Posted by Chuck on July 17, 2019
Credit Cards

Published on July 17th, 2019 | by Chuck

149

Walmart To Replace Synchrony Cards With Capital One On October 11th

Update 7/17/19: Existing cardholders have been sent a letter stating that their existing Synchrony cards will be converted to Capital One and they will receive the new cards by October 11th, 2019.

Update 1/22/19: During a conference call to discuss Q4 earnings Capital One said they expect to launch the new program and onboard acquired cardholders in the third quarter or early fourth quarter of 2019. Portfolio is expected to consist of $9 billion of receivables.  Hat tip to reader Joey M

Walmart chooses Capital One as their credit card issuer, in a blow to their current backer Synchrony, WSJ reports. Capital One will issue both the stores cards for use at Walmart and the co-branded cards which can be used anywhere.

The move is the biggest portfolio change since Costco shifted over to Citibank, and hits Synchrony hard with the loss of their 19-year retail partner. Walmart is one of Synchrony’s five biggest clients, accounting for about 19% of Synchrony’s store-card portfolio.

It’s not known what will happen to existing Walmart-Synchrony cardholders, amounting to about $10 billion. Sometimes banks will buy out the back-book of the previous issuer, other times it won’t. Also no word whether the rewards structure will change (or whether they’ll start offering signup bonuses better than a 2-liter bottle of soda), but I expect most of those kinds of details will remain similar to how it’s been until now.

It was down to Capital One and Synchrony in the running, and ultimately Walmart chose Capital One with an eye toward a more tech-forward partner with broader banking capabilities and a digital future. 

Synchrony just recently spent $7 billion purchasing consumer credit receivables from PayPal and extending that co-branded relationship until 2028.

 



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JV
JV

Will this extend to Sams club credit cards too? Would be an improvement over the current Synchrony platform, which is lacking function.

Phill
Phill

Great question! Will it?

KT785
KT785

I’m likewise curious.

JV
JV

From what i read, it doesn’t seem like Walmart and Sams are a package deal, so us with a sams card are stuck with synchrony.

DaveinAZ
DaveinAZ

I’d be very surprised if it doesn’t include Sams Club – you can use a Walmart store card at Sams Club & use Sams Club at Walmart, so it could be a bit complicated if they were issued by different banks.

Ultimate Arsehole

Why would it be complicated?

TC
TC

Everything I have read says Sam’s Club will remain/renewed contract with Synchrony.

David Sutton
David Sutton

Everybody should drop synchrony…horrible credit cards…bad service…

Ishmael Shelton
Ishmael Shelton

I totally agree with you? I have a Sam’s and a Walmart card but I only use my Capital One Venture at both stores.

Mike McClellan
Mike McClellan

I had no trouble until the last 3-4 months. I have Walmart, Lowes, JC Penney, Amazon, and Meineke cards through Synchrony. Around May or early June I suddenly stopped receiving emails from all including e-statements, payment confirmations, etc. I was able to get 2 late charges dropped, but no one at any of the accounts would try to help me or give me a number to call Synchrony. I got letters from 2-3 saying my email was invalid even though it hadn’t changed. Every time I log into my Meineke account I have to add my email to my profile. I still don’t receive anything, so I just listed the due dates and schedule payments without the emails. I hope Capital One or someone takes over all of these cards.

Spydarmyke
Spydarmyke

if you have missed payments they may not take your account and give you a new one with them…..

ProudMoney

Just announced today that Synchrony & Sam’s Club renewed partnership even though Walmart leaving Synchrony.

WM1

+1 for this legend

Jenn
Jenn

From what i read in the letter today, no! You won’t be able to pay your card at sams club either!

Debra Glinsey
Debra Glinsey

I just read my letter and no you will not be able to use your card at Sam’s Club anymore

David Lee Sutton
David Lee Sutton

Synchrony cancelled my walmart card…went from 8000 balance to 900 to 0….never got a good reason and was never late

Sean Smith
Sean Smith

Same….made a few purchases taking it to 1200 balance, paid balance to 0 the next month. Received notice that they cancelled my account. I guess they weren’t interested in anyone who didnt carry a balance. Good riddance! Had a other synchrony account with Discount tire. Paid a 1500 purchase off on 90 days no interest. Went to buy another set of tires for the other car and that’s how I found out they closed that account as well. Buh-By

sherri L Phillips
sherri L Phillips

They don’t like when you pay the cards down fast. you don’t pay interest that they want

yvvy
yvvy

Join the discussion…they did the same thing to me as well because i paid my bill a day late my available balance went from 850 to 100 with no explanation at all

Koi
Koi

The Sams Club Cards are staying with Synchrony 🙂

Mike
Mike

This is where our family shops for both groceries and household items. Probably upwards up 15K spend a year. If they would even have a credit card that gave 3% and some sort of sign-up bonus I would be in. I mean I guess being a person that pays off their bill every month I am not their ideal customer but I never understood why the Walmart Card sucked so bad.

