@blossom_rebuilding wrote:
@ChargedUp wrote:
@FinStar wrote:
@ChargedUp wrote:Does it say the account will be "closed" or is there any hint of a transition to a generic 2% Synch MC? It may be worth a call to see what they're up to.
That's a lot of card holders to just outright cut loose when they have their own card product that they could use to hold onto them with.
@ChargedUp - According to the cardholder notice, accounts will be closed with no path to any other SYNCB products. Unlike the ToysRUs program in which that particular business was ceasing operations, SYNCB only converted a fraction of accounts to a generic, no brand in-house product with restructured rewards.
Since the Marvel partnership and program has come to an end for both, it appears SYNCB didn't have a transition plan to convert these accounts, partly due to the continuing efforts in right-sizing their lending portfolio and continuing to exit cardholder relationships (i.e. account closures).
This makes me wonder just how upside-down things are at Synch in reality... The underwriting on the TRU cards may have been a bit lax for what they desired for their 2% self-branded card, in which they cut cardholders which had profiles below a certain threshold. I get that...
Cutting 100% of Marvel cardholders seems counter-intuitive as I'm certain at least *some* of these people are generating solid swipe fees and have strong profiles, thus are generating at least some profit for Synch. It's not like Synch is trying to leave the credit card game in its entirety and Synch is still approving new app's for various card products. If they *really* needed to trim back, wouldn't new applications be cut way back before ditching known solid relationships?
As for timing, if this was instigated by Marvel/Disney/etc., I would think they'd want another lender to slide their branded cardholders into if things at Synch aren't compatible with the brand owners in some manner. Some speculate that Chase might pick up the Marvel card in some manner due to their existing Disney relationship, which does make some sense and UW'ing styles at Synch and Chase are quite different. Maybe they do want people to reapply vs. weeding though the portfolio for those who fall under Chase's criteria? Who knows?
In the end, watch it go to Barclays or HSBC
I was wondering about this possibility, too; that Marvel may get aligned with the Chase Disney card somehow, which I would have no use for since I never go to Disney. Chase has several other cards offering dining rewards that cardholders may prefer, but there's still that super wide entertainment spend category that would make a Marvel offering attractive and get a lot of those old Synch customers as new cardholders (me included!). Unfortunately, I don't think we'll see Marvel back front and center now that the MCU has fewer box office offerings.
I go to Disney a lot. But I still can't get behind the Chase Disney card (even if I was under 5/24). The rewards top out at 2% on certain categories and that's on the AF version (1% otherwise). At least the Marvel card had a good rewards offering and in cash back too.
@coldfusion wrote:
@rgd51 wrote:I know I'm late to the post so I apologize if someone has asked this before. Why is this card being closed and how long did it exist for? Things like this make me worry that any credit card could just be closed at any time. I hope chase doesn't close any of their cards, they really have some good ones!
The contract between Disney (Marvel is a Disney business unit) and Synchrony expired. There hasn't been public disclosure of the reason for the contract was not renewed, myself and others have speculated that Disney wants to include Marvel-themed cards as part of their offerings through Chase much like they do now with the Star Wars cards. The card first became available April 2016.
Thats a nice looking design and I was thinking of getting it, but looking into it those rewards are meh. Plus $50 AF to get another 1% in categories where you can get easily 3% or 4% with a rewards card make it even worse.
Anyways I went and read through this whole thread as I found out today that the Marvel card is closing while checking all my cards as I do once in awhile. Won't lie kinda doesn't matter to me since I only use it say once or twice in a year, but that 3% for entertainment might have come in handy later on if that category I used more. Though I have a 2% card I would say the difference and frequency of use for 1% is not really as useful for myself, so oh well. Rest in peace though this will be my first closed/discontinued card by the lender.
I got a confirmation email this morning that my card has been closed.
@coldfusion wrote:I got a confirmation email this morning that my card has been closed.
Received minw as well. Only recouped 4k of the 12k lose in credit though
.