cancel
Showing results for 
Search instead for 
Did you mean: 

Comenity shutting down Wayfair Credit Card

cam3150
Frequent Contributor

Comenity shutting down Wayfair Credit Card

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. 


AED53041-DD88-4508-9B67-CBD028AD35C6.jpeg

 

Current FICO Scores as of 01/2021 EQ 724 TU 738 EX 721

NFCU CR $30,000 | USAA Rewards Visa Signature $21,000 | USAA Preferred Cash Rewards Visa Sig $21,000 | NFCU Platinum $18,000 | CapOne WM MC $10,000 | Wells Fargo Cash Wise $9,000 | Costco Anywhere Visa $13,500 | Citi Double Cash $8,500 | PenFed Rewards Visa Signature $17,500 | PenFed Promise $12,500 | Amazon Rewards Visa $3,500 | AMEX BCP $2,800 | Capital One QS 3,750 | Chase Sapphire Preferred $5,500 | Discover IT $1,800 | Amazon $10,000 | J Crew $11,500 | PayPal Credit $10,000 |Belk Rewards $10,000 | US Bank Platinum $10,500 | Amazon Store Card $10,000
Message 1 of 582
581 REPLIES 581
user1054596
Regular Contributor

Re: Comenity shutting down Wayfair Credit Card

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

 

I HATE 2020.


@cam3150 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. 


AED53041-DD88-4508-9B67-CBD028AD35C6.jpeg

 


 

Message 2 of 582
lot08
New Contributor

Re: Comenity shutting down Wayfair Credit Card

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...

Message 3 of 582
blindambition
Community Leader
Senior Contributor

Re: Comenity shutting down Wayfair Credit Card

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 

Message 4 of 582
gdale6
Moderator

Re: Comenity shutting down Wayfair Credit Card


@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.

Message 5 of 582
AverageJoesCredit
Community Leader
Mega Contributor

Re: Comenity shutting down Wayfair Credit Card


@user1054596 wrote:

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

 

I HATE 2020.


@cam3150 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. 


AED53041-DD88-4508-9B67-CBD028AD35C6.jpeg

 


 


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

NN7! Fico math 1 HP = 20 CG LIEr Club Plankowner
Message 6 of 582
wasCB14
Super Contributor

Re: Comenity shutting down Wayfair Credit Card


@AverageJoesCredit wrote:

@user1054596 wrote:

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

 

I HATE 2020.


@cam3150 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. 


AED53041-DD88-4508-9B67-CBD028AD35C6.jpeg

 


 


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.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 7 of 582
Creditaddict
Legendary Contributor

Re: Comenity shutting down Wayfair Credit Card

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

I would think they need to keep a credit card.

 

Message 8 of 582
blindambition
Community Leader
Senior Contributor

Re: Comenity shutting down Wayfair Credit Card


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.


 

Message 9 of 582
blossom_rebuilding
Contributor

Re: Comenity shutting down Wayfair Credit Card

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...

>
Blue from American Express: $4,800 ~ Capital One Quicksilver: $3,500 ~ PNC Core: $24,000 ~ Comenity Ultamate Rewards Mastercard: $9,700 ~ Discover It: $21,000 ~ Synchrony Marvel Mastercard: $9,000 ~ Synchrony Home: $5,500 ~ Citi Shop Your Way Mastercard: $8,000 ~ Capital One Venture One: $10,000 ~ Chase United MileagePlus Explorer: $18,600
Message 10 of 582
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.