Yesterday’s WSJ article, “Credit Card Firms Reap Rewards of Consumer Brand Loyalty,” had some interesting nuggets in it–some of which I’d heard, some of which I hadn’t:
- BP’s credit card is switching from Chase to Synchrony this week.
- Bed, Bath, and Beyond is ditching U.S. Bank and is currently looking for a new issuer, and U.S. Bank is no longer accepting applications for the BBY card. I checked the U.S. Bank website, and sure enough, that card does not show up. There is still a site for the card, but I don’t see an “apply” button.
- Some retailer I’ve never heard of called Forever 21 wants to issue a co-brand card.
- Verizon has looked into issuing a card, but it’s not clear whether or not they’ll do so.
- Charles Schwab will launch a new card with Amex next year.
- Discover is sitting out the grab for retail cards, deeming the market overheated.
- Commerce Bank is going after the affinity market, particularly college & university cards, which were apparently abandoned by B of A after shelling out big bucks to acquire them in the MBNA deal:
Affinity cards were particularly popular in the 1990s but fell out of fashion after MBNA Corp., which had thousands of affinity relationships, was acquired by Bank of America Corp. in 2005. The Charlotte, N.C., bank eventually dropped many of those card deals after the financial crisis when it overhauled its consumer-lending businesses.
The Verizon thing was news to me, and after seeing the new AT&T card from Citi, I’m curious to see what Verizon would offer. And I didn’t know about Bed, Bath, and Beyond either–that one has potential to get interesting as well.