Synchrony - Walmart - Capital One

[Konrad2012]

Some interesting tidbits in the news articles about the contract change. 

 

First  Barron's is reporting that "Synchrony expects to convert some of the existing Walmart private-label cards to general-purpose cards." 

 

https://www.barrons.com/articles/where-synchrony-financial-goes-after-walmart-1533337840?mod=yahoobarrons&ru=yahoo&yptr=yahoo

 

I would assume they are referring to the co-branded MC as opposed to the store cards which are obviously subprime.  I wouldn't be surprised to see these Walmart MC's changed over to a 2% card or something since SYF has been trying in recent years to reach more prime consumers (Marvel, Cathay Pacific). 

 

Next, I also read that Goldman Sachs was in discussions for the Walmart portfolio.  Apparently they are considering entering the CC business.  

[hdporter]

On 8/11/2018 at 6:17 PM, Konrad2012 said:

Some interesting tidbits in the news articles about the contract change. 

 

First  Barron's is reporting that "Synchrony expects to convert some of the existing Walmart private-label cards to general-purpose cards." 

 

https://www.barrons.com/articles/where-synchrony-financial-goes-after-walmart-1533337840?mod=yahoobarrons&ru=yahoo&yptr=yahoo

 

I would assume they are referring to the co-branded MC as opposed to the store cards which are obviously subprime.  I wouldn't be surprised to see these Walmart MC's changed over to a 2% card or something since SYF has been trying in recent years to reach more prime consumers (Marvel, Cathay Pacific). 

 

I'm going to guess that we're not talking an actual conversion.  That would lessen the value of the deal that Walmart cut with Cap 1.  I suspect there are provisions in the existing contract that would contradict such a move.

 

Instead, I read into the text that Synchrony looks to issue new accounts to its stronger Walmart cardholders.

[Konrad2012]

36 minutes ago, hdporter said:

I'm going to guess that we're not talking an actual conversion.  That would lessen the value of the deal that Walmart cut with Cap 1.  I suspect there are provisions in the existing contract that would contradict such a move.

 

Instead, I read into the text that Synchrony looks to issue new accounts to its stronger Walmart cardholders.

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

 

 

"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. They said both are accretive to earnings relative to renewing the contract with Walmart."

 

"Synchrony said selling the portfolio would free up $2.5 billion of capital, which it would use to either repurchase shares or reinvest in its business."

[policebox]

I decided to hit the love button on all my Synchrony cards yesterday. I got an increase from $8,000 to $10,000 on my Walmart Store Card. I was a little surprised they'd increase the CL on an account that will eventually be transferred to Capital One, but I'm not complaining.

 

Now all my Synchrony cards are at least $10,000. Is that the highest limit you can get through the love button? Do I need to call and talk to a credit analyst to get limits higher? I'd like to get my PayPal Cash Back MasterCard above $10,000. Anyone got that number?

[Kat58]

 

 

[CCrew]

Interestingly along the lines of this thread I got notice from Synchrony last week that they're converting my years old Sams Club card to a MasterCard. What was to me interesting is that the pictures of the new cards weren't branded Sam's Club. Generic card with the MasterCard Logo. 

[Konrad2012]

10 hours ago, CCrew said:

Interestingly along the lines of this thread I got notice from Synchrony last week that they're converting my years old Sams Club card to a MasterCard. What was to me interesting is that the pictures of the new cards weren't branded Sam's Club. Generic card with the MasterCard Logo. 

Did they give you any information on a new rewards structure for that Mastercard? 

[CCrew]

22 hours ago, Konrad2012 said:

Did they give you any information on a new rewards structure for that Mastercard? 

Nothing at all about rewards. I'm assuming that since the Sam's Store card didn't have any then the MasterCard they were flipping it to wouldn't. Interesting disclaimer though at the bottom was that if credit eligibility has changed then they wouldn't issue the card. (not that that should be an issue for me) That and that all would be complete by end of October.

[mendelssohn]

I have a subprime Walmart store card (not MC) at $35K. I wonder if that CL is going to stay intact.

[Konrad2012]

1 hour ago, mendelssohn said:

I have a subprime Walmart store card (not MC) at $35K. I wonder if that CL is going to stay intact.

I have a big Walmart MC.  I'm interested to see if it gets transferred or PCd. 

[CreditCuestions]

2 hours ago, mendelssohn said:

I have a subprime Walmart store card (not MC) at $35K. I wonder if that CL is going to stay intact.

I thought 25K was the limit I stopped asking for CLI's on that one and the amazon....

[Konrad2012]

57 minutes ago, CreditCuestions said:

I thought 25K was the limit I stopped asking for CLI's on that one and the amazon....

The limits have shifted over time. 

 

KayveBear has a $50K Walmart.  I haven't seen anyone else over $35K. 

 

I was once granted a CLI to $45K on Lowes by a Synchrony Sr UW via phone and Synchrony called me back minutes later and told me haha just kidding we can't give you that amount. 

 

Even the $35K limits don't seem like people are getting them as often now. 

[bigpoppa09]

On 8/30/2018 at 5:41 AM, mendelssohn said:

I have a subprime Walmart store card (not MC) at $35K. I wonder if that CL is going to stay intact.

Mine is 25K i'm wondering the same thing.

Edited September 3, 2018 by bigpoppa09

[cv91915]

I had zero success getting CLIs from Synchrony on any of my cards, including the W*****t card, either online or via the backdoor number.

 

So I tried Capital One shortly they took custody of my W*****t account.

 

[Occam]

3 hours ago, cv91915 said:

I had zero success getting CLIs from Synchrony on any of my cards, including the W*****t card, either online or via the backdoor number.

 

So I tried Capital One shortly they took custody of my W*****t account.

 

On the plus side it looks like you're okay on inquiries.

[policebox]

On 10/24/2019 at 2:32 PM, cv91915 said:

I had zero success getting CLIs from Synchrony on any of my cards, including the W*****t card, either online or via the backdoor number.

 

So I tried Capital One shortly they took custody of my W*****t account.

 

Got the identical letter to this, dated 10/20/19. It even has the same 4th bullet point devoid of substance.

 

Interesting note, the "bank" my account is listed as being owned by is Capital One N.A., not Capital One Bank (USA), N.A. Is yours the Mastercard? I just have the store card.

Edited October 31, 2019 by policebox

[cv91915]

13 hours ago, policebox said:

Got the identical letter to this, dated 10/20/19. It even has the same 4th bullet point devoid of substance.

 

Interesting note, the "bank" my account is listed as being owned by is Capital One N.A., not Capital One Bank (USA), N.A. Is yours the Mastercard? I just have the store card.

Yes, I have the Mastercard.