Oh no :( Wal-Mart is thinking about getting into the credit card biz

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Cucumber
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Oh no :( Wal-Mart is thinking about getting into the credit card biz

Postby Cucumber » Wed Nov 05, 2008 11:54 pm

Business Week says Wal-Mart is thinking about getting into the credit card industry with their own credit card. :mad: Oh that's what we need the same company that put every mom and pop business out of commission to come out with their own credit card company that will have a monopoly and be the only credit card in existence in 10 years! :mad:

I know it wouldn't happen tomorrow but if they end up doing this in a year or two I'm going to be super pissed. We do NOT need Wal-Mart taking over the banking industry too like they've been trying to do starting in '05 when they were denied their banking charter! :mad: :mad: :mad:

Screw Wal-Mart.
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1bootcamp
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Postby 1bootcamp » Thu Nov 06, 2008 1:43 pm

Wal-Mart already has a credit card in Mexico and it's APR is 70%. No joke, Lou Dobbs was talking about it.

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scorch
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Postby scorch » Thu Nov 06, 2008 2:52 pm

I thought Wal Mart has been issuing credit cards for a while now.

Wal-Mart Credit Services

bozell
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Postby bozell » Thu Nov 06, 2008 5:09 pm

are you talking about a wal-mart store credit card? a wal-mart visa/mastercard? a whole new credit card like sears created discover?

be specific here we don't know what you mean.

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Cucumber
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Postby Cucumber » Fri Nov 07, 2008 3:00 am

Yes!! Wal Mart is talking about creating a whole new credit card brand the same as Visa, Mastercard, Amex or Discover. They want to be the 5th player!

If they are already charging 70% APR in Mexico on their card imagine what they will do to us here once they have a monopoly on the market!
OBAMA
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robert.loehmann
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Postby robert.loehmann » Fri Nov 07, 2008 8:56 pm

I can't see a Wal-Mart credit card gaining much popularity unless it piggybacked on a major processing network like Visa or Mastercard. This sounds like a long shot to me especially in this economy.

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Postby sputNick » Sat Nov 08, 2008 12:59 am

Does Wal-Mart honestly think they could issue a credit card and become as popular as Visa or Amex? Wal-Mart is considered low class trash by most Americans. When credit cards are partially based on prestige like Gold, Platinum do they think we will want a card with their trashy name on it? No way.

magyar1045
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Postby magyar1045 » Sat Nov 08, 2008 10:36 am

Walmart for years now has been trying to get into the banking business - but was always denied by various govt. departments when actual historically older banks raised a fit. Imagine already established banks losing customers to Walmart.

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Postby fffresh » Sat Nov 08, 2008 2:47 pm

With how poorly the banking industry is performing right now the last thing they need is a competitor like Wal-Mart whose monopoly would strongarm them out of business. I would not anticipate the government granting Wal-Mart a banking charter anytime in the foreseeable future.

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Postby bikermike » Sun Nov 16, 2008 6:30 pm

I highly doubt they are still on for this now that credit has gone downhill. I grew up around where Wal-Mart is from and now there are some in that area believe it or not that are getting ticked with Wal-mart.



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