topic Re: GAP/Old Navy -Leaving Synchrony in Credit Cards

GAP/Old Navy -Leaving Synchrony

MrBEW — Tue, 13 Apr 2021 15:51:16 GMT

Just a FYI -

I read in WSJ that GAP/Old Navy is leaving Synchrony and headed to Barclay.

Since it is known that Barclay cards require a hard pull for CL increases, it is best to try to raise your limits now before the move.

Gap Inc. cards switching to Barclays, adios Synchrony

PullingMeSoftly — Tue, 13 Apr 2021 15:55:15 GMT

Looks like Gap and Synch couldn't come to terms, so Gap will be moving their credit card accounts to Barclays in April 2022. The switch also involves changing over from Visa to MC. Not sure if this is applicable to both Visa and store cards.

This is a pretty big portfolio for Synchrony to lose, especially after losing Walmart to Capital One in 2018 (including Walmart's lawsuit slapped on Synchrony as well).

As a Banana Republic cardholder, I'm ambivalent on the subject mainly because Synchrony hasn't done anything adverse to me personally, but are just not great. I've never liked the card interface which is super clunky, and I've received a one and only CLI on my account in 2 years (which was a nice 2x to $10k to be fair). I've had the Luxe upgrade card for over a year and have been pining away for the Gap brands Sig Visa, but no amount of spend or perfect payment history has prompted a conversion. The best part of the card has been the rewards structure, which has been great, but that's by Gap's design.

Synchrony is just meh, so will the move to Barclay's be any better? I'm thinking of the Uber nerf while I ask that and don't have any familiarity with Barclays as a financial insitution.

Re: GAP/Old Navy -Leaving Synchrony

Ficoproblems247 — Tue, 13 Apr 2021 16:53:10 GMT

That stinks! A banana card was one of the only store cards that I planned to target after I complete my major bank card lineup. Hopefully if all goes well I'll have time to get in and get a CLI or two before Barclay takes over.

Re: GAP/Old Navy -Leaving Synchrony

summerterrace — Tue, 13 Apr 2021 16:56:29 GMT

I barely use my GAP Card in fact just remember I have one. LOL

Don't see this impacting much unless I need a CLI, which is unlikely.

Re: GAP/Old Navy -Leaving Synchrony

K-in-Boston — Tue, 13 Apr 2021 17:11:20 GMT

Since Barclaycard has much more stringent underwriting, I'm hoping this doesn't result in a lot of existing cardholders getting dropped.

Re: GAP/Old Navy -Leaving Synchrony

PullingMeSoftly — Tue, 13 Apr 2021 17:41:25 GMT

@K-in-Boston wrote:
Since Barclaycard has much more stringent underwriting, I'm hoping this doesn't result in a lot of existing cardholders getting dropped.

For existing accounts, do you think the migration will result in reviews before they are carried over? I suppose if new underwriting standards are applied, there could be account closeouts in April 2022.

Wondering if all the Synchrony Walmart cards went through a similar process when the transition to Capital One occurred.

Re: GAP/Old Navy -Leaving Synchrony

blazerein — Tue, 13 Apr 2021 21:33:28 GMT

I wonder what would happen if you're blacklisted by Barclay but you have a GAP Sync card. Do they lower your limits or just denied you before the transfer?

Re: GAP/Old Navy -Leaving Synchrony

FinStar — Tue, 13 Apr 2021 22:04:53 GMT

@blazerein wrote:
I wonder what would happen if you're blacklisted by Barclay but you have a GAP Sync card. Do they lower your limits or just denied you before the transfer?

Too early to tell. I'm sure, just like any other portfolio acquisition, they'll perform an overall account performance and evaluation assessment to determine which accounts will transfer and such .

Re: GAP/Old Navy -Leaving Synchrony

Loquat — Tue, 13 Apr 2021 22:53:29 GMT

Interesting times at Synchrony for sure. If Simon can't turn JCP around it won't be long their name appears on some list.

Re: GAP/Old Navy -Leaving Synchrony

tcbofade — Wed, 14 Apr 2021 00:23:14 GMT

Synchrony deserves it after their behaviour over the last 12 months or so.

DW has an old Navy card that will or won't transition to Barclays. We're good either way.

Re: GAP/Old Navy -Leaving Synchrony

pizza1 — Wed, 14 Apr 2021 00:42:45 GMT

@FinStar wrote:
@blazerein wrote:
I wonder what would happen if you're blacklisted by Barclay but you have a GAP Sync card. Do they lower your limits or just denied you before the transfer?
Too early to tell. I'm sure, just like any other portfolio acquisition, they'll perform an overall account performance and evaluation assessment to determine which accounts will transfer and such .

@FinStar , right. They will probably review all accounts at some point, and then question a $20K Gap store card. The Visa I can see a $20K CL on with Barclay (maybe), but not the store card. Its also possible they may review the store card holders for possible upgrades to the MC. Barclays is like you said stringent, and they dont like inquires or new accounts within a 6 month period either as we all know from times past. Following current and past traditions with Barclays, It will more than likely be a HP for a CLI attempt, and too many attempts could result in a MR of the account. We all know what happens then, lol. (Ive experienced that in past times). I closed all of my Gap/BR Visa's a few years ago, so I'm not concerned, lol.

Synchrony Ends Decades Old Store Card Partnership

donotpassgo — Wed, 11 May 2022 01:18:23 GMT

Gap Inc. and Synchrony Financial will part ways on their branded credit card partnership.

