![]() ![]() When will the new Hudson’s Bay Mastercard from Neo Financial be available?Īccording to the Neo Financial website, the card will be available this spring. Now we’re just eagerly awaiting news on who Costco will partner with as it’s set to replace its own co-branded credit card with Capital One soon in late 2021. The fact Hudson’s Bay – Canada’s oldest company – has decided to partner with Neo – a new financial services company which just launched nation-wide in December – makes for an interesting dichotomy and a clear sign Hudson’s Bay is trying to target younger, digital-savvy shoppers. Like the old Capital One card, the Neo Hudson’s Bay Mastercard will also offer access to exclusive deals and the ability to “earn more” through member-only events. The new Hudson’s Bay Mastercard will have no over-limit fees and can be added to your smartphone digital wallet (Apple Pay or Google Pay) for contactless payments. ![]() The Neo app will also provide enhanced security features including proactive alerts and the ability to freeze or replace your card with a few taps. Neo Financial promises to deliver an all-digital experience, with the ability to instantly apply for and manage the new Hudson’s Bay Mastercard from Neo’s customizable app. The hope is the number of retail partners will increase as Neo Financial expands its footprint in the credit card market, which is sure to get a boost thanks to its team-up with Hudson’s Bay. Cash back rates do vary by retailer, though Neo’s website does claim the average earn rate hovers around 2%. Some of Neo’s biggest partners include Esso, Gas+ and Husky gas stations, the online eyewear store Clearly, the fast-food giant Popeyes, and Guardian pharmacies. ![]() Neo Financial’s retail partners can be browsed through on the Neo smartphone app, and varies depending on your province. The all-too-familiar “get 15% off your first-day purchase at Hudson’s Bay” offer is back too.īut the card will also offer something new with a hybrid rewards structure allowing cardholders to rack up cash back when shopping at select retailers partnered directly with Neo Financial. The new card will have no annual fee and offer nearly identical rewards as the outgoing Capital One Mastercard – with some notable additions.Ĭardholders will continue to earn Hudson’s Bay Rewards points on everyday purchases (with the same earn rates of up to 4 points per dollar spent at Hudson’s Bay and 2 points per dollar everywhere else). The new Hudson’s Bay Mastercard will be relaunched in partnership with Neo Financial, a new player in the Canadian banking space based out of Calgary. Four months later, and Hudson’s Bay has found a replacement. Capital One, National Association, 1:23-cv-02942, US District Court, Southern District of New York (Manhattan).In October 2020, Capital One announced it would be scaling down its Canadian credit card portfolio by ending its long-standing partnerships with two retail giants: Hudson’s Bay and Costco. ![]() “In the meantime, cardholders should not experience any disruptions in service and can continue to use their existing Capital One Walmart credit cards,” the Bentonville, Arkansas-based retailer said in an email. Walmart said it planned to offer a new credit-card option soon. “Capital One disputes that Walmart has any right to change the terms of the existing partnership mid-stream, and we will vigorously protect our contractual rights in court.” “These immaterial servicing issues were cured by Capital One pursuant to the terms of the agreement, without harm to customers, the program, or Walmart,” the spokesperson said in an emailed statement. 31 and it produced approximately $214 million in net income after taxes last year, the company said in a filing. The bank had approximately $8.3 billion in ending outstanding loan balances through the card program as of Dec. “Unfortunately, Capital One was consistently unable to meet the customer-service standards required by the contract,” Walmart’s lawyers said in a lawsuit filed Friday in Manhattan.Ĭapital One failed to meet customer care standards in at least five “critical” categories, including delivering replacement cards to customers within five days and promptly posting transaction and payment information to cardholders’ accounts, according to the lawsuit.Ī Capital One spokesperson said Walmart’s lawsuit “is an attempt to renegotiate the economic terms of the partnership it agreed to just a few years ago, or end the deal early.” Walmart and Capital One entered into a contract in 2018 that made the bank the sole issuer of the retailer’s private label and co-branded credit cards. asked a federal court to allow it to end its credit-card partnership with Capital One Financial Corp., saying the bank has failed to meet critical standards for customer care. ![]()
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