Chevron U.S.A. Inc. and Chevron Credit Bank, N.A., announced today that it has reached agreements to sell its consumer and commercial credit card businesses.
Chevron has selected GE Money Bank, N.A. to own and operate its Chevron- and Texaco-branded consumer credit cards, and FleetCor Technologies Operating Co., LLC to own and operate its branded commercial credit cards. The transactions are pending regulatory approvals, but the San Ramon, Calif.-based oil company anticipates the deal to close by the end of the year.
“We have a strong base of loyal customers with our proprietary credit card business and are making this change to ensure they continue to have access to the latest features and options available within the credit card market,” said Shariq Yosufzai, president of Chevron Global Marketing. “We believe GE Money and FleetCor can enhance the payment products we offer our customers.”
Chevron also said it would collaborate with GE Money and FleetCor to continue to manage the overall customer experience, brands and image of its branded credit cards.
“The credit card business environment is changing rapidly,” said Danny Roden, vice president of Chevron North America Marketing. “Consumers’ usage patterns are changing and they are looking for new payment products and features. Our goal is to provide payment products that attract and retain consumers, marketers and retailers.”