New Walmart Credit Partner > Capital One

[Anonymous]

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@AverageJoesCredit wrote:
Imagine Synchrony clding everyone to $200 just to po C1

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You have an evil mind 😂 

[AverageJoesCredit]

Lol indeed. When the turnover happens, it will become my firat Capitol One card though with my luck since im in PR and we cant apply for Capitol One cards, they'll probably Barclay us to Mercury Cards😛

[Anonymous]

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@CreditMagic7 wrote:

Same here today.

I assume they just want the Wally account out of their hair finally and have no intentions of managing any increases as the date draws near for them to be free of it.

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That's a definite possiblity, and perhaps their simply unable to due to legal reasons. 

[firefox100]

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@Anonymous wrote:

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@CreditMagic7 wrote:

Same here today.

I assume they just want the Wally account out of their hair finally and have no intentions of managing any increases as the date draws near for them to be free of it.

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That's a definite possiblity, and perhaps their simply unable to due to legal reasons. 

Hi I just called Synchny bank to see if I could change my Walmart Mastercard into paypal. I was told that I could apply for the Paypal mc but would need to have Hp. I was told that change over has been push back to October now. Thay said that Cap One will give new Account numbers and if you have a Walmart Mastercard it may be Visa card when the change over takes place. The accounts will show as change of ownership and age will stay the same. Will not show up as a new account.

[FinStar]

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@firefox100 wrote:

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@Anonymous wrote:

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@CreditMagic7 wrote:

Same here today.

I assume they just want the Wally account out of their hair finally and have no intentions of managing any increases as the date draws near for them to be free of it.

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That's a definite possiblity, and perhaps their simply unable to due to legal reasons. 

Hi I just called Synchny bank to see if I could change my Walmart Mastercard into paypal. I was told that I could apply for the Paypal mc but would need to have Hp. I was told that change over has been push back to October now. Thay said that Cap One will give new Account numbers and if you have a Walmart Mastercard it may be Visa card when the change over takes place. The accounts will show as change of ownership and age will stay the same. Will not show up as a new account.

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Just as an FYI, SYNCB doesn't fulfill any customer-initiated product changes.   So, they will not switch partnerships like Walmart with PayPal or Gap with Marvel, for instance.  The only PCs that SYNCB usually performs are targeted offers to upgrade specific products such as Sam's Club store CC > Sam's Club MC, Care Credit > Care Credit MC as some examples. 

By the same token, once the portfolio is fully transitioned, Capital One will not switch a Walmart MC to say...Cabela's or Quicksilver.  

[Anonymous]

At one time once it was announced that Cap1 had won the bid for Walmart branded cards, the portfolio as the financial backer of the Walmart branded cards, is owned by Synchrony.
Synchrony has a number of options, they can consider balances on account as being fully recoverable under a sale of the portfolio to Cap1, which Cap1 cannot legally refuse to pay face value owed on the accounts.
If anything I would say economically it makes better sense for Synchrony to actually boost CL on newer accounts to set a standard, increasing last minute use, earn as much interest as possible before a transfer takes place.

Or they may decide to keep the portfolio of account holders, by enticing card holders to migrate to another Synchrony card. Which I would prefer. I think Cap1 is a train wreck waiting to happen, as I feel Walmart made a mistake switching to Cap1.
As they are horrible at extending credit limits.
Sure they may ease up their lending standards, but I'm not convinced having more card holders with lower credit lines will increase sales over all, if anything make it a larger task to attempt collections, or end up increasing their default rates from 9% using Synchrony to 35% under Cap1.

[DaveInAZ]

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@Anonymous wrote:

At one time once it was announced that Cap1 had won the bid for Walmart branded cards, the portfolio as the financial backer of the Walmart branded cards, is owned by Synchrony.
Synchrony has a number of options, they can consider balances on account as being fully recoverable under a sale of the portfolio to Cap1, which Cap1 cannot legally refuse to pay face value owed on the accounts.
If anything I would say economically it makes better sense for Synchrony to actually boost CL on newer accounts to set a standard, increasing last minute use, earn as much interest as possible before a transfer takes place.

Or they may decide to keep the portfolio of account holders, by enticing card holders to migrate to another Synchrony card. Which I would prefer. I think Cap1 is a train wreck waiting to happen, as I feel Walmart made a mistake switching to Cap1.
As they are horrible at extending credit limits.
Sure they may ease up their lending standards, but I'm not convinced having more card holders with lower credit lines will increase sales over all, if anything make it a larger task to attempt collections, or end up increasing their default rates from 9% using Synchrony to 35% under Cap1.

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It was announced back in January that Capital One will purchase existing Walmart credit card accounts from Synchrony -

https://news.bloomberglaw.com/banking-law/capital-one-agrees-to-buy-synchronys-portfolio-of-walmart-loans-1

Capital One Financial Corp. said it will buy Synchrony Financial’s $9 billion portfolio of loans left over from a partnership with Walmart Inc., following months of acrimonious negotiations.

Current Walmart credit card accounts will become Capital One accounts, likely this fall. Cap 1 is a pretty successful 'train wreck'. I'm happy enough with them, I have 3 cards with them. But I'm considering closing my Walmart store card before Cap 1 takes over, nice $10k CL but it's outlived it's usefulness for me, I use my BBVA Clear Points Visa at Walmart for 3% rewards instead of the Walmart card's 1%, and Cap 1 is much less accomodating of high CLs with low usage than Synchrony.

[Anonymous]

Any new news on cap 1 walmart card.

[Anonymous]

Expect to hear something more concrete in July.

[Anonymous]

I haven’t been able to get any synchrony associated cards for the life of me but just got approved for a $200 Walmart card and it was Synchrony on all the fine print ...