Financial Services At Target Financial Services  we are driven by dual objectives:  (1) to build retail sales by deepening our relationships with our guests  and (2) to sustain outstanding profitability and growth in delivering financial services to our guests. o achieve these joint objectives  weGLYPH<213>re offering our guests more reasons to shop our stores GLYPH<209> like loyalty programs that speak to what matters most in their lives and financial product innovations that make shopping and saving easier than ever before. We strive to fully integrate our efforts into a unified guest experience  while operating with the discipline  expertise and strategy of a stand-alone financial services business. T Since our credit card operations were consolidated in 1995  our business decisions and growth have been guided by four core operating principles. The first principle is that we drive our growth through value-added programs  not through aggressive credit decisions. Our various Rewards programs  for example  give guests compelling reasons to use  our cards  rather than other general purpose credit or debit cards. Our second principle is that we exercise strong financial controls in the management of our business. We never compromise our underwriting standards for short-term Similar to our focus in other areas of the company  our financial products and services are designed to profitably increase shopping frequency and average transaction amount  while reinforcing and enhancing our brand identity. Our fourth and final guiding principle is our commit- ment to building a superior organization by attracting and retaining talented and dedicated team members.  The majority of our financial services management has significant prior experience at other leading financial institutions. Our third principle is to make strategic investments  particularly in state-of-the-art technology that will contribute to increased efficiency and performance. Investments in recent years have enabled us to mean- ingfully reduce our operating expense rates and achieve levels of guest service that are among the best in the credit card industry. gain or growth. This discipline ensures that we are able to sustain our profitability as we grow our portfolio over the long-term. More Great Reasons to Shop at Target Adhering to Core Principles 10 Target Visa During 2003  we enjoyed continued success in the growth and performance of the Target Visa card  reflecting our guestsGLYPH<213> strong positive bond with our brand. As of year-end  the Target Visa portfolio included more than four billion dollars in accounts receivable and over nine million cards issued and represented a substantial portion of the annual increase in our credit card operationGLYPH<213>s profit contribution.