Synchrony Bank and Cost Plus World Market have agreed to terminate their Cost Plus World Market credit card program. Some key pieces of information for current cardholders:
- You can continue to make purchases until February 27, 2016
- World Market Reward Certificates will be issued according to the program guidelines, there is a minimum 300 point redemption threshold. Any points that haven’t reached this threshold will be forfeit on the April billing statement.
- If you have an account balance after February 28th, 2016 you’ll continue to receive statements from Synchrony
What’s interesting about this is the fact that it looks like Cost Plus World Market aren’t partnering with another store credit card issuer for a new credit card. Most retailers find that their credit card arm is extremely profitable and requires little maintenance from their end, so I’m somewhat shocked to see they are abolishing their credit card completely.
It’s also disappointing that it seems that current card holders have been given very little warning about these changes, especially with points being forfeit if under the 300 point threshold. The fact that another card issuer isn’t picking up this portfolio likely indicates that there is a small cardholder base though, so hopefully not too many people are affected. The card has the following rewards structure:
- Earn 1 point per $1 spent in store at Cost Plus World Market
- 300 points = $15 in store credit
That works out to be 5% back in Cost Plus World Market credit, not a terrible deal if you’d do your shopping there anyway.
Hat tip to ddemari on myFICO forums
Seems like every since this happened I’ve had other cards to either reduce my line of credit or to just flat out close my account. I had a very large line of credit with them and they have significantly damaged my credit rating. I’m so upset and have not stepped foot back into a World Market which use to be one of my favorite places to shop. The lame reason they have for terminating is they didn’t want to invest in chip technology, which is lame because they aren’t impacted by that regulation as they didn’t offer Visa or Master cards.
I’m very disappointed about World Market pulling the plug on their credit card. I shop there a lot. I was told at the store today that they were bought out by Bed, Bath, and Beyond, and the company did not want to mess with having the credit cards.
I got no warning on the Cost Plus credit card end until I went to pay my bill. My bill appears to have inaccurate chatges on it as well. I was a long time customer and this is very disturbing.