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Regular Contributor

Walmart Card Broken

Just heads up everybody. I got a word:

 

Walmart and Synchrony Bank has been reported "Broken up" and that is why they are giving anyone new CL of $150 or so.

 

As of August 2019, Walmart New Bank:  Capital One

 

Cheers!

Message 31 of 221
Senior Contributor

Re: Walmart Card Broken


@IrishGuy77 wrote:

Just heads up everybody. I got a word:

 

Walmart and Synchrony Bank has been reported "Broken up" and that is why they are giving anyone new CL of $150 or so.

 

As of August 2019, Walmart New Bank:  Capital One

 

Cheers!


Welcome to MyFico forums, but you might want to broaden you news sources, this was announced last summer. And Cap One takes over issuing new Walmart cards in August there is still no definite word if Cap One will buyout the current accounts from Synchrony. The Synch Walmart portfolio is estimated to be worth $10 billion, so that's a chunk of change.

 

My Walmart store card has a CL of $10k, but I might let it go, I only charge a couple hundred per month on it. I do shop Walmart regularly but as the store card only gives 1% in store, I use my BBVA Clear Points in store for 3% (my store codes as grocery) and just use my store card for Walmart.com orders for 3% and small purchase in store for the 'cash over' cash back.

I like both Capital One and Synchrony just fine, but I already have $35k in CLs between 3 Cap One cards and don't want to put a crimp on my Cap One CLs which are worth more to me than a store card.

 

EDIT: I based that "there is still no definite word if Cap One will buyout the current accounts from Synchrony" on anrticle on Doctor of Credit. In doing a bit more research I found a Dec. 5 2018 article on American Banker:

"Capital One is driving a hard bargain in negotiations with Synchrony over the potential purchase of approximately $10 billion in loans to Walmart customers. Capital One CEO Richard Fairbanls said that he does not see a need to buy the credit portfilio unless the deal offers favorable pricing and terms".

 

But then a Jan. 23 2019 article on Bank Innovation says:

"Capital One Financial has reportedly acquired Walmart's card receivables, the bank's chairman and CEO, Richard Fairbank, said yesterday. Terms of the transaction were not disclosed."

 

- So, it looks like Cap One will takeover existing Walmart cards. I'm going to try for a $5k CLI each on my Synch Lowes and PayPal Cashback MC and if even partially successful close my Walmart store card.

EDIT2: I got the $5k CLI on Lowes, from $10k to $15k. But denied a CLI on my PayPal Cashback from $10k to $15k. But the last time I requested a CLI on PayPal from $8k to $12k last August I was denied but then got a $2k auto CLI just a week or two later.

I'm definitely going to close my Walmart store card before the Cap One takeover.


Fico 08: 720/721/719 TU/EX/EQ
Message 32 of 221
Valued Contributor

Re: Walmart Card Broken

Sigh.... I was hoping I would be able to stay with SYNCH. lol

While I don't use mine that much, I really don't want to lose it. On the oter hand I just don't care for Cap1 that much. I guess it wouldn't hurt anyone to just leave it intact, no AF and all. It could just sit there like it does now.

 

Since it is technically a store card, I'm guessing even Cap1 wouldn't PC it to something else tnheyb offer. Such as Savor ect.

 

I'm curious what kind of offers Cap1 will promote compare to SYNCH I did like there 6-12 mo 0% Interest offers, although i wasn't able to usee them that often with no local store. Only during the Holidays. Most of the higher ticket items were never in stock to buy under that promo.

 

I may end up just having to close it one day.

 

Message 33 of 221
Moderator Emeritus

Re: Cap One to take over Wallmart Master card in August.

Saeren ... not profitable? Oh ... Wah ... Wah ... Wah Smiley Surprised Will add that Walmart quietly closed several stores in eight states around April 19, 2019 (Hmm ... wonder what that is all about?).

Starting Score: 000
Current Score: 850
Goal Score: 850


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Message 34 of 221
Valued Contributor

Re: Cap One to take over Wallmart Master card in August.

At least closing 6-8 stores means only two cashiers are out of a job...🙄


Rose Gold/BCP/Delta Gold/Hilton Surpass/Hilton Honors | IT | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

Heir apparent to the SJ Special (finally got a Disco CLI of $300)

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
Message 35 of 221
Community Leader
Super Contributor

Re: Cap One to take over Wallmart Master card in August.

