Question About Overstock Credit Card

[Iusedtolurk]

I see where Overstock is discontinuing their Store Card as of July19th 2023 and going to a Overstock Mastercard with Citi.

Does anyone with a Overstock store credit card have any knowledge or insight about what will happen with current Overstock credit card holders?

I'm wondering if they will transition current holders of the store card to the mastercard.

I have a 10500 limit store card and do not want to lose that CL by having to apply for a New account Overstock Mastercard.

Another New account I definitely don't need right now.

Sometimes people in other areas get information before others so I'm wondering if anyone knows anything as of yet.

[805orbust]

Wow that was one of my first rebuilders.  DW still has hers. Definitely grabbing popcorn for this one.

[Brian_Earl_Spilner]

If it goes like Wayfair, Citi will take some of the accounts. In wayfair's situation, comenity converted some of those who didn't get picked up into comenity MasterCards. And finally, some will just have their cards closed. 

[Adkins]

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@Brian_Earl_Spilner wrote:

If it goes like Wayfair, Citi will take some of the accounts. In wayfair's situation, comenity converted some of those who didn't get picked up into comenity MasterCards. And finally, some will just have their cards closed. 

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^All this. I'm waiting to see how things are going to end up. In the mean time, I just got another CLI on the card (no HP). 

[SweetCreditObsession]

@Iusedtolurk  - it's one of my oldest cards and has a CL over 20k. I've heard nothing from Comenity.

I'll share when I get an update. 

[Iusedtolurk]

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@SweetCreditObsession wrote:

@Iusedtolurk  - it's one of my oldest cards and has a CL over 20k. I've heard nothing from Comenity.

I'll share when I get an update. 

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@SweetCreditObsession and anyone else.

Has anyone heard any more about what Overstock intends to do with the current accounts and Citi?

Haven't seen anything on the website nor received any emails or letters.

[SweetCreditObsession]

@Iusedtolurk  - I'm still in the dark too . I still plan to share with the forum one I hear from Comenity and/or Overstock.

[East71177]

I received a letter today saying my card would be closed. No option to switch to the Citi card. I've read that you had to reapply if you wanted to switch. I'm so disappointed. Like a few mentioned above this is one of my longest TL. Well, I guess my credit will take a hit

[SweetCreditObsession]

@East71177, hopefully it doesn't represent a significant chunk of your total credit line, thereby impacting your utilization. 

The trade line should remain on your credit report for up to 10 years, however, it could be removed sooner (this happened to me once a couple years ago). It could adversely affect your score were that to happen. If not, your score should be fine.

[SweetCreditObsession]

Heads up: As of late last week, users reported  on another thread that they got a letter saying all the Comenity accounts are being closed. Individuals need to apply with Citi if they want an Overstock card. 

I am expecting a letter from Comenity today or tomorrow so I will keep you posted.