In total, the financing pact includes 11 million card holders with roughly $3.8 billion in balances through Gap’s four major brands that also include Old Navy, Banana Republic and Athleta, which the lender said will remain active through the contract end date a year from now.

The portfolio represents approximately 5 percent of Synchrony’s loan receivables.

Gap and Synchrony Part Ways

Re: GAP/Old Navy -Leaving Synchrony

UncleB — Wed, 14 Apr 2021 01:40:13 GMT

Barclays is the only lender that I'm blacklisted with due to an old Juniper account being charged-off years ago. I admit I'm tempted to consider getting a Banana Republic card just to see what happens after the migration, but on the other hand I'm not sure if I'm that curious. 🤔

Fortunately I have some time to think things over, LOL.

Re: GAP/Old Navy -Leaving Synchrony

pizza1 — Wed, 14 Apr 2021 02:13:50 GMT

@UncleB wrote:
Barclays is the only lender that I'm blacklisted with due to an old Juniper account being charged-off years ago. I admit I'm tempted to consider getting a Banana Republic card just to see what happens after the migration, but on the other hand I'm not sure if I'm that curious. 🤔

Fortunately I have some time to think things over, LOL.

@UncleB LOL! It would be a good way to "get back in", being transitioned over! Dont think too long on it, you need time to get your CL up before the transfer, LOL!! Also, Juniper??? Lordy!! Thats many moons ago!!! Like 20 at least??

Re: GAP/Old Navy -Leaving Synchrony

UncleB — Wed, 14 Apr 2021 02:24:19 GMT

@pizza1 wrote:
@UncleB wrote:
Barclays is the only lender that I'm blacklisted with due to an old Juniper account being charged-off years ago. I admit I'm tempted to consider getting a Banana Republic card just to see what happens after the migration, but on the other hand I'm not sure if I'm that curious. 🤔

Fortunately I have some time to think things over, LOL.
@UncleB LOL! It would be a good way to "get back in", being transitioned over! Dont think too long on it, you need time to get your CL up before the transfer, LOL!! Also, Juniper??? Lordy!! Thats many moons ago!!! Like 20 at least??

I was thinking the same thing about it being a way back in, but of course were talking about Barclays here so it would still likely end in disappointment regardless.

As for Juniper, it was many moons ago, indeed! As for exactly how many, I don't wanna talk about it!

Re: GAP/Old Navy -Leaving Synchrony

ChargedUp — Wed, 14 Apr 2021 04:00:37 GMT

Gap Brands make a move from one lacklustre lender to a stodgy lacklustre lender.

This is one that I would imagine going to Citi, Comenity or a few others way before Barclays would come to mind? There's got to be an interesting story as to how this came about...

Wal Mart is gone, then Synch nixes the Marvel card, then loses Gap, and as said up thread JCP is circling around the porcelain throne itself... It almost feels like Synch is being dismantled slowly. They still have PayPal (which eBay is moving away from), but also have the eBay MC)), Care Credit, Lowes, Rakuten, Sam's Club and a few gas station cards IIRC. Their portfolio is has shrunk quite substantially in a brief time period.

Re: GAP/Old Navy -Leaving Synchrony

FinStar — Wed, 14 Apr 2021 04:25:10 GMT

@ChargedUp wrote:
Gap Brands make a move from one lacklustre lender to a stodgy lacklustre lender.

This is one that I would imagine going to Citi, Comenity or a few others way before Barclays would come to mind? There's got to be an interesting story as to how this came about...

Wal Mart is gone, then Synch nixes the Marvel card, then loses Gap, and as said up thread JCP is circling around the porcelain throne itself... It almost feels like Synch is being dismantled slowly. They still have PayPal (which eBay is moving away from), but also have the eBay MC)), Care Credit, Lowes, Rakuten, Sam's Club and a few gas station cards IIRC. Their portfolio is has shrunk quite substantially in a brief time period.

That's a very limited perspective. They're really not in a world of detrimental hurt, even with said departures, GAP Brands had already looked into branching out of SYNCB long ago, even divesting their Old Navy brand. SYNCB still has Belks, BP, Cathay Pacific, Nissan/Infinity, TJX and a plethora of others besides gas credit cards.

While SYNCB is still right-sizing portfolios and lines of credit, including CLDs and/or closures, they've renewed several contracts with their current private label partners and they also have newer portfolios with Verizon, Venmo, Walgreens plus others in the works 🤷‍♂️

Barclays will be new issuer for Gap

NoMoreE46 — Thu, 10 Jun 2021 22:36:08 GMT

Synchrony Bank lost the Walmart accounts about two years ago Now Gap Inc is switching from Sync to Barclays in May 2022.

[Mods - please consolidate if this is a repost -I did a cursory search though.]

https://ibsintelligence.com/ibsi-news/gap-enters-credit-card-program-agreements-with-barclays-and-mastercard/

Re: Barclays will be new issuer for Gap

pizza1 — Sat, 12 Jun 2021 17:54:00 GMT

This will be interesting! LOL....Barclays is sooooo sensitive to inquires, and accounts, and folks won't be able to request CLI's very often, and deal with their UW's. I wonder how Barclays will feel about $15K store cards? LOL..

Re: Barclays will be new issuer for Gap

Anonymous — Sat, 12 Jun 2021 19:40:56 GMT

Does sound like an odd match up to me, fortunately I've never wanted nor need a gap card.

It doesm make me wonder what exactly is going on over at SYNCH, and how mnay more accounts might be going to other FI's? They do currently hold the most retailer accounts.