FNBO has started telling Overstock Mastercard cardholders that this card will be discontinued on March 29th, 2019. Cardholders will have the option to receive a basic Mastercard also issued by FNBO. Overstock will continue to have a store card issued by Comenity Bank.
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So existing cardholders will have their card automatically converted to another FNBO card?
Don’t think it’s a forced conversion, just the option to convert. I’m guessing if you don’t convert the account will just be closed.
I don’t have an Overstock card, so I can’t talk specifics, but when SavingStar discontinued their FNBO-issued Amex, we received a 1.5% cash back Amex automatically. Since we already took the HP, we kept the card open.
I have a card and what they are doing to many accounts including mine is shutting them down. Not late, not over the limit but poof there goes 50-100 points of my credit score. These idiots need another class action lawsuit thrown at them. Apparently the last one wasn’t enough.
They never sent me anything. I went to go make a payment and seen I had zero available credit when the card is more than half paid off!! Called them to see why and they said it had to do with my credit report!! I said that’s BS because nothing on my credit report has been pulled and nothing has changed in the negative – only in the positive!! So I googled this and this came up!! So they’re closing accounts and blaming customers plus not even telling us!! I’m filing a complaint with the AG!! I can care less about having the stupid card but I do care if them closing it affects my score without my knowledge or consent!
I imagine most readers are not following the business end of this but there is strong speculation that Overstock will be selling its retail operations this year, possibly as soon as February. I imagine this is related to that.
Another co-brand bites the dust. FNBO used to issue the Rakuten Mastercard also, but the page that used to offer the Mastercard now says “We will re-open new card application form soon. We would appreciate if you come back.”
oh no …