Why Walmart broke up with Capital One—and the dark horse bank set to benefit [Fortune]
Synchrony Financial (SYF)
Last synchrony financial earnings: 4/21 06:30 am
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Source: Fortune
The two giants signed an exclusive long-term deal that promised to help Walmart offer its clients the latest in digital credit card products, while Capital One was basically given the keys to Walmart's kingdom: access to a retail market larger than some nations' GDPs without any of that pesky competition. It didn't work out. Things started to fall apart in 2023 when Capital One violated terms in its contract that dictated certain customer service requirements, including how long it would take to post charges to a minimum percentage of cards. Last month, Walmart ended the exclusive deal with Capital One, citing in court documents multiple issues with the bank's customer service—but not before Capital One accumulated $8.5 billion worth of credit card balances, which it will retain. Capital One charges customers between 19.48% and 29.99% for past-due Walmart Rewards purchases. Walmart, No. 1 on this year's Fortune 500 list, is now likely courting potential replacements, with top cand
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News
- Here's Why Synchrony (SYF) is a Strong Momentum Stock [Yahoo! Finance]Yahoo! Finance
- Synchrony Selects Atlanticus for Preferred Second Look Financing ProgramPR Newswire
- Synchrony Financial (NYSE: SYF) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Philander Smith University, Synchrony Bank invest in education [Yahoo! Finance]Yahoo! Finance
- Synchrony (SYF), LG Electronics to Enhance ESS Financing Options [Yahoo! Finance]Yahoo! Finance
SYF
Earnings
- 4/24/24 - Beat
SYF
Sec Filings
- 6/13/24 - Form 8-K
- 6/10/24 - Form 8-K
- 6/3/24 - Form DEFA14A
- SYF's page on the SEC website