Word is Dillards said peace out. That’s a lot of business.
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Credit card servicing changes all the time amongst the big credit card servicers. There is much more stealing of someone else's portfolio going on than actual gains in new accounts.
Whether this was a planned switch or not, Dillard's was a large portion of our retailer branded card portfolio. In fact, Dillard's is such a large portion that in collections, they are organized separately from the other retailer card accounts. There isn't another product to fill that drop in volume, so I fear customer service and collections that work Dillard's products will be impacted by this news.
about time
@1adu there are 3 in California. There used to be some in Washington.
It's a department store that's similar to Macy's.
Amex is one foot out the door too!
What is Dillards? (Signed a west coast person)
Won’t even be blip on the PnL statement
Does anyone know how many mortgage loans have been serviced released since November 2023 thru present?
Risk nor profitability estimates ever came to fruition. Ambitious management makes all kinds of rosy forecasts then by the time results are in they are onto the next gig. No one dares to challenge them in fear of disturbing the force. It was destined to fail from the get go. Stop the BS!
We've known about Dillard's plan to leave for a year. It takes time to wind down with WF and ramp up w/new issuer, which is why contract doesn't end until Fall 2024.
Good WF team worked on Dillard's. The switching of issuers is relatively common -- look at Costco move w/Amex, for example, which is a huge account.
The press release posted in this thread is worth the read - totally a slap in the face to Wells Fargo.
Time to cut some expenses?
Maybe in 1995. Who shops at Dillards these days.
https://www.electronicpaymentsinternational.com/news/citi-acquires-dillards-credit-card-accounts-mastercard-exclusive-card-network/?cf-view&cf-closed