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@Anonymous wrote:
Does anyone know when the transfer to Capital One is supposed to happen?
All new accounts will be Capital One starting 8/1/2019. No idea on existing accounts as there are legal proceedings going on over those.
@Anonymous wrote:
@Anonymous wrote:
Does anyone know when the transfer to Capital One is supposed to happen?All new accounts will be Capital One starting 8/1/2019. No idea on existing accounts as there are legal proceedings going on over those.
I'm hoping Synchrony hangs tough and keeps the existing Walmart card and converts them to something else. I like both Cap One and Synchrony just fine. But Synchrony seems more lenient with high CLs with not much usage. My Lowes has a $10k CL and I force myself to stop by 2-3 times a year to buy something small to keep it active. Yes util padding, but I'll need new flooring at some point. Walmart is also $10k CL but I've been using it much less as it's only 1% rewards and I have a couple 2% cards to choose from. The nice thing about Walmart is the $100/day "cashover", cash with no fee & no interest if PIF by due date. So I do that regularly and just deposit the dough in a bank account until due date, I figure Synch's system focuses on statement balances & payments, not how much was cashover.
@DaveInAZ wrote:
@Anonymous wrote:
@Anonymous wrote:
Does anyone know when the transfer to Capital One is supposed to happen?All new accounts will be Capital One starting 8/1/2019. No idea on existing accounts as there are legal proceedings going on over those.
I'm hoping Synchrony hangs tough and keeps the existing Walmart card and converts them to something else. I like both Cap One and Synchrony just fine. But Synchrony seems more lenient with high CLs with not much usage. My Lowes has a $10k CL and I force myself to stop by 2-3 times a year to buy something small to keep it active. Yes util padding, but I'll need new flooring at some point. Walmart is also $10k CL but I've been using it much less as it's only 1% rewards and I have a couple 2% cards to choose from. The nice thing about Walmart is the $100/day "cashover", cash with no fee & no interest if PIF by due date. So I do that regularly and just deposit the dough in a bank account until due date, I figure Synch's system focuses on statement balances & payments, not how much was cashover.
FWIW, there was a brief snippet in the Wall Street Journal earlier when I was looking on Google for information that was an hour prior that said Synchrony had just reported that Walmart will be dropping the lawsuit but there was nothing in detail and I don’t subscribe to WSJ (or any publication). Seems there will be news soon.
I like Sync so far other than a snafu where they pulled an old cell number and used it to secure my Amazon card account while simultaneously declaring that the Google Voice number I opened the card with was fraud - there’s a letter in the box with a code for me to call with to get my real cell number on the account. They gave me a monster $8K SL on my PayPal cashback card which is $500 over my largest SL (Disco at $7500 in March) not even two weeks after they approved me for $1800 SL on Amazon Store Card.
Cap doesnt really seem to mind the fact I have $8250 and I don’t use it but that’s after 4 years of me giving them tons of usage with flawless payment history before I got my Disco in March and SD’d the Cap card so that may have something to do with it.
Just found a new article about the account portfolio ... yuck (hello low credit limits and CLDs):
"Synchrony also announced it reached agreement on the sale of the Walmart loan portfolio currently serviced by Synchrony. The portfolio is expected to transfer late in the third quarter or early in the fourth quarter of 2019."
@FinStar wrote:
Thanks for the updated article @Anonymous.
So, as predicted a while ago, the Sam's Club CC portfolio will remain with SYNCB until the expiration of the recent contract renewal and the Walmart one will transition over to good ole Capital One now that a truce was reached.
And maybey they'll do what they did to me and convert my Sam's Club Charge to a Sam's Mastercard and they'll probably be able to hold it that way because it was a "Product Change". One for the lawyers I'm sure.
@AverageJoesCredit wrote:
I think reving up cli requests before the transition will be pointless. Id imagine Cap One will reevaluate all credit limits and determine who are worthy and who isnt. I just want to hold my card until it happens as ive never been part of a takeover lol
I have, and never lost CL. My very first credit card in 2003 was transferred to BofA around 2007 and the $3,000 line stayed. When Chase acquired the Wamu portfolio of cards, both my Wamu cards were perfect transfers. Now I understand that a lot of people have had problems when their cards are acquired by another company (ie Mercury for the portfolio they bought from Barclay (good thing I wasn't part of that)), but my personal experiences were always positive.