topic Re: Walmart Cancelling Sync and going to Cap 1 in Credit Cards

Walmart Cancelling Sync and going to Cap 1

CreditCuriosity — Thu, 26 Jul 2018 20:43:33 GMT

See title and article going to Cap1 from Sync...Assume Sam Card as well? Need to read the article as well saw the rumors a few weeks back.. Wonder what will happen to the big CL's on peoples cards stay intact or slashed and future approvals.. No more credit solutions..

19% of their store card portfolio that has to sting worse then the costco loss imo... Their shares are getting hit i bet. Yep down 10+% on market.

https://www.doctorofcredit.com/walmart-chooses-capital-one-as-their-new-credit-card-issuer-ends-synchrony-partnership/

Re: Walmart Cancelling Sync and going to Cap 1

pizza1 — Thu, 26 Jul 2018 20:41:01 GMT

@CreditCuriosity wrote:
See title and article going to Cap1 from Sync...Assume Sam Card as well? Need to read the article as well saw the rumors a few weeks back.. Wonder what will happen to the big CL's on peoples cards stay intact or slashed and future approvals.. No more credit solutions..

https://www.doctorofcredit.com/walmart-chooses-capital-one-as-their-new-credit-card-issuer-ends-synchrony-partnership/

very interesting!!! Thats a big upset for Synch!!

Re: Walmart Cancelling Sync and going to Cap 1

Gmood1 — Thu, 26 Jul 2018 20:43:20 GMT

Boy..that sucks! Glad I got my last CLI out the way for the Walmart card.
Hopefully it will stay intact. If not I'll cancel the account and put the spend elsewhere.

Re: Walmart Cancelling Sync and going to Cap 1

Meanmchine — Thu, 26 Jul 2018 20:45:50 GMT

".....No more credit solutions."

?????

Re: Walmart Cancelling Sync and going to Cap 1

CreditCuriosity — Thu, 26 Jul 2018 20:48:22 GMT

@Meanmchine wrote:
".....No more credit solutions."

?????

Meaning once it is in Cap1 hands you can't call credit solutions aka sync. and get a CLI from say a 1k cl to a 25k CL or whatever by a SP.

Re: Walmart Cancelling Sync and going to Cap 1

Meanmchine — Thu, 26 Jul 2018 20:52:35 GMT

@CreditCuriosity wrote:
@Meanmchine wrote:
".....No more credit solutions."

?????
Meaning once it is in Cap1 hands you can't call credit solutions aka sync. and get a CLI from say a 1k cl to a 25k CL or whatever by a SP.

Whew. I thought you meant that CS as a whole was disappearing

Re: Walmart Cancelling Sync and going to Cap 1

Gmood1 — Thu, 26 Jul 2018 20:58:28 GMT

The only thing positive about the situation is, it lowers my exposure with Synchrony. Which allows me to grab another one of their partners cards in the future.😋

Re: Walmart Cancelling Sync and going to Cap 1

CreditCuriosity — Thu, 26 Jul 2018 21:45:36 GMT

@Gmood1 wrote:
The only thing positive about the situation is, it lowers my exposure with Synchrony. Which allows me to grab another one of their partners cards in the future.😋

Dang and i was thinking of getting the Walmart card for the free 2 liter soda lol..

Don't set foot in a walmart unless i am desperate for a cord or something can't stand them or target, etc... I am also a costco person vs. a sams club person.. If they loose Sams as well which is probable since same company oh that is going to really hurt sync in the short term. Granted they picked up paypal credit so meh.

Re: Walmart Cancelling Sync and going to Cap 1

UncleB — Thu, 26 Jul 2018 21:48:49 GMT

I can't imagine them separating out the Sam's Club cards (MC and PLCC) so I suspect they will go to Capital One as well; I agree it will be interesting to see what happens to those of us with "big" limits.

In the weeks leading up to the transition they will need to call in overtime for the overseas Credit Solutions call center!

Re: Walmart Cancelling Sync and going to Cap 1

Meanmchine — Thu, 26 Jul 2018 21:52:02 GMT

@Gmood1 wrote:
The only thing positive about the situation is, it lowers my exposure with Synchrony. Which allows me to grab another one of their partners cards in the future.😋

I too have been closing Synchrony accounts to lower my exposure

I never could axe Walmart or SamsClub on my own. Maybe a Marvel App in the future is a possibility now

Re: Walmart Cancelling Sync and going to Cap 1

Remedios — Thu, 26 Jul 2018 21:53:37 GMT

When Cap1 takes over, does the new TL has the original *opened* date?

