What's going on with Saks WEMC?

[LCC_mk14]

So as I was browsing the YSL section of Saks, as I quite often do as sad as it is for my bank account, I wanted to check up on the CC offers. I've always heard they have one of the better systems, and I could see myself really utilizing a card like that when I am ready to app again. 

However, this is what pops up when on their page when you go to "choose your card"

Why is it coming soon?! Saks has had a WEMC for years, or so I thought. It's still backed by capital one, but I am curious of what they may be doing to have pulled it "off the market" so to speak. I can't find any informationa and am generally just curous.

Any insight?

[Anonymous]

I actually called their credit customer service to asked about the mastercard version and she told me applications arent being accepted at this time. :/

[Anonymous]

I wanted to convert my store card to a Master Card and wa told not at this time. 

c

[LCC_mk14]

I just find that so strange. And the fact that there was no information provided on why it was taken away only to be reintroduced.

So many seccrets in the credit world, haha

[B335is]

I’m pretty sure apps are on hold due to the recent account merger. Mine was completed about a week or two ago:

http://ficoforums.myfico.com/t5/Credit-Cards/Saks-Accounts-Merging/m-p/5151450#M1514796

[jl4]

I wouldn't be surprised if either CapitalOne is changing their terms or they're changing providers altogether and moving away from CapitalOne.

[FinStar]

The Saks WEMC is being revamped. Similar to the Nordstrom Visa, it will now be a single, integrated account for those individuals who have an active Saks Store Card and the Saks WEMC, rather than 2 separate accounts and card management websites.

As part of the upgrade, if you have a Saks Store CL of $20K and a WEMC CL of $15K, they'll both be combined. The entire access line can be used for either types of transactions in or outside of Saks.

Unfortunately, as part of the upgrade, a new WEMC account will be generated which will close out the existing linked accounts. The new WEMC would report the open date whenever the original MC version was acquired. So if someone had the Saks Store version from 2000, for instance, and upgraded their store card to the WEMC in 2010, then the most recent upgrade date is what will reflect as the open date (I've yet to see how this really reflects but I'll confirm once the dust settles).

I would imagine once the entire conversion process is complete then WEMC applications (or upgrades) may become available for the rest of the masses.

[LCC_mk14]

I can see that happening as well. Cap One doesn't really translate to Saks, status wise, IMO. Not that that should matter, but I feel as though Cap One likely isn't making too much on Saks shoppers because of the clientele. 

I will likley do some research or maybe even contact CS to see what I can find out. I think if played right, this revamp could be a great marketing tool for Saks. A lot of people in the general public would hop on real fast for a black metal WEMC that earns points for designer items. Especially earning outside of Saks for the gas, restauraunts, etc. (though they can get the same value or better with other cards, the bulk of people likley won't read that much into it).

[FinStar]

The revamp is also to offer the chip version of the card which was not previously available.

Capital One has quite a sizeable private label portfolio that not only includes the Saks card but Neiman Marcus, Bergdorf Goodman, Menards, Kohl's to name a few.

Frankly, to most folks who have these cards, the Capital One name is simply ornamental since most of the private label portfolios were acquired from HSBC.

[LCC_mk14]

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@FinStarwrote:
The revamp is also to offer the chip version of the card which was not previously available.

Capital One has quite a sizeable private label portfolio that not only includes the Saks card but Neiman Marcus, Bergdorf Goodman, Menards, Kohl's to name a few.

Frankly, to most folks who have these cards, the Capital One name is simply ornamental since most of the private label portfolios were acquired from HSBC.

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This is super informative! I new CO had some other brands, but couldn't help but speculate. Thank you!