Newegg Preferred Account being terminated New store card October 1st

[shmacckk]

I got an email from Comenity Capital Bank today abouth the neweggcard I have.

Newegg has informed us, Comenity Capital Bank (the lender of your Newegg Preferred Account), that they have decided to terminate the Newegg Preferred Account Program with us effective on September 30, 2015.

We value you as a customer and want you to know that you may have other credit options offered to you by us and Newegg. Newegg will be introducing a new store card on October 1, 2015. Additionally, if you already have a PayPal Credit account with us, you can continue to use it at millions of locations where PayPal is accepted. If you do not already have a PayPal Credit account, you can apply at PayPalCredit.com.

I kinda liked using the no payments for 12 months no intrest option they had. I wonder who the new store card will be with and what options they will offer.

[CreditCuriosity]

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@shmacckk wrote:

I got an email from Comenity Capital Bank today abouth the neweggcard I have.

Newegg has informed us, Comenity Capital Bank (the lender of your Newegg Preferred Account), that they have decided to terminate the Newegg Preferred Account Program with us effective on September 30, 2015.

We value you as a customer and want you to know that you may have other credit options offered to you by us and Newegg. Newegg will be introducing a new store card on October 1, 2015. Additionally, if you already have a PayPal Credit account with us, you can continue to use it at millions of locations where PayPal is accepted. If you do not already have a PayPal Credit account, you can apply at PayPalCredit.com.

I kinda liked using the no payments for 12 months no intrest option they had. I wonder who the new store card will be with and what options they will offer.

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Syncrony is becoming the new lender... Can google about it, so they will have financing 0% offers as well

[UncleB]

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@CreditCuriousity wrote:

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@shmacckk wrote:

I got an email from Comenity Capital Bank today abouth the neweggcard I have.

Newegg has informed us, Comenity Capital Bank (the lender of your Newegg Preferred Account), that they have decided to terminate the Newegg Preferred Account Program with us effective on September 30, 2015.

We value you as a customer and want you to know that you may have other credit options offered to you by us and Newegg. Newegg will be introducing a new store card on October 1, 2015. Additionally, if you already have a PayPal Credit account with us, you can continue to use it at millions of locations where PayPal is accepted. If you do not already have a PayPal Credit account, you can apply at PayPalCredit.com.

I kinda liked using the no payments for 12 months no intrest option they had. I wonder who the new store card will be with and what options they will offer.

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Syncrony is becoming the new lender... Can google about it, so they will have financing 0% offers as well

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Man, it seems like these days Synchrony is "taking over the world" with their high-rate PLCCs...  

No complaints here, though.  At least they usually have a no-interest offer!

[Anonymous]

I have a question about this. I just made a purchase July 20th with plans to have it paid off by next year for the no interest.

Does this mean my special offer is no longer valid?

[SirAlphonse]

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@Anonymous wrote:
I have a question about this. I just made a purchase July 20th with plans to have it paid off by next year for the no interest.

Does this mean my special offer is no longer valid?

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It stays, you just won't be able to use the preferred account to make new purchases. 

[Anonymous]

So at first I assumed that was a phishing email, since it hit my inbox with 'unknown sender' 
But a quick google led me here.

Now my question is won't this impact our credit in quite a bad way?  It goes on to say (after the exerpt posted above):

• Effective September 30, 2015 the Newegg Preferred Account program will be ending and no future transactions will be authorized. If you have a plastic Newegg Preferred Account credit card you should destroy the credit card after this date.

Basically cancelling our card. Which to me sounds like Newegg just lowered the credit score of all of their 'preferred' customers
Is there something that I am missing??

[Anonymous]

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@Anonymous wrote:

So at first I assumed that was a phishing email, since it hit my inbox with 'unknown sender' 
But a quick google led me here.

Now my question is won't this impact our credit in quite a bad way?  It goes on to say (after the exerpt posted above):

• Effective September 30, 2015 the Newegg Preferred Account program will be ending and no future transactions will be authorized. If you have a plastic Newegg Preferred Account credit card you should destroy the credit card after this date.

Basically cancelling our card. Which to me sounds like Newegg just lowered the credit score of all of their 'preferred' customers
Is there something that I am missing??

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No, it won't affect your credit score.  The NewEgg account is a hidden tradeline that doesn't report on your credit report so the canceling if the card won't even be noticed.  Even if the account wasn't a hidden tradeline the closing if a card does not affect your credit score unless it dramatically alters your utilization.

[dude11]

I just received this email as well and this is  unfortunate. I personally liked the hidden tradeline even though I would benefit from it being reported. My guess is whatever this new bank that will handle Newegg's store card will probably report the tradeline as well as be required to apply for a new account?

[Strogen]

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@dude11 wrote:

I just received this email as well and this is  unfortunate. I personally liked the hidden tradeline even though I would benefit from it being reported. My guess is whatever this new bank that will handle Newegg's store card will probably report the tradeline as well as be required to apply for a new account?

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Yup, Sync will report the util/tradeline and you will need to apply again. 

[tempusfugit123]

This makes me not want to apply for comenity accounts anymore. This is the 3rd or 4th time they've closed accounts on me. Good this one is hidden though. Wish we could have just transfer the account to synchrony