Re: Walmart Cancelling Sync and going to Cap 1

JR_TX — Thu, 26 Jul 2018 21:55:52 GMT

Well then it’s high time then to hit Sync CS up for a $20K CLI just before they transition just in case Cap1 absorbs their portfolio. Been threading lightly and staying under the radar with Synch the past months or so.

Re: Walmart Cancelling Sync and going to Cap 1

Gmood1 — Thu, 26 Jul 2018 22:03:29 GMT

@Meanmchine wrote:
@Gmood1 wrote:
The only thing positive about the situation is, it lowers my exposure with Synchrony. Which allows me to grab another one of their partners cards in the future.😋
+1
I too have been closing Synchrony accounts to lower my exposure
I never could axe Walmart or SamsClub on my own. Maybe a Marvel App in the future is a possibility now

I hear ya on not wanting to cut it loose!

Lol...especially now with my Walmart card. It actually surpassed the spending of the USAA Limitless card this month. Something I thought I'd never see!🤨

3% no hassle cash back is hard to beat!

Re: Walmart Cancelling Sync and going to Cap 1

Sharingan — Thu, 26 Jul 2018 22:04:14 GMT

I, too, will be very curious to see if the Sam’s Club accounts are migrated to Capital One as well. I’ve managed to hang onto my Sam’s Club MasterCard with a rather large CL for several years after ending my club membership. It will be interesting to see if Capital One continues to let it slide, or if they take a hardline approach similar to Citi with the Costco Visa cards.

Re: Walmart Cancelling Sync and going to Cap 1

gdale6 — Thu, 26 Jul 2018 22:41:22 GMT

Well well, with this info I just requested CLI to restore what I myself CLD two years ago and it was approved. Dont use the card much anyway as I get better rewards with others.

Adding: Changeover effective 08/01/19

Re: Walmart Cancelling Sync and going to Cap 1

CreditCuriosity — Thu, 26 Jul 2018 22:44:34 GMT

@gdale6 wrote:
Well well, with this info I just requested CLI to restore what I myself CLD two years ago and it was approved. Dont use the card much anyway as I get better rewards with others.

Adding: Changeover effective 08/01/19

now everyone has until prior to that date to get their TU scores up to 720+ and you to can have a 25k cl with Cap1 probably

Re: Walmart Cancelling Sync and going to Cap 1

Anonymous — Thu, 26 Jul 2018 23:25:59 GMT

On the positive side of this massive portfolio change: perhaps Synchrony will rethink its draconian and sudden account closure/restriction policy.

On the negative side: Capital One is stingy with credit line increases unlike Synchrony.

@CreditCuriosity

Re: Walmart Cancelling Sync and going to Cap 1

Anonymous — Thu, 26 Jul 2018 23:47:03 GMT

Well, that was unexpected! It's just as well that the changeover is going to take a year. Sync is in a mulish mood about my Walmart card; they won't give me any more CLI's right now because, in their opinion, I've had too many CLI's on that card recently (a munificient $500 in March and another $1K last month), so I'm going to have to let things cool down for a few months. It would be nice if Cap 1 were to offer an option to PC store cards to a co-branded MC or Visa...

I might note, by the way, that while I haven't checked in to my account page today, Synchrony hasn't sent out anything about this big change to their customers yet. One thing that is definitely good news is that my Sync exposure will be cut by however much the Walmart CL is at the time of the changeover; that'll free up exposure for Amazon, Care Credit and especially PayPal, which is the Sync card that I really want to grow right now.

Re: Walmart Cancelling Sync and going to Cap 1

JSS3 — Thu, 26 Jul 2018 23:51:58 GMT

As long as we can keep the cashover feature and financing options, I'm happy.

Re: Walmart Cancelling Sync and going to Cap 1

AverageJoesCredit — Fri, 27 Jul 2018 00:05:33 GMT

Knowing Cap One, if you have big limit and it transfers to them , if you use it sparingly, might be good to prepare yourself for cld. Will be my first Cap One card if they allow us in PR to enjoy their patronage lol