New Walmart Credit Partner > Capital One

[Anonymous]

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@firefox100 wrote:

I also Got my letter from Capital One, the new terms are not that great. Capital one acting like real subprime lending. Quick cash that you can get at wallmart with no intrest if you pay whole balance off going away with Capital One. The letter points out that cash advances will have intrest from day you get cash advance. I like using the quick cash at wallmart and pay it befor end bill comes.

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Or maybe Capital One is actually being responsible and not letting people take loans they can’t pay. While you may see it as a positive to be able to take cash out of a credit card, it’s a major red flag for a lot of people that they are living beyond their means and it’s very easy to get trapped paying exorbitant interest for months or even years on end if that quick loan you took out to tide you over til payday can’t be covered by your paycheck. 

I used to take cash advances on my credit card, and this was when BoA applied any payments to your lowest interest only, and I paid a fortune in interest as a result. Now that CARD Act is in effect and lenders are required to put anything past the minimum payment towards the highest interest balance first, things are undoubtedly better, but the trap is still there for those who live beyond their means as it is. The APR is crazy on these cards, it’s just asking for trouble letting people take $100 a day. 

[firefox100]

I like getting the fast cash instead of going to my bank atm, if use the ATM wallmart or most AtM's you will pay fee to use the ATM. It is just a convenience for me I never pay intrest on my cards and will not pay intrest to Capital One. I may shop some wher else.

[firefox100]

O Capital One is try to do the right thing the only thing Capital one is trying to do is suck out more money and make bigger profit for them. The said thing is most of ther customers who take the fast cash will conitume to take fast cash and pay high intrest rate, not me.

[Anonymous]

I imagine that Capital One is going to require a PIN just like a regular cash advance so it’s going to be more a case of people not being able to get them than a case of them being forced to pay interest for the same service.

I also am not saying that everyone who took quick cash is irresponsible, I’m just saying that if it wasn’t profitable Sync never would have offered it which means that they must have been making good money off people who couldn’t pay back the cash.

[carcdr]

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@firefox100 wrote:

Quick cash that you can get at wallmart with no intrest if you pay whole balance off going away with Capital One. The letter points out that cash advances will have intrest from day you get cash advance. I like using the quick cash at wallmart and pay it befor end bill comes.

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Quick cash is still in the purchase segment just like with Synchrony. That's referring to the "regular" ATM or bank cash advance you can get with the MC. Nothing's actually changing about the quick cash.

[gdale6]

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@firefox100 wrote:

I also Got my letter from Capital One, the new terms are not that great. Capital one acting like real subprime lending. Quick cash that you can get at wallmart with no intrest if you pay whole balance off going away with Capital One. The letter points out that cash advances will have intrest from day you get cash advance. I like using the quick cash at wallmart and pay it befor end bill comes.

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Really, appears there are two sets of terms for the account mine says "Quick Cash transactions will be treated as part of the purchase segment of your account for the purposes of calculating interest". As such as long as I pay of the new balance by the due date there wont be any interest at all on quick cash.

[Anonymous]

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@gdale6 wrote:

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@firefox100 wrote:

I also Got my letter from Capital One, the new terms are not that great. Capital one acting like real subprime lending. Quick cash that you can get at wallmart with no intrest if you pay whole balance off going away with Capital One. The letter points out that cash advances will have intrest from day you get cash advance. I like using the quick cash at wallmart and pay it befor end bill comes.

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Really, appears there are two sets of terms for the account mine says "Quick Cash transactions will be treated as part of the purchase segment of your account for the purposes of calculating interest". As such as long as I pay of the new balance by the due date there wont be any interest at all on quick cash.

I agree, Sync is the same way. Quick cash was different from cash advance on the MC version 

[Anonymous]

Got the letter from Cap1 about transferring my Walmart credit card from Synchrony. My card was opened 5 years ago. At this point, anyone know if Cap1 will keep the history? If Cap1 will report it as a new card, I'll definitely close it before being transferred.

[xenon3030]

You might want to check with Cap1 by phone to see whether they would open a new account or use the prior one from Synchrony. Opening a new account is less desireable and I also would cancel the card, if this would go to happen. I barely used this card (not a useful card for me) and even for shopping at Walmart, I prefer to pay by cash or by other cards.

[AverageJoesCredit]

It could be even closing a card now wont stop it being reported with new date. I think the world walks on eggshells to find out what happens with Cap Wally World and Sync Paypal Credit