Walmart Cancelling Sync and going to Cap 1

[CreditCuriosity]

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@Anonymous wrote:

Just got home from WalMart Marketplace.  Was shown a 5 page document shared with all their employees this morning concerning the change to Capital One.

Nowhere in the document did it say anything about Sam's Club.  The credit cards were all concerning Walmart, WalMart, WalMart.

In addition, the document said all CC terms would remain the same after the transition took place, meaning the option to get $100 back and it be treated as a purchase rather than a cash advance would still be available.

And oh yeah, the date of the changeover is August 2019 so WalMart credit customers have at least a year before you become Capital One customers.

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Sync still hasnt decided if they are selling to portfolio they said they might keep it and change to a different CC.. Sure cash is king though and guessing Cap1 will try to acquire it.

[Anonymous]

"Synchrony's Walmart Loss Puts Sam's Club Renewal in Focus"

***Capital One is interested in examining the Sam’s Club portfolio currently held by Synchrony, according to people familiar with the situation, who asked not to be identified because the matter isn’t public.

“There are two separate contracts with two separate program agreements,” Synchrony Chief Executive Officer Margaret Keane told analysts Friday on a conference call. “We would hope to renew Sam’s and we’re going to be in that process. We’ll be aggressive.”

Capital One, which grabbed the Walmart business from Synchrony in a deal announced Thursday, will evaluate the Sam’s Club portfolio when the process begins to determine whether it should bid, the people said. Sam’s Club executives, after talking with their Walmart counterparts, invited Capital One to consider the move, the people said.

Synchrony executives said on Thursday they have two options for the Walmart portfolio: sell the $10 billion in balances or retain it and convert qualifying customers to general-purpose credit cards.

Keane said that Sam’s Club has a different customer set than Walmart, relying more heavily on spending from businesses than consumers.

She emphasized that the two programs are very different in how they go to market.

“We’re going to really take the high road here and make sure we do the best we possibly can for the programs,” Keane said.

***
https://www.bloomberg.com/news/articles/2018-07-27/synchrony-s-walmart-loss-puts-sam-s-club-deal-ren...

[Anonymous]

At this early juncture, I expect nobody has any idea what standards Sync is going to use, should they decide to keep their portfolio and convert to general-use cards, to qualify customers for those cards. If they're going to be persnickety about it, I think I'd rather just have my account transferred to Cap 1.

[Credit-hoarder]

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@Anonymous wrote:

Just got home from WalMart Marketplace.  Was shown a 5 page document shared with all their employees this morning concerning the change to Capital One.

Nowhere in the document did it say anything about Sam's Club.  The credit cards were all concerning Walmart, WalMart, WalMart.

In addition, the document said all CC terms would remain the same after the transition took place, meaning the option to get $100 back and it be treated as a purchase rather than a cash advance would still be available.

And oh yeah, the date of the changeover is August 2019 so WalMart credit customers have at least a year before you become Capital One customers.

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Well that's good news---gives me a year to try and work on getting my CL bumped up.

[NattyPButter]

My Walmart card is at $6000 and I use it every few months. I have not asked for a CLI in about a year since I thought they were capping mostly everyone at that limit. Should I get on Walmarts chat in the morning and ask for $15000? My credit score on TU is 732. 

[Jnbmom]

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@Credit-hoarder wrote:

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@Anonymous wrote:

Just got home from WalMart Marketplace.  Was shown a 5 page document shared with all their employees this morning concerning the change to Capital One.

Nowhere in the document did it say anything about Sam's Club.  The credit cards were all concerning Walmart, WalMart, WalMart.

In addition, the document said all CC terms would remain the same after the transition took place, meaning the option to get $100 back and it be treated as a purchase rather than a cash advance would still be available.

And oh yeah, the date of the changeover is August 2019 so WalMart credit customers have at least a year before you become Capital One customers.

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Well that's good news---gives me a year to try and work on getting my CL bumped up.

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Well atleast that's something, I hate crap one and I am not looking forward, I may just close this card once they take over.

[Gmood1]

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@NattyPButter wrote:

My Walmart card is at $6000 and I use it every few months. I have not asked for a CLI in about a year since I thought they were capping mostly everyone at that limit. Should I get on Walmarts chat in the morning and ask for $15000? My credit score on TU is 732. 

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Call this number tonight if you want to. It's the overseas number. They can be very generous!

+1 877-379-8173

[CreditMagic7]

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@Credit-hoarder wrote:

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@Anonymous wrote:

Just got home from WalMart Marketplace.  Was shown a 5 page document shared with all their employees this morning concerning the change to Capital One.

Nowhere in the document did it say anything about Sam's Club.  The credit cards were all concerning Walmart, WalMart, WalMart.

In addition, the document said all CC terms would remain the same after the transition took place, meaning the option to get $100 back and it be treated as a purchase rather than a cash advance would still be available.

And oh yeah, the date of the changeover is August 2019 so WalMart credit customers have at least a year before you become Capital One customers.

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Well that's good news---gives me a year to try and work on getting my CL bumped up.

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Got mine up to a mere 10K long ago, just didn't see a purpose to balloon it any higher since me other Sync cards were already there.

Not sure yet how to digest this switch over to Capital One but we'll have to see just what shakes out if anything useful when it becomes reowned.

I suspect Sams will go too from what i read here. Funny item perhaps overlooked but is basic retail-bank card pattern, sometimes we get lucky enough to be able to request an APR Reduction on them, not many, and rare but has happened with some retailed cards. Capital One is a stickler-hardball where concerns their APR rates and a drop forge hammer can't bend them. I have a nice Cap One card limit but the APR is atrocious and given their triple smack INQ hit they deliver to new card approvals, it's not been of any interest for me to pick up a new, expect a better APT, then transfer limits-a long, very long dragged out process now.

[ways2go]

What did citi do that was hardline when they took over the Costco card?

[Meanmchine]

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@Gmood1 wrote:

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@NattyPButter wrote:

My Walmart card is at $6000 and I use it every few months. I have not asked for a CLI in about a year since I thought they were capping mostly everyone at that limit. Should I get on Walmarts chat in the morning and ask for $15000? My credit score on TU is 732. 

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Call this number tonight if you want to. It's the overseas number. They can be very generous!

+1 877-379-8173

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Already have it on speed dial