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WalMart sues Synchrony for $800m

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CCrew
Regular Contributor

WalMart sues Synchrony for $800m

Admins, please move if not in the right place. 

 

Thought this was newsworthy for those holding Synchrony cards. I know they flipped my Sam's card to Mastercard which fits this mold. 

 

https://www.bizjournals.com/newyork/news/2018/11/02/walmart-sues-synchrony-for-800m-in-a-nasty-break...

 

Message 7 of 26
25 REPLIES 25
Anonymous
Not applicable

Walmart Sues Synchrony for $800 Million as Card Split Sours

Message 1 of 26
Anonymous
Not applicable

Re: Walmart Sues Synchrony for $800 Million as Card Split Sours

This is a big WOW! Sometimes I think I may have a problem? NOT! Should be interesting future reading. Thanks for the alert Smiley Surprised

Message 2 of 26
Legal_Girl
Frequent Contributor

Walmart Suing Synchrony

I read an article about Walmart suing Sychrony for 800 million due to Synchrony breaking an "implied promise". It also said Walmart has chosen Capital 1 to handle it's cards. I hadn't heard anything about this until today. Well, there goes the credit limit increases.
Homeowner Again as of July 17, 2014. Thanks to the VA and NFCU. FICOs EQ - 786/EX - 782/TU - 778/Quicksilver $3,500 / Cred 1 $2,875 / 1st Natl $4,250/ Kohls Visa $5k / Mercury MC $5,850 / NFCU Visa Sig Cash Rew $27k/ Lowes $25k / Best Buy Visa $11k/ NFCU LOC $15k / Walmart MC $7.5k / Chase Freedom Unlimited $1,500 / Discover IT $27,000 / Discover IT Chrome $21,500 / Citi DC $7,300 / AMEX Blue Cash Preferred $17,500 / Citi Simplicity $18,500 / Citi Premier $8,200 / Care Credit $10k/ AMEX Gold - NSL / Chase Sapphire Preferred $20,500
Message 3 of 26
Jnbmom
Credit Mentor

Re: Walmart Sues Synchrony for $800 Million as Card Split Sours

This cracks me up, first Wallyworld is mad because synch didn't offer enough credit, now they are saying Synch caused them too many losses.

So which it is LOL...........................

EXP 780 EQ 798 TU 804
Message 4 of 26
tcbofade
Super Contributor

Re: Walmart Sues Synchrony for $800 Million as Card Split Sours

Either way, I'm not terribly impressed with Synch OR Capital One... methinks that my Wallymart card is reaching the end of it's usefulness.

07/01/24 Fico 8: EX 766, EQ 811, TU 787.
Fico 9: EX 772 07/14/24, EQ 789 07/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 5 of 26
Remedios
Credit Mentor

Re: Walmart Sues Synchrony for $800 Million as Card Split Sours


@tcbofade wrote:

Either way, I'm not terribly impressed with Synch OR Capital One... methinks that my Wallymart card is reaching the end of it's usefulness.


Right there with you. If Synch keeps the portfolio and converts store card to general purpose card, I am closing it. 

There is nothing they can offer that's worth taking a new account hit.

If they kept the original opened date, I'd leave it alone, but they never do.

Message 6 of 26
Medic981
Valued Contributor

Re: WalMart sues Synchrony for $800m

Walmart is just throwing a tantrum because it didn't get its way.






Your FICO credit scores are not just numbers, it’s a skill.
Message 8 of 26
CreditCuriosity
Moderator Emeritus

Re: WalMart sues Synchrony for $800m

Sounds like Sync is going to be SOL more-so and probably lose Sams out of this as well (just speculation as they are esentially the same company as we know)... Don't want to piss off a 10k giant and the sam's club was up for as well next year i beleieve.. Sync shares fell 9% from that one announcement friday imagine if they dont get sams back how much more their shares will get pounded down.

Message 9 of 26
blindambition
Senior Contributor

Re: WalMart sues Synchrony for $800m

I know that Walmart specifically asked Cap One to consider the Sams contract.

I’m confused as to why Walmart and Amazon don’t eye credit in-house. They have the capital. They wouldn’t have to consider how another is handling their portfolio.

Message 10 of 26
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