topic Re: A little after one year - Cap One tightens the belt on Walmart CL in Credit Cards

A little after one year - Cap One tightens the belt on Walmart CL

Life_take2 — Thu, 29 Oct 2020 23:17:14 GMT

After only one year of owning the portfolio, Capital One has decided to include Walmart Store cards into their CLD-a-poolza.

What's interesting is they cited a two-year spending pattern and I have averaged about $400 /mo in grocery spending. They dropped me 4,000 from to 7K to 3K. Booooo!

Oh well. My favorite part is the statement "...while providing flexibility for future spending." We clearly have different ideas as to what that 'flexibility' looks like.

Re: A little after one year - Cap One tightens the belt on Walmart CL

Anonymous — Thu, 29 Oct 2020 23:36:01 GMT

They strike again. Sorry to hear. Right before the holidays too. Not that you would have used it for holiday shopping, but it's the fact of the matter.

Re: A little after one year - Cap One tightens the belt on Walmart CL

rostrow416 — Thu, 29 Oct 2020 23:46:59 GMT

Well that sucks. I guess my chances of a CLI keep getting slimmer, they keep denying me for not enough usage.

Re: A little after one year - Cap One tightens the belt on Walmart CL

UpperNwGuy — Fri, 30 Oct 2020 00:22:27 GMT

We all knew this would happen when Capital One took over the Walmart credit card business.

Re: A little after one year - Cap One tightens the belt on Walmart CL

gdale6 — Fri, 30 Oct 2020 00:36:23 GMT

Mine sits at 7K from Synch and the most I use it is maybe avg 100 a month, its gone if they CLD it even though its nearly 10 years old now, not going to play their games... I would suggest everyone who gets hit complain to the Walmart exec offices...

Re: A little after one year - Cap One tightens the belt on Walmart CL

Credit-hoarder — Fri, 30 Oct 2020 00:58:07 GMT

Kinda unrelated--but here where I'm at in Virginia Capital One has started closing bank branches again. They closed one of the two in my town and one about 5 miles further up the road. They must really be hurting right now.

Re: A little after one year - Cap One tightens the belt on Walmart CL

AverageJoesCredit — Fri, 30 Oct 2020 01:42:59 GMT

I believe Cap One took over the Walmart account and made it worse. I know Sync made cli easy to get, which helped many with utilization, a good trade off for the horrendous apr but even people who spend alot there cant get even $100 increases. Speaking for myself only, how they were with this account definetly turned me off to having other C1 cards, if i could get one that is

Re: A little after one year - Cap One tightens the belt on Walmart CL

AndySoCal — Fri, 30 Oct 2020 01:46:52 GMT

@Credit-hoarder

Banks periodically review their branch footprint does the footprint still make sense. One of the effects of COVID-19 is foot traffic in banks and credit unions has dropped. Instead taking a deposit into the branch the bank app is used. The COVID-19 virus has pushed consumers to bank using digital means of paying people and bills. Capital One in the third quarter announced a profit after two consecutive quarters of losses.

Re: A little after one year - Cap One tightens the belt on Walmart CL

JediNeo — Fri, 30 Oct 2020 05:12:08 GMT

I noticed when I logged in to make a payment my limit dropped to $6k from $10k. No letter or anything. 100% on time, PIF payments. Only thing I can think of is low usage.

Re: A little after one year - Cap One tightens the belt on Walmart CL

Anonymous — Fri, 30 Oct 2020 12:13:31 GMT

@Life_take2 wrote:
After only one year of owning the portfolio, Capital One has decided to include Walmart Store cards into their CLD-a-poolza.
What's interesting is they cited a two-year spending pattern and I have averaged about $400 /mo in grocery spending. They dropped me 4,000 from to 7K to 3K. Booooo!
Oh well. My favorite part is the statement "...while providing flexibility for future spending." We clearly have different ideas as to what that 'flexibility' looks like.

Well, from their viewpoint, if you spend $400 a month, a $3K limit certainly allows for ample growth in your spending! (over 7x still just paying once a month). YOUR utilization concerns are not theirs.

