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Walmart Bank Sold (main asset credit card)
May 21, 2018
2:14 pm
User230
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https://www.lowestrates.ca/news/what-sale-walmart-canada-banking-means-walmart-credit-card-users-25147

Basically, their credit card will become co-branded with the company that purchased it. Sort of like the amazon card was (chase and amazon) or RBC esso card was (RBC and esso). Instead of a stand alone (a company made a bank just to have it's own credit card).

They think it might devalue but its pretty hard to devalue a 1% rewards card. It's already pretty low compared to other cards.

Tons of credit card news lately. Maybe the companies are seeing something coming down the pipe.

May 21, 2018
3:46 pm
Norman1
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It may not be what's coming. It could what is already here: Their credit card business isn't that lucrative.

Walmart Canada Bank reported around $40 million of profit for 2017. As of end of March 2018, it reported assets of around $1.2 billion.

That works out to be a return on assets of around 3.3%. That's not much different from the 3.4% per annum from an annual-pay 5-year Oaken GIC.

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