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 amore 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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Len Thom
#1357418
Be very careful Captial one has mixed up the card information ,people have not received bills Captial one has placed late charges on their credit reports and lowering their FICO SCORES BY 100 POINTS. Billing dept all screwed up. They destroy you over night and no one to help correct the .mistake. My score went from 844 to 740 after 50 years of positive credit. CAPTIAL ONE DOES NOT CARE IF THEY DESTROY YOU., NOT IN MY WALLET ANY MORE.
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April 2, 2022, 08:06 8:06 am
milton hartung
#1120992
will not allow me to link my walmart and capitalone cards
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January 3, 2021, 15:20 3:20 pm
Belinda Weimer
#911927
I’m supposed to have been approved for Walmart capital credit card but I’m unable to figuire it out. I want to buy an iPad and maybe Tv but I have no credit card number
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February 17, 2020, 22:46 10:46 pm
Kim James
#863396
My walmart account switched over to Capital One as issuer in October, but in December my Bank account was hit with a charge of 42.00 by TAC INC Synchrony Bank. I put in a Fraud investigation claim with my bank to see if there is a connection or Who this Company is?
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December 31, 2019, 20:53 8:53 pm
jake
#861308
I was a synchrony bank member with walmart – that is until they started ripping me off over the APR on my account. I disputed it and told them to get lost .. I stopped paying when they refused to look things over. APR FRAUD complaint has been filed with the FTC and the other agencies. —Then after they received my complaint, all of a sudden they CHARGED OFF my account while it was still in good payment standing from the first month’s missing payment. A charge off is supposed to be 6 months non payment before they can do this.
So BEWARE of Synchrony bank.. they will rip you off…
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December 23, 2019, 12:35 12:35 pm
Kellie
#847826
Well, it was a mistake! Capital One is already treating these customers terribly and I am cancelling my account!
Vote Up1Vote Down Reply
November 22, 2019, 21:42 9:42 pm
Josiah
#845663
I had moved and never received any notice to this change (as far as getting an updated card). Anyone know how to get Wal-Mart to issue a new card? I’ve looked everywhere on their website and cannot find anything under customer service.
Sincerely,
Josiah
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November 19, 2019, 04:21 4:21 am
Stacy Krul
#839462
With our Walmart-Synchrony credit card, we were able to take cash advances at the register when checking out, that came with no cash advance fee or a cash advance interest rate immediately being charged, if we paid the cash advance off (or the balance, I don’t know which) when our credit card payment was due the next month.
Does this still hold true with Capital One? I tried calling Capital One and got an Indian in India who said that it doesn’t hold true anymore and on Capital One’s website it says that Quick Cash, as Walmart calls it, was to be charged a cash advance fee plus cash advance interest from the day of the transaction. Please help! We really depended on that perk. Thanks!
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November 10, 2019, 14:24 2:24 pm
Superman
#839522
Procedure for how to get empirical proof: Step 1, purchase any item (gum, banana) w/ WM card to see if option remains available as before. Step 2, share your results.
Procedure for how to get theoretical proof: Step 1, read your new card agreement where it says, “Quick Cash transactions will be treated as part of the purchase Segment of your Account for the purpose of calculating interest.”
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November 10, 2019, 16:16 4:16 pm
Dana Aley
#832075
I am extremely unhappy about this – just got dinged on my credit report because of this – walmart/syncrony shows a closed account (now my score down 40 points) and it shows a new account with Capital One – fantastic
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October 29, 2019, 08:45 8:45 am
Len Thom
#1357421
After 50 years of positive credit rating,FICO score of 844 Captial one did not send STATEMENTS. Reported late fees and payments to the credit agencies lowered my FICO scores to 740. No one to help correct problem. At 75 too old to REBUILD my credit on Caltial one mistake. CALTIAL MAKES YOU LOOK LIKE A DEAD BEAT EVEN IF YOU LAY YOUR BILLS.. THEY ARE KILLING OLD PEOPLE WITH UNDUE STRESS.
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April 2, 2022, 08:18 8:18 am
Doretha
#830470
The crazy thing is they are not telling you anything. What to do about your old card nothing.How to pay your bill. Craziest thing I have ever seen. I mean I guess this could drop your credit score . I don’t know for sure.
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October 25, 2019, 00:01 12:01 am
Niecy
#831304
It dropped my score! Paying balance and closing all accounts. Capital one has hacked my account too many times since Nov 2018…I’m done!
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October 27, 2019, 12:26 12:26 pm