George
George

I believe you still get a free watermelon when you sign up. Or is it a 2L soda now?

Mike
Mike

I would be good with a couple hundred bucks and a good earning rate. Right now it seems like I have some sort of gift card going through Dosh/Chase Pay/Sam’s Club etc since we shop there so much. Like I said give me 3-4% and I will happily use it all the time.

Laura Lawrence
Laura Lawrence

Join the discussion…Call them and ask.. Credit one only charges you ten dollars each time you call them..!!
At least that is what they were doing when I left them. to go to Walmart.

Joyce
Joyce

good luck!

Chucks
Chucks

I think it’s because Walmart has modest markups.

Use the Altitude Reserve with Samsung Pay or similar for 4.5% back.

aubergine
aubergine

some of the neighborhood walmarts code up as grocery stores on Visa/MC

Mimi
Mimi

NMs also code as grocery stores at AXP CCs so I’m earning 6% up to $6K on the BCP.

P
P

It looks like a fairly large portfolio even if the card sucked.

S Nack
S Nack

I switched to Walmart.com from Amazon for most of my household item purchases, I’m interested in the new card.

Antonio
Antonio

The Walmart Synchrony credit card is one of my foundation cards as I got it when it was a Walmart Discover card back in ’07. But I haven’t shopped in a Walmart since then nor do I have use of the card. Does anyone know if you can product change CapitalOne cards? (Assuming that all Walmart Synchrony credit card holders will be auto-converted to Walmart CapitalOne Credit cards)

doc
doc

Might want to make sure that your card is still valid; and then go buy something.

Laura Lawrence
Laura Lawrence

Join the discussion…Never again… How dare they jerk me around like that.. I will never use credit one.! What a dumb thing they did.

Rodfedup
Rodfedup

Laura I just learnt that Walmart switched me to Capitol One and it is very disturbing. I have informed them that I will be turning my case over to the attorney general to see if what they’re doing is legitimate… I’ve had a bad experience with Capitol One over 19 years ago and vowed to never to use their service again..in fact if Walmart had Capitol One on the contract while I was applying for my card I would’ve left my merchandise at the desk and told them to get lost. I have great respect for Walmart and their outreach to the community, but this Capitol One is an extremely bad choice for Walmart

no more walmart
no more walmart

i will be paying walmart off dont want capital one

Lady G
Lady G

Me to no more Walmart for me!!!!

Vangie
Vangie

I don’t want it either they won’t even give me a increase I have been with them for at least 3 years now and I pay my bill on time. I need to just pay them off and don’t use the dam card anymore

George
George

I just paid mine off and closed it. Easy to do. You can do it online. Don’t even have to call. I was planning on doing it anyway, but I really didn’t want to be converted. I got a letter saying I would. What happens sometimes is, the card shows closed on your credit report, and then a new card was opened (Capital One) on the same month. I didn’t want any new cards on my aging. I think it’s perfectly legal. You don’t own your card. The money you have access to and the card itself is property of the bank. All you can do is close it if you’re not happy with their decision to switch to a new bank.

Lady G
Lady G

I to had a bad experience with Capital One, I guess I will be turning my card into Walmart. I will not deal with Capitol One. My credit with Walmart is very good but I hate capitol one. This is extremely bad.

Maxwall
Maxwall

Yep me too constantly hacking into account and changing address and password on me , I canceled both capital one cards

M Miller
M Miller

Join the discussion…I agree. I sued Capital One for incorrectly handling my car loan. They then incorrectly reported to credit bureau I owed a balance that they screwed up on. Capital One then tried to sue me by giving a lawsuit to another person with my name. Good thing I know law. Very corrupt.

apprehensive
apprehensive

I agree. I’ve had a similar experience. Even though (did not want to deal with Capital one again) one of my cards came through as a capital one and I have a Walmart card. My question is, will my balances be join on one card? Will my monthly payment increase? Will my available credit increase? Will I now have one card? These are concerns of someone on a fixed income. I also notice on the letter that there is no contact phone numbers to get these answers. A tactic that I am well familiar with dealing with Captial one. Can any one help?

