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New Walmart Credit Partner

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Valued Contributor

Re: New Walmart Credit Partner


@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.


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

Message 51 of 213
Regular Contributor

Re: New Walmart Credit Partner


@Janus wrote:

@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.


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.

Message 52 of 213
Moderator

Re: New Walmart Credit Partner


@firefox100 wrote:

@Janus wrote:

@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.


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.


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.  

Message 53 of 213
Established Member

Re: New Walmart Credit Partner

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.

Khols $700.00, Dressbarn $300.00, Lowes $5000.00, Gap $1000.00, Belk $1000.00, Guitar Center $2000, Ebay Mastercard $700.00, Credit One $700.00, Merrick Bank $700.00, Capital One $500.00, Fortiva $500.00, Walmart $3000, Amazon $600.00, Paypal $400.00.
Message 54 of 213
Senior Contributor

Re: New Walmart Credit Partner


@Inkco 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.


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-...

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.

 

 


Fico 08: 720/721/719 TU/EX/EQ
Message 55 of 213
Regular Contributor

Re: New Walmart Credit Partner

Heads up,

 

I got a letter in mail saying my account will be switched over to Cap One starting July 20, 2019 and they were nice enough give me $1500 CLI as saying thanks for being value customer. Hey better than nothing.

 

Anyone get something like this?

Message 56 of 213
Super Contributor

Re: New Walmart Credit Partner


@IrishGuy77 wrote:

Heads up,

 

I got a letter in mail saying my account will be switched over to Cap One starting July 20, 2019 and they were nice enough give me $1500 CLI as saying thanks for being value customer. Hey better than nothing.

 

Anyone get something like this?


Not yet. 






Message 57 of 213
Community Leader
Valued Contributor

Re: New Walmart Credit Partner


@IrishGuy77 wrote:

Heads up,

 

I got a letter in mail saying my account will be switched over to Cap One starting July 20, 2019 and they were nice enough give me $1500 CLI as saying thanks for being value customer. Hey better than nothing.

 

Anyone get something like this?


Interesting, I haven't gotten anything so far.

 

May I ask what your previous limit was before the CLI? @IrishGuy77 

Message 58 of 213
Regular Contributor

Re: New Walmart Credit Partner

Interesting you received that letter. I haven’t yet, though it is surprising they also gave you a CLI. Congrats on that. I just wish my $10k Walmart store card would transition to a MC but yeah don’t think that’ll happen before or after the transition lol.
Message 59 of 213
Regular Contributor

Re: New Walmart Credit Partner

At first, it was $150, requested CLI, approved to $1000, now $1500 extra so total now $2,650.
Message 60 of 213
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