Published on July 17th, 2019 | by Chuck149
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.