Here is the latest news about Capital One Kmart Card from Card Forum:-
CAPITAL ONE TO KEEP ITS EYE ON COBRANDED KMART CARD
Capital One Financial Corp. says its cobranded CapOne/Kmart MasterCard credit card won’t be affected by Kmart Corp.’s bankruptcy filing this morning. "The card is accepted anywhere MasterCard is accepted," a CapOne spokesperson tells Card Forum. "We don’t expect any problems." The spokesperson adds, however, that CapOne will continue to "follow the situation." Troy, MI–based Kmart, the nation’s second–largest discount retailer, filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of Illinois in Chicago. Company officials said in statement that the retailer hopes to emerge from bankruptcy in 2003. They added that they have secured a $2 billion financing package to facilitate the turnaround. Falls Church, VA–based CapOne has issued some 2 million cobranded CapOne/Kmart cards, the CapOne spokesperson says. Kmart said in a statement that all 2,114 of its stores will honor its credit card.