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Walmart and capital one end credit card deal.
Posted on 5/24/24 at 10:50 pm
Posted on 5/24/24 at 10:50 pm
Boo, there goes my 5% cash back on Walmart pickup orders. Maybe something better will come out of it.
4
Posted on 5/25/24 at 12:07 pm to NATidefan
WM won't replace deal with another card servicer? Seems like something that they would want since Amazon and Target have ways to do 5% back/off
Posted on 5/25/24 at 1:24 pm to NATidefan
quote:
Boo, there goes my 5% cash back on Walmart pickup orders. Maybe something better will come out of it.
Walmart has been on Capital One to offer more customers credit lines and probably more 0% finance offers with a purchase over X amount. They also were on them for being slow to replace cards and post transactions.
So Walmart started offering deals with Affirm and other multi pay options to bypass Capital One. That probably pissed them off and the fact that when they won the Walmart Accounts years ago, but Walmart decided to stay with Synchonry for their Sam’s Club Accounts.
More than likely Synchonry will probably take over again, unless someone is willing to take a big risk on a book that is known for defaults since you are dealing with Walmart Customers. My first Walmart card had a 75 dollar limit. It. Now is 4,900 and not just a store card. It has been sitting at that amount for almost a decade though.
Edit…Capital One is keeping the customers and will transition them to other Capital One Rewards Products.
This post was edited on 5/25/24 at 1:31 pm
Posted on 5/25/24 at 3:31 pm to NATidefan
Well, that sucks. 5% off of Walmart.com was pretty useful.
Posted on 5/26/24 at 6:52 am to Tarps99
Did it not have like a 19%+ interest rate to make up for the defaults? Seems like it would be a major get for any card dealer just with the amount of transactions that would be completed.
ETA: are they still talking about self check out being Walmart+ customers only? Seems like they could offer free Walmart+ to any Walmart card holders
ETA: are they still talking about self check out being Walmart+ customers only? Seems like they could offer free Walmart+ to any Walmart card holders
This post was edited on 5/26/24 at 6:54 am
Posted on 5/26/24 at 8:21 am to NATidefan
Damn Walmart+ partnerships are in freefall. Walmart and Paramount + do not give a shite that you can't get free P+ with a WM+ account, and neither do anything to fix it.
Now this deal is over.
It's very likely I never use this CC again in any regular way now. It's utterly worthless to me without the 5%, and I will get whatever new option WM has with its new CC provider.
Now this deal is over.
It's very likely I never use this CC again in any regular way now. It's utterly worthless to me without the 5%, and I will get whatever new option WM has with its new CC provider.
Posted on 5/26/24 at 8:35 am to baldona
Credit portfolios were a huge money maker for some stores if they kept it in house. Heck it helped to keep Sears afloat while the discount boom was shrinking its market share and poor investments in other businesses were hurting its bottom line. They were also pretty ruthless at collecting. You may have tried to declare bankruptcy to get rid of the Sears debt, but in its heyday Sears had a team of nationwide attorneys that would appear at your bankruptcy hearing.
Sears sold off their credit line to Citibank in the mid 2000’s, but by then Sears was really hurting with the Kmart merger and needed some quick cash so they lost their cash cow, and Citibank tightened the screws on approvals and eventually started to hurt Sears sales because of the lack of Sears store cards in customer hands.
Target held on to its credit card division for years before selling it to TD Bank in 2012.
Walmart didn’t like the risks or expense of having a credit card division so they farmed it out to GE Money Bank which eventually became Synchrony when was spun off in the 2010’s from GE. Synchrony has deals with plenty of other retail outlets like JC Penny, Lowe’s, Chevron/Texaco, and Dillards at a time before they sold it to Wells Fargo. Home Depot has mainly been with Citibank.
Amazon has multiple deals with multiple card issuers. Amazon’s store card is a Synchrony product, Amazon’s Visa Product is from Chase.
Sears sold off their credit line to Citibank in the mid 2000’s, but by then Sears was really hurting with the Kmart merger and needed some quick cash so they lost their cash cow, and Citibank tightened the screws on approvals and eventually started to hurt Sears sales because of the lack of Sears store cards in customer hands.
Target held on to its credit card division for years before selling it to TD Bank in 2012.
Walmart didn’t like the risks or expense of having a credit card division so they farmed it out to GE Money Bank which eventually became Synchrony when was spun off in the 2010’s from GE. Synchrony has deals with plenty of other retail outlets like JC Penny, Lowe’s, Chevron/Texaco, and Dillards at a time before they sold it to Wells Fargo. Home Depot has mainly been with Citibank.
Amazon has multiple deals with multiple card issuers. Amazon’s store card is a Synchrony product, Amazon’s Visa Product is from Chase.
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