@longtimelurker wrote:
@jwa77 wrote:
It was based on credit criteria. Most banks that offer co-branded cards that are both closed-loop and open loop have differing lending criteria for each. I think Citi should have bought the portfolio--end of story. Not buying it and then forcing people to re-apply was really bad customer service on Wayfair's part. Ive sent 3 different emails/letters to Wayfair about this asking for a reason why or what their rationale was only to have each one not read/not answered or gotten some BS canned answer that doesn't address my question at all.
Since they wont answer my question or even said something to the effect of "unfortunately that inofrmation is propietary..etc," I won't be buying from WF anymore.
It's not clear that Wayfair had a choice particularly (we still don't know who initiated the Wayfair/Comenity divorce). And we also don't know if Citi wanted the portfolio but couldn't get it (or at the right price) or if they really had no interest for some reason (different underwriting standards and would rather require apps?)
Both Wayfair and Comenity told me that Wayfair cut ties with Comenity.
https://www.cnbc.com/2020/09/11/citigroup-wins-deal-to-offer-credit-cards-for-wayfair-edging-out-riv...
"Citigroup, which wrested the Costco card from American Express in 2016, similarly displaced Columbus, Ohio-based Alliance Data, a major provider of private-label cards that had previously offered a Wayfair card, according to a person with knowledge of the deal."
"Alliance Data Card Services maintains two banks to manage the funding and receivables for its clients' credit programs. In September 2012, the banks rebranded their names from WFNNB (World Financial Network [National] Bank) and WFCB (World Financial Capital Bank) to both operate under the Comenity name, as Comenity Bank and Comenity Capital Bank, respectively.[16]"
My Take Home Pay Don't Take Me Home