Jeremy
Jeremy

Just to be clear, Walmart didn’t switch to Credit One (that is the worst card ever, short of the other worst companies). they are switching to Capital ONE. These companies are far different. I have never had trouble with synchrony. They gave me credit when my credit was shaky, and I got easy limit increases. I liked the walmart/synchrony card because it had a 19% interest rate, even though I don’t keep a balance. Capital one is changing it to 25%, and I already have 3 other capital one accounts. I am kind of pissed about that.

Electroman
Electroman

Synchrony is a terrible card issuer. Unfortunately, CapitalOne isn’t very good, either. Actually they’re not bad except for pulling three bureaus every time.

Austin
Austin

I applied and was approved for the Cabelas credit card issued by Capitol One back in October 2018. They only pulled Transunion for that application. When I applied and was approved for the Quicksilver card 2 years earlier they pulled all 3 bureaus.

Mark Ostermann

So 3 – Mt Dew 2 Liter sign up bonus coming our way? Yeah Yeah!

Jelena
Jelena

I don’t want the Walmart card, but regarding Capital One, I thought I read somewhere that they only allow 2 cards per person. I have an old platinum card that I can’t close (oldest credit line) and a Venture One I downgraded to from the Venture. I wanted to apply for the Venture again. Did I make this rule up?

Aby
Aby

i am in the same boat when it comes to platinum; its gathering dust and havent used it for more than a year but cant close since it is my first and oldest credit line 🙁 … I even deposited $100 as security

Andrey
Andrey

You can try product changing it to something more useful.

George
George

You can close it. The history will be there for 10 years, your average age of your cards might come down if you only have a couple cards. If youre cards are all a few years old, I wouldn’t worry too much unless you only have 1-2 cards to begin with. If that’s the case you need to open a couple more, wait a few years and then close your card. I’ve closed my first card (a Capital One card) once my other cards were about 3 years old. Now my average is over 8 years old with my second oldest, now my oldest being about 12 years old and I have almost perfect credit. I know, everyone says not to, but it continues to report for years so it tends to work out.

Andrey
Andrey

You did. I had three cards with them a while ago.

Brandon
Brandon

The limit only applies to first party cards, not cobranded cards. Do things like this future card and the GM Buypower card don’t count

W
W

Two sub prime companies. Id expect a terrible interest rate and the signup bonus to upgrade to something like 10% off the first purchase.

If i were trying to make this card successful id make it 1 point overall, 3 at walmart, and 5 at walmart online. If trying to follow a “tech future” with cap1 id think an amex offer type weekly savings, but for individual grocery items, would be wise. Example: Free walmart brand item on purchase of $100 before tax and the item.

I wont be getting this card but if theyre smart it would look something like that to almost be appealing but not lucrative

Trevor
Trevor

Looks like it takes effect in 2019.

From MarketWatch:
Walmart and Capital One today announced that the companies have entered into a new, long-term credit card program agreement.

Under the terms of the agreement, Capital One will become the exclusive issuer of Walmart’s private label and co-branded credit card program in the U.S. beginning August 1, 2019…. Walmart will provide additional information in the coming months regarding the anticipated transition to the new card program in 2019.

Laura Lawrence
Laura Lawrence

Join the discussion. All credit card company’s should sign a stipulation that they will NOT endorse any other credit company than their own.. when you have signed with them… I did not ask for this monkey hi jinx did you ?..HATE IT.

bax
bax

Now if Paypal would follow suit and shitcan Synchrony too…

GS
GS

I am hoping Amazon does as well. Synchrony sucks.

Rodfedup
Rodfedup

GS you think Synchrony sucks…they’re going to look like angels compared to Capitol One…and don’t forget to bring a jar of grease with you👀

George
George

I’ve had them both. I prefer Synchrony (Used to be GMCredit) over Capital One. Capital one never gives credit line increases and they have some of the worst rewards programs. They also did not want to do a product change for me. Synchrony has more generous credit lines but their interest rates (as are all retail cards) are through the roof.

NinjaX
NinjaX

time to signup for the cc with synch because i keep getting cap1 denial.

Ben
Ben

Wonder what’s gonna happen with Sams Club credit card, which is also issued by synchrony. You use Walmart store card at Sams club and vice versa.

overseas
overseas

Sam’s Club may follow. Their contract with Synchrony hasn’t expired, but once it does…

Andrew
Andrew

I’ve been seeing a lot of $35 statement credit with $75 purchase for the last month at Walmart. Still really bad but at least it’s better than a soda.

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