada and Future Shop private-label credit card portfolios.
The deal adds to Desjardins’ expanding portfolio of national retail credit card clients, including Staples, Reno Depot and Leon’s.
“Desjardins is proud to partner with Best Buy Canada Ltd., and contribute to their commitment to serving customers with the utmost care,” said André Chatelain, managing vice-president and general manager of Desjardins Card and Payment Services. “We have no doubt that our financing solutions will further set Best Buy Canada, Ltd. apart in a highly competitive industry.”
Along with the two branded credit card portfolios, Desjardins will also be acquiring most outstanding loans and client accounts. In addition, all Best Buy Canada and Future Shop stores nationwide will offer Desjardins’ Accord D financing, a unique product to finance in-store purchases.
The new relationship will also see Best Buy’s co-branded Visa card terminate. The new Desjardins program will strictly be a private label store card.
“We pride ourselves on creating an unparalleled shopping experience in-store and online, and we’re thrilled to partner with Desjardins to offer their competitive financing solutions to our customers,” said Philippe Arrata, senior vice president for Best Buy Canada Ltd. “We’re confident that the innovations produced by our companies will create a strong business relationship that will benefit our current and future cardholders most of all.”
The next big Chase Canada credit card portfolio to change hands will be the Sears program this coming spring. Chase and Sears have already indicated the plan to end their relationship. Still unknown is who will replace Chase, and how or if the program will change.
Until then, for those paying 29.99% interest on their Best Buy or Sears private label card, you should strongly consider transferring your balance to a 0% balance transfer card for 12 months.