Update 10/13/22: This is now confirmed. New cards coming in early 2023.
WSJ is reporting that BJ’s Wholesale Club is moving its credit card portfolio to Capital One. The portfolio is currently managed by Alliance Data Systems Corp (ADS). BJ’s Wholesale Club is suing ADS in Massachusetts Superior Court claiming that it is slowing down the process of transferring existing credit card accounts.
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Give that Comenity no longer credits small balances at the end of the month, at least we should be able to get $1 each month from Capital One once the cards are moved. I never use my BJ's card for anything else now that they stopped sending me 0% interest/fee balance transfer offers.
that explains why I'm no longer prompted to apply for their credit card every time I buy something there.
Buy Venmo for bjs and only tap it for correct category match.
I have no desire for their card. They are always offering the 3% cash back card but this of no use to me between AOD and BOA Customized Cash (online shopping as I usually do order pick up). And with three rotating cards I can usually get 5% anyway.
It's now official. Few details at this point, but all cards will be converted to Capital One in early 2023.
https://finance.yahoo.com/news/bjs-wholesale-club-introduces-partnership-120000874.html
So apparently ADS is the parent company of Comenity.
And the WSJ article (https://www.wsj.com/articles/bjs-wholesale-club-to-move-credit-cards-to-capital-one-dealing-blow-to-ads-11642540249) says that the contract expires this year, so I don't understand why they would be transferring information to Capital One this early, unless they want to be able to see the accounts in advance.
Don't think it's unusual for them to get the accounts that early when the contract is for the back book as well.
Update - my son said they did not get account info until the transfer took place. They probably got some portfolio info but nothing specific.
Interesting, thanks for the info
My son actually worked on the Costco transfer at Citi, I should ask him.
Mildly interesting news when combined with yesterday's announcement that Capital One is acquiring the MLB cc portfolio too. And both of these coming on the heels of the new Venture X... Cap is making some aggressive moves to get more cardholders. Curious to see how it'll turn out.
Also had no idea that BJ's had credit cards. Looks completely useless outside of the 3-5% cash back at BJ's.
I got their MC when I decided to be nice to a CS person when I signed up for a free membership courtesy of AMEX. Shouldn't have done it because of the negligible signup bonus, but it worked out well when they offered me a 12+ month 0% balance transfer with 0% fees. They actually did it twice, and I transferred a couple of large income tax payments to their card after paying it with a BofA card to get the rebate. Since then. I have only used it for a $2.49 payment to Verizon because Comenity forgives that much per month. Will miss that, but I think that CO does $1 per month so at least that's something.
I have this card. The cash back is negligible, but you also get $.10 per gallon off of the price at the pump, which saves a lot if you have a long commute. Their gas prices are typically already lower than the surrounding gas stations as well.
Would rather get 5% back with other cards.
They also lost the GM Card contract which transitions to Marcus (Goldman Sachs Bank) next month.
Hoping the cards become more competitive like they did when Citi bought the Costco portfolio
Don't like that they can just change the bank come on any bank is way better than Capital One.
Companies do it all the time. You can always close your account if you don't want to have one with CO.
I have at least three inquiries regarding this news, but I suppose Capital One & I have that in common.
What inquiries? On your credit report? Or am I missing a joke?
Ahh Community Bank!
It’s Comenity Bank! Common miss though