Re: A little after one year - Cap One tightens the belt on Walmart CL

gdale6 — Fri, 30 Oct 2020 14:12:40 GMT

@Anonymous wrote:
@Life_take2 wrote:
After only one year of owning the portfolio, Capital One has decided to include Walmart Store cards into their CLD-a-poolza.
What's interesting is they cited a two-year spending pattern and I have averaged about $400 /mo in grocery spending. They dropped me 4,000 from to 7K to 3K. Booooo!
Oh well. My favorite part is the statement "...while providing flexibility for future spending." We clearly have different ideas as to what that 'flexibility' looks like.
Well, from their viewpoint, if you spend $400 a month, a $3K limit certainly allows for ample growth in your spending! (over 7x still just paying once a month). YOUR utilization concerns are not theirs.

Maybe so, but along with many others on this board have the credentials to tell any bank to take a hike and have a better replacement tomorrow. They play by MY rules or they are gone.

Re: A little after one year - Cap One tightens the belt on Walmart CL

Anonymous — Fri, 30 Oct 2020 14:18:34 GMT

@gdale6 wrote:
@Anonymous wrote:
@Life_take2 wrote:
After only one year of owning the portfolio, Capital One has decided to include Walmart Store cards into their CLD-a-poolza.
What's interesting is they cited a two-year spending pattern and I have averaged about $400 /mo in grocery spending. They dropped me 4,000 from to 7K to 3K. Booooo!
Oh well. My favorite part is the statement "...while providing flexibility for future spending." We clearly have different ideas as to what that 'flexibility' looks like.
Well, from their viewpoint, if you spend $400 a month, a $3K limit certainly allows for ample growth in your spending! (over 7x still just paying once a month). YOUR utilization concerns are not theirs.
Maybe so, but along with many others on this board have the credentials to tell any bank to take a hike and have a better replacement tomorrow. They play by MY rules or they are gone.

True, but IMO that sounds a little too grandstanding, it's not as if they care if you drop them. And, possibly, we are beginning to see a tightening of the credit market, so the number of issuers willing to give frankly outsize credit limits may sharply decrease, leading to a limited number of lenders who play by your rules (and may have a different set of issues)

Re: A little after one year - Cap One tightens the belt on Walmart CL

gdale6 — Fri, 30 Oct 2020 14:29:55 GMT

@Anonymous wrote:
@gdale6 wrote:
@Anonymous wrote:
@Life_take2 wrote:
After only one year of owning the portfolio, Capital One has decided to include Walmart Store cards into their CLD-a-poolza.
What's interesting is they cited a two-year spending pattern and I have averaged about $400 /mo in grocery spending. They dropped me 4,000 from to 7K to 3K. Booooo!
Oh well. My favorite part is the statement "...while providing flexibility for future spending." We clearly have different ideas as to what that 'flexibility' looks like.
Well, from their viewpoint, if you spend $400 a month, a $3K limit certainly allows for ample growth in your spending! (over 7x still just paying once a month). YOUR utilization concerns are not theirs.
Maybe so, but along with many others on this board have the credentials to tell any bank to take a hike and have a better replacement tomorrow. They play by MY rules or they are gone.
True, but IMO that sounds a little too grandstanding, it's not as if they care if you drop them. And, possibly, we are beginning to see a tightening of the credit market, so the number of issuers willing to give frankly outsize credit limits may sharply decrease, leading to a limited number of lenders who play by your rules (and may have a different set of issues)

No grandstanding at all its a philosophy I adopted in 2014 and have held true to it ever since. I do have more closed accounts than open. Yes the market is tightening but there are plenty of ducks in the lake. Have a great day!

Re: A little after one year - Cap One tightens the belt on Walmart CL

Anonymous — Fri, 30 Oct 2020 17:01:15 GMT

@gdale6 remembering back to the years of 2008-2009 lenders did similar CL reductions and account closures. At the time I had business and personal credit with this lender and they were equally vigilant on risk management then. Also, they were absorbing many HSBC and Orchard Bank accounts along with other lender accounts (had some left over from the past).

