Not really a concern as most of the time the account and history moves to the new lender. In the case of Wayfair, it kinda worked out better for me in that it was converted to a rewards card.
@SOGGIE wrote:Anyone other than myself ever get queezy while considering apping for co-branded cards? I always wondered how many MyFicoers feel the same as I do. By no means am I trashing these types of cards, as I realize some are easier than others to obtain, and some fit the needs of the applicants. I just can't see myself apping for them. My fear of apping for co-branded stems from the fear of possible future bank acquisitions, sale of CC portfolios, or contract termination between retailers and banks, etc. These situations can lead to a cardholder having to end up dealing with an undesirable lender, credit product, terms, benefits, or account opening date. I remember years ago when many MyFicoers were in a frenzy over the Walmart and Costco CC contracts ending. I wonder how often, if ever, co-branded cardholders think about these consequences or if that even concerns them.
Never, a cc is a cc , cobrand or not. Better things to consider or worry about imo
@AverageJoesCredit wrote:
@SOGGIE wrote:Anyone other than myself ever get queezy while considering apping for co-branded cards? I always wondered how many MyFicoers feel the same as I do. By no means am I trashing these types of cards, as I realize some are easier than others to obtain, and some fit the needs of the applicants. I just can't see myself apping for them. My fear of apping for co-branded stems from the fear of possible future bank acquisitions, sale of CC portfolios, or contract termination between retailers and banks, etc. These situations can lead to a cardholder having to end up dealing with an undesirable lender, credit product, terms, benefits, or account opening date. I remember years ago when many MyFicoers were in a frenzy over the Walmart and Costco CC contracts ending. I wonder how often, if ever, co-branded cardholders think about these consequences or if that even concerns them.
Never, a cc is a cc , cobrand or not. Better things to consider or worry about imo
Very true.
There usually isn't a whole lot to be gained emperically by trying to speculate what may or may not happen in the future with any given card, whether a nerfing, closure, migration to a different issuer or whatever. Just leverage it now the best you can.
I'm relating to you. Amazon keeps trying to get me to sign up with them but Chase has the 5/24 rule and I just don't trust Synchrony after reading all the horror stories so I only have bank or CU cards. Amazon and Wayfair are my only temptations for co-branded cards and so far I haven't pulled the plug on either. I regret my Cap One- 3 hard pulls for a $400 limit.. What a joke.. it's sitting in my sock drawer at this point..
I don't get queasy, but I know what you mean. A few years ago, I moved away from "Retail store cards" altogether. For me, they are more susceptible to these kinds of changes, have rewards geared towards that brand, and may have limited or no usefulness outside of the store. I have a few cobrands, and I think carefully choosing any cobranded cards is important. They are best reserved only for places where I would naturally shop anyway, and a great example is my Costco card. The card also doubles as my membership card and has good rewards. I also got cobranded hotel cards (Marriott and Hyatt) but I stay at those brands. I got the Apple card but I was a little leary about it because if you don't keep an iPhone or buying Apple products, it's not a very rewarding card. Likewise, I was tempted by Verizon Visa but ... (1) Synchrony and (2) I have Verizon but don't want to lock myself into keeping their service.
For the most part, I think sticking primarily to mainstream generic AX-VS-MC-DS cards are the better choice.
@coldfusion wrote:
@AverageJoesCredit wrote:
@SOGGIE wrote:Anyone other than myself ever get queezy while considering apping for co-branded cards? I always wondered how many MyFicoers feel the same as I do. By no means am I trashing these types of cards, as I realize some are easier than others to obtain, and some fit the needs of the applicants. I just can't see myself apping for them. My fear of apping for co-branded stems from the fear of possible future bank acquisitions, sale of CC portfolios, or contract termination between retailers and banks, etc. These situations can lead to a cardholder having to end up dealing with an undesirable lender, credit product, terms, benefits, or account opening date. I remember years ago when many MyFicoers were in a frenzy over the Walmart and Costco CC contracts ending. I wonder how often, if ever, co-branded cardholders think about these consequences or if that even concerns them.
Never, a cc is a cc , cobrand or not. Better things to consider or worry about imo
Very true.
There usually isn't a whole lot to be gained emperically by trying to speculate what may or may not happen in the future with any given card, whether a nerfing, closure, migration to a different issuer or whatever. Just leverage it now the best you can.
This ^^^
A variety of the PLCC or partnership 'musical chairs' is to be expected. Over the past couple of decades I've experienced several of them changing hands, some of them 3x or 4x with different lenders, anything from HSBC, Citi, Capital One, AmEx, Comenity, SYNCB, etc. There's some advantages or disadvantages depending on which side of the spectrum it impacts the individual.
That said, when a PLCC is of interest, I don't sit and ponder on "what if". I go with the notion expecting potential changes (if any) and reap/maximize any rewards/perks and whatnot while it's still available🤷♂️ To me, it's never mattered whether it's a V/MC/AX/D network PLCC or a specific type of retail card. They all have their own place for different people.