Wait, WHAT??? Walmart is going with Cap One?? When did this happen?? Will i take a triple pull for a cli?? This is just disastrous for meSmiley Sad
Message 36 of 221
Regular Contributor

Re: Cap One to take over Wallmart Master card in August.


@AverageJoesCredit wrote:
Wait, WHAT??? Walmart is going with Cap One?? When did this happen?? Will i take a triple pull for a cli?? This is just disastrous for meSmiley Sad

Even now a Cap one cli request is a soft pull. 

PenFed Power Cash ($15,000), NFCU GoRewards Sig ($15,000), PNC Cash Rewards ($10,500), PNC Cashbuilder ($10,000), NFCU CashRewards Sig($10,000), Ebates Platinum VS($10,000), Wells Fargo CashWise($7000), Amex BCE($6000), Amex ED($6600), Synchrony Financial ($25,000), BBVA Clear Points ($3800), Amex Cash Magnet($2000), Walmart MC($8000), Fifth Third Truly Simple ($4000), BB&T Spectrum Cash Rewards($4500), BB&T Bright Card($4500), CapOne Quicksilver($1500), JCP($10,000), RTG($5000), US Bank Cash 365 ($2500), US Bank Cash+ ($1,000), Wayfair($11,000), HSN($8000), Overstock($11,850), Lowe’s ($25,000), WF mortgage 195K Fico 8: EQ 700, TU 688, EX 711, AAoA-86 months, AoOA-22 years, Fico 9: EQ 720, TU 673, EX 714
Message 37 of 221
Community Leader
Super Contributor

Re: Cap One to take over Wallmart Master card in August.


@stonedog23 wrote:

@AverageJoesCredit wrote:
Wait, WHAT??? Walmart is going with Cap One?? When did this happen?? Will i take a triple pull for a cli?? This is just disastrous for meSmiley Sad

Even now a Cap one cli request is a soft pull. 


 

😮😮😮

EX 754 EQ 773 TU 752
Message 38 of 221
Senior Contributor

Re: Cap One to take over Wallmart Master card in August.


@stonedog23 wrote:

@AverageJoesCredit wrote:
Wait, WHAT??? Walmart is going with Cap One?? When did this happen?? Will i take a triple pull for a cli?? This is just disastrous for meSmiley Sad

Even now a Cap one cli request is a soft pull. 


Yep, soft pull, and pretty much a guaranteed denial for "payments have been too small". . . .


Fico 08: 720/721/719 TU/EX/EQ
Message 39 of 221
Regular Contributor

Re: New Walmart Credit Partner


@Melycious wrote:

I have a walmart credit card issued by Synchrony.  I have read that Walmart will not renew their partnership with Synchrony and will instead employ Capital One for credit cards.  My question is this:  Will my credit card convert to a Cap1 card or will it stay with Synchrony?  I cannot find information on the web about this.

  

 

When I read this original post, the OP seems to be asking two different questions. The first question seems to be will the poster’s card convert from one with Walmart facing to one with Capital one facing. The second seems to be who backs the card, Cap One or Synchrony? I’m pretty sure your Walmart card will continue to be a Walmart card, the other question I can’t answer. 

 


 

PenFed Power Cash ($15,000), NFCU GoRewards Sig ($15,000), PNC Cash Rewards ($10,500), PNC Cashbuilder ($10,000), NFCU CashRewards Sig($10,000), Ebates Platinum VS($10,000), Wells Fargo CashWise($7000), Amex BCE($6000), Amex ED($6600), Synchrony Financial ($25,000), BBVA Clear Points ($3800), Amex Cash Magnet($2000), Walmart MC($8000), Fifth Third Truly Simple ($4000), BB&T Spectrum Cash Rewards($4500), BB&T Bright Card($4500), CapOne Quicksilver($1500), JCP($10,000), RTG($5000), US Bank Cash 365 ($2500), US Bank Cash+ ($1,000), Wayfair($11,000), HSN($8000), Overstock($11,850), Lowe’s ($25,000), WF mortgage 195K Fico 8: EQ 700, TU 688, EX 711, AAoA-86 months, AoOA-22 years, Fico 9: EQ 720, TU 673, EX 714
Message 40 of 221
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