Washington Mutual Credit Card Accounts Being Sold to Other Credit Card Company
Author: Brammy
Posted: Wed Mar 28, 2007 6:24 pm
Post subject: WaMu Customers
WaMu is in the process of thinning the herd. With the takeover of Providian, many accounts didn't make the cut. It now appears that select cardholders as being notified that their accounts have been sold to CB&T of Asprie fame serviced by S&ST. Stictly low subprime.
From what I read, their experiences aren't the best. Rates being jacked to 29.9 I called to be sure I wasn't on the chopping block (I couldn't figure why I would be but better safe than sorry) I was assured I had nothing to worry about. IF you get this letter pay off your balances and run do not walk to the nearest exit.
Now thatthey are offering cash back I figured WaMu just wanted to get a large enough portfolio and slowly emerge in the prome market. The first step seems to be cutting their lowest tier of cardholders and revamping approval requirements.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: multiplierx
Posted: Wed Mar 28, 2007 6:32 pm
Post subject:
Yeah I was surprised to hear about that. My WAMU card is now a year old and I've heard nothing yet. I'm a bit concerned because my FICO took a dip the last few months because I added 3 new accounts back in January. Plus I only run 1 or 2 small charges through the card every month. I mostly want the card for the FICO score and that I do my banking with WAMU.(I am loving the 5% APR savings account).
When you say they are offering cash-back, do you mean on new apps or current accounts?
I think I recall a cash-back offer from them a month or two ago but it was so lame I didn't pay attention to it.
Author: Brammy
Posted: Wed Mar 28, 2007 6:41 pm
Post subject:
I got 1% cash back offer on all purchases no limit. Its going to be my secondary back up to my 2% card. Hey I jumped on it. It didn't caost a thing and it was more than I got when I signed up.
I do know that they are sending invitation only cash back as well. I don't think I have a lot to worry about. I keep BT'ing to the card as soon as the last bt is paid and I pay it like an installmet loan at about 20xs the min. Hopefully they won't throw me overboard.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: magnus351
Posted: Wed Mar 28, 2007 8:14 pm
Post subject:
where did you read this? and how are they determining the accounts they're selling off?
Author: Brammy
Posted: Thu Mar 29, 2007 5:48 am
Post subject:
I first saw info on the sell on fw and have no idea of how they are making the determination. I do know that they are selling the accounts and I also know that thee branch they are selling it to is the subprime branch. After doing a little research, called an old co-worker to find out just what that arm of the branch does and aacording to him it is def CB&Ts new subprime arm.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: sb1966
Posted: Thu Mar 29, 2007 7:24 am
Post subject: Re: WaMU Customers
Brammy wrote:
WaMu is in the process of thinning the herd. With the takeover of Providian, many accounts didn't make the cut. It now appears that select cardholders as being notified that their accounts have been sold to CB&T of Asprie fame serviced by S&ST. Stictly low subprime.
Thanks for the heads up, Brammy. I made the cut. The rep indicated that they have already made the transition and all accounts that were going to be sold off to CB&T were sold. Those remaining accounts are w/Washington Mutual and remaining customers should expect to see (in the near future) cash back offers and other perks.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Mar 28, 2007 6:24 pm
Post subject: WaMu Customers
WaMu is in the process of thinning the herd. With the takeover of Providian, many accounts didn't make the cut. It now appears that select cardholders as being notified that their accounts have been sold to CB&T of Asprie fame serviced by S&ST. Stictly low subprime.
From what I read, their experiences aren't the best. Rates being jacked to 29.9 I called to be sure I wasn't on the chopping block (I couldn't figure why I would be but better safe than sorry) I was assured I had nothing to worry about. IF you get this letter pay off your balances and run do not walk to the nearest exit.
Now thatthey are offering cash back I figured WaMu just wanted to get a large enough portfolio and slowly emerge in the prome market. The first step seems to be cutting their lowest tier of cardholders and revamping approval requirements.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: multiplierx
Posted: Wed Mar 28, 2007 6:32 pm
Post subject:
Yeah I was surprised to hear about that. My WAMU card is now a year old and I've heard nothing yet. I'm a bit concerned because my FICO took a dip the last few months because I added 3 new accounts back in January. Plus I only run 1 or 2 small charges through the card every month. I mostly want the card for the FICO score and that I do my banking with WAMU.(I am loving the 5% APR savings account).
When you say they are offering cash-back, do you mean on new apps or current accounts?
I think I recall a cash-back offer from them a month or two ago but it was so lame I didn't pay attention to it.
Author: Brammy
Posted: Wed Mar 28, 2007 6:41 pm
Post subject:
I got 1% cash back offer on all purchases no limit. Its going to be my secondary back up to my 2% card. Hey I jumped on it. It didn't caost a thing and it was more than I got when I signed up.
I do know that they are sending invitation only cash back as well. I don't think I have a lot to worry about. I keep BT'ing to the card as soon as the last bt is paid and I pay it like an installmet loan at about 20xs the min. Hopefully they won't throw me overboard.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: magnus351
Posted: Wed Mar 28, 2007 8:14 pm
Post subject:
where did you read this? and how are they determining the accounts they're selling off?
Author: Brammy
Posted: Thu Mar 29, 2007 5:48 am
Post subject:
I first saw info on the sell on fw and have no idea of how they are making the determination. I do know that they are selling the accounts and I also know that thee branch they are selling it to is the subprime branch. After doing a little research, called an old co-worker to find out just what that arm of the branch does and aacording to him it is def CB&Ts new subprime arm.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: sb1966
Posted: Thu Mar 29, 2007 7:24 am
Post subject: Re: WaMU Customers
Brammy wrote:
WaMu is in the process of thinning the herd. With the takeover of Providian, many accounts didn't make the cut. It now appears that select cardholders as being notified that their accounts have been sold to CB&T of Asprie fame serviced by S&ST. Stictly low subprime.
Thanks for the heads up, Brammy. I made the cut. The rep indicated that they have already made the transition and all accounts that were going to be sold off to CB&T were sold. Those remaining accounts are w/Washington Mutual and remaining customers should expect to see (in the near future) cash back offers and other perks.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 5:23 PM
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