My reaction ... took the hike and closed eight of their accounts. Never looked back. Found lenders as I needed them and did not load up with lender products I did not need. Do thank this lender for giving me a restart after a business failure.

All that said, a major bank reduced my CLs Business and Personal in 2009 and again in 2020 stating similar reasons and I made a direct contact with them and they reinstated the limits. Customer with them way back in time (before 2006) and mentioned they had my business every month for years and never one problem (they actually confirmed my comments by an account review).

Read threats in this Forum about what lenders need to do to keep our business ... maybe it is time for folks to walk if they can not obtain their desired outcome. I sure have a number of times and just keep on chugging!

Re: A little after one year - Cap One tightens the belt on Walmart CL

Anonymous — Fri, 30 Oct 2020 15:58:57 GMT

@Anonymous wrote:

Read threats in this Forum about what lenders need to do to keep our business ... maybe it is time for folks to walk if they can not obtain their desired outcome. I sure have a number of times and just keep on chugging!

Sure, this is just part of take care of your own needs. So, even if a lender has been pretty good, if a better card from a different issuer comes along, you switch your spending to that. There is no need to be "loyal" if better alternatives exist.

The worse thing to do, which we unfortunately see a lot of on the forum, is attempts to make an issuer "love" you, by putting increasing spend (for subpar rewards) or worse, carrying a balance, in the hopes of getting a CLI. Now if this is your best card, and you are unlikely to get another, maybe, but we see a lot of people trying to increase limits on cards they really don't need to use. Don't do this!

(Major current offender, Target Redcard! This card isn't growing for a lot of people. First off, for people without, DON"T GET IT! Target Debit Card has the same great rewards, use that and get a different credit card. For those with it, if the limit it too low to usefully use, get the debit card and S/D the store card. If it's high enough, be happy!)

Re: A little after one year - Cap One tightens the belt on Walmart CL

Shooting-For-800 — Fri, 30 Oct 2020 20:37:10 GMT

Well crap!

My CL is still at $10k but now I am nervous.

Cap One dropped my Savor CL from $28.5k to $10k.

They have not dropped my QS from $25k or my $30k Venture.

FINGERS CROSSED.

Re: A little after one year - Cap One tightens the belt on Walmart CL

blindambition — Fri, 30 Oct 2020 20:45:13 GMT

@AverageJoesCredit wrote:
I believe Cap One took over the Walmart account and made it worse. I know Sync made cli easy to get, which helped many with utilization, a good trade off for the horrendous apr but even people who spend alot there cant get even $100 increases. Speaking for myself only, how they were with this account definetly turned me off to having other C1 cards, if i could get one that is

Walmart sure made it easy for me never to consider their card... Not worth my time or 3 HP.

Re: A little after one year - Cap One tightens the belt on Walmart CL

Beast26 — Fri, 30 Oct 2020 22:45:29 GMT

Wish there was an alternative to the walmart card for Walmart shopping worth 5% but every other grocery card excludes walmart. I'll be forced to get it because 95% of my groceries come from there.

Re: A little after one year - Cap One tightens the belt on Walmart CL

gdale6 — Fri, 30 Oct 2020 23:21:09 GMT

@Beast26 wrote:
Wish there was an alternative to the walmart card for Walmart shopping worth 5% but every other grocery card excludes walmart. I'll be forced to get it because 95% of my groceries come from there.

Huntington Voice @3% does not.

Re: A little after one year - Cap One tightens the belt on Walmart CL

Anonymous — Fri, 30 Oct 2020 23:24:25 GMT

@gdale6 wrote:
@Beast26 wrote:
Wish there was an alternative to the walmart card for Walmart shopping worth 5% but every other grocery card excludes walmart. I'll be forced to get it because 95% of my groceries come from there.
Huntington Voice @3% does not.

Also, have you confirmed that your Walmart doesn't code as a grocery? Some do, I think particularly those called neighborhood something. The bigger stores usually code as something else.