topic Re: Comenity shutting down Wayfair Credit Card in Credit Cards

Comenity shutting down Wayfair Credit Card

Anonymous — Fri, 07 Aug 2020 19:50:09 GMT

I just got a secure message on my account - Comenity is closing Wayfair cards on Sept 11, 2020.
Dang. I loved this card. It's a $8,300 CL for me too.

Re: Comenity shutting down Wayfair Credit Card

Anonymous — Fri, 07 Aug 2020 19:51:43 GMT

and there goes my credit score. $500 gone from my overall available credit.

I HATE 2020.

@Anonymous wrote:
I just got a secure message on my account - Comenity is closing Wayfair cards on Sept 11, 2020.
Dang. I loved this card. It's a $8,300 CL for me too.

Re: Comenity shutting down Wayfair Credit Card

lot08 — Fri, 07 Aug 2020 20:30:18 GMT

Yep got the same... closing down the cards and relationship with Wayfair as of September 11th, can charge through September 10th. Wish someone would partner and offer a card with them where the 0% financing for 6 or 12 months could still come into play...

Re: Comenity shutting down Wayfair Credit Card

blindambition — Fri, 07 Aug 2020 20:33:31 GMT

This is surprising! They just announced a HUGE quarter and 5 million new customers. Dropping Comenity isn't a surprise, but no other lender taking portfolio. Here's an article on their business this year. Wayfair Quarterly Results

Re: Comenity shutting down Wayfair Credit Card

gdale6 — Fri, 07 Aug 2020 20:44:46 GMT

@blindambition wrote:
This is surprising! They just announced a HUGE quarter and 5 million new customers. Dropping Comenity isn't a surprise, but no other lender taking portfolio. Here's an article on their business this year. Wayfair Quarterly Results

I suspect they will have a deal with another lender and Comenity can keep their profile..... Would be foolish of them not to have already made such a deal.

Re: Comenity shutting down Wayfair Credit Card

AverageJoesCredit — Fri, 07 Aug 2020 20:47:21 GMT

@Anonymous wrote:
and there goes my credit score. $500 gone from my overall available credit.

I HATE 2020.
@Anonymous wrote:
I just got a secure message on my account - Comenity is closing Wayfair cards on Sept 11, 2020.
Dang. I loved this card. It's a $8,300 CL for me too.

A card closing doesnt affect your score unless you allow it to affect your utilization. I HATE COVID!

Re: Comenity shutting down Wayfair Credit Card

wasCB14 — Fri, 07 Aug 2020 21:00:26 GMT

@AverageJoesCredit wrote:
@Anonymous wrote:
and there goes my credit score. $500 gone from my overall available credit.

I HATE 2020.
@Anonymous wrote:
I just got a secure message on my account - Comenity is closing Wayfair cards on Sept 11, 2020.
Dang. I loved this card. It's a $8,300 CL for me too.

A card closing doesnt affect your score unless you allow it to affect your utilization. I HATE COVID!

Definitely curious.

COVID played a huge role in accelerating online shopping. Until COVID, Wayfair had never turned a profit. Investors flocking to all things ecommerce also drove up their share price and is helping them convert a lot of debt into equity on favorable terms.

One might speculate how long they'd have stayed in business without COVID, and how long consumer credit lines would have remained open without COVID.

Yet now they're closing these accounts anyway when they're more profitable than ever.

Perhaps they intend to offer in-house financing? Something like the old Signet model where they have loose credit standards to sell more products, and high margins allow them to be profitable even if they suffer a high charge-off rate?

They have very high margins and some people in their investor community note their products are quite expensive compared to competitors.

Re: Comenity shutting down Wayfair Credit Card

Creditaddict — Fri, 07 Aug 2020 21:04:02 GMT

Ouch... so will it become Sync or Capital One?!

I would think they need to keep a credit card.

Re: Comenity shutting down Wayfair Credit Card

blindambition — Fri, 07 Aug 2020 21:16:02 GMT

Im sure that's a very big possibility. Not keeping a customer base is surprising. Many of their customers might not qualify for new card in COVID. While they may still be able to pay. Just seems counterintuitive to company's ultimate goal.@gdale6 wrote:
@blindambition wrote:
This is surprising! They just announced a HUGE quarter and 5 million new customers. Dropping Comenity isn't a surprise, but no other lender taking portfolio. Here's an article on their business this year. Wayfair Quarterly Results
I suspect they will have a deal with another lender and Comenity can keep their profile..... Would be foolish of them not to have already made such a deal.

Re: Comenity shutting down Wayfair Credit Card

blossom_rebuilding — Fri, 07 Aug 2020 21:19:57 GMT

There goes my score, too. Wayfair is one of my higher limit cards and I was mainly keeping it around for utilization padding. Without it, my overall utilization will increase to 31%, so my scores will definitely take some sort of a hit. I'm just glad it didn't have a balance since I only used it a few times a year. Maybe I'll look at replacing it with a Lowe's or Home Depot card...

Re: Comenity shutting down Wayfair Credit Card

GApeachy — Fri, 07 Aug 2020 23:47:16 GMT

No message in our inboxes. eta: I almost placed an order. I went to the Comenity website and the apply button is still there and with an offer. Weird

Re: Comenity shutting down Wayfair Credit Card

Red1Blue — Fri, 07 Aug 2020 22:51:59 GMT

When did you receive this secure message? I logged into my account and I do not see any secure messages. My account is only 30 days old. It is sad to see it go. Hope some other Lender will pick up the card. It is not going to have any impact on my Util but I hate to loose the credit line.

Re: Comenity shutting down Wayfair Credit Card

Anonymous — Fri, 07 Aug 2020 23:26:37 GMT

I got an email this afternoon that I had a new secure message. I logged on about 20 mins later and saw it. Maybe they are sending them out in waves.

I was just about to buy a new patio set & take advantage of the special financing option.
I'm mainly upset about losing the $8,300 utilization padding.

Re: Comenity shutting down Wayfair Credit Card

Red1Blue — Sat, 08 Aug 2020 00:07:14 GMT

Did any one call Wayfair to find out what their plans are?

Re: Comenity shutting down Wayfair Credit Card

Anonymous — Sat, 08 Aug 2020 00:53:45 GMT

@Red1Blue wrote:
Did any one call Wayfair to find out what their plans are?

Who would you call at Wayfair who could possibly know

Re: Comenity shutting down Wayfair Credit Card

AverageJoesCredit — Sat, 08 Aug 2020 00:55:39 GMT

@Anonymous wrote:
@Red1Blue wrote:
Did any one call Wayfair to find out what their plans are?
Who would you call at Wayfair who could possibly know

Ric Flair?

Re: Comenity shutting down Wayfair Credit Card

Red1Blue — Sat, 08 Aug 2020 01:01:26 GMT

I am sure Wayfair CSRs are breifed about this and they should have some idea.

Re: Comenity shutting down Wayfair Credit Card

wasCB14 — Sat, 08 Aug 2020 01:05:34 GMT

Wayfair had an earnings call two days ago and said nothing about it.

Re: Comenity shutting down Wayfair Credit Card

MyDataMyChoice — Sat, 08 Aug 2020 01:23:34 GMT

Wayfair uses alternative financing too...
Interesting tho you can still apply for a card as of today. thru comenity... maybe up to the last minute?

Comenity (Standard Store Card)
Genesis
Fortiva
Katapult
Affirm
Business Net Terms

Re: Comenity shutting down Wayfair Credit Card

MyDataMyChoice — Sat, 08 Aug 2020 01:24:44 GMT

Wayfair card is very integrated into WAYFAIR.com I Wonder if they will issue a card themselves? or with another lender?