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(Internet Archive)   News: In an action that is in no way an economic canary in the coal mine, Comenity is closing Wayfair credit cards on 9/11. Fark: ALL OF THEM (page changed, link now goes to archived copy)   (web.archive.org) divider line
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7746 clicks; posted to Main » on 22 Aug 2020 at 6:20 PM (21 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-08-22 12:52:04 PM  
Economic foreboding or have they have been suckered by Qanon rumors?
 
2020-08-22 12:56:15 PM  
Wayfair is likely to end up in bankruptcy in the next couple quarters.

Comenity may have a loss-sharing agreement with Wayfair that provides the bank and retailer share any losses on defaulted Wayfair-branded credit cards.

Comenity may feel Wayfair is no longer good for its share of losses and wants to end the relationship.
 
2020-08-22 6:26:55 PM  
How do you go broke selling 49K 'cabinets'?
 
2020-08-22 6:28:19 PM  
Comenity? Wayfair? Should I be worried about the state of these companies that I never heard of before this story?
 
2020-08-22 6:28:49 PM  

GardenWeasel: Economic foreboding or have they have been suckered by Qanon rumors?


The kids keep escaping. All those refunds are killing them.

/their business, I mean
 
2020-08-22 6:30:43 PM  

waxbeans: How do you go broke selling 49K 'cabinets'?


Ah, I couldn't remember why the name sounded familiar.  Now I do.
 
2020-08-22 6:32:57 PM  
*shrug* still available in Canada:  https://www.wayfair.ca/wayfaircard
 
2020-08-22 6:33:36 PM  
I love how the link takes you to the notice of the card closing, and right below a button to Apply Now, for a new account.
 
2020-08-22 6:33:38 PM  
Maybe it's just a bad business model
 
2020-08-22 6:34:02 PM  

Not_Todd: Comenity? Wayfair? Should I be worried about the state of these companies that I never heard of before this story?


Same thing I was wondering. Curious enough to click, not curious to prove I'm not a robot. Oh well.
 
2020-08-22 6:36:23 PM  

Not_Todd: Comenity? Wayfair? Should I be worried about the state of these companies that I never heard of before this story?


Wayfair appears to be a department store so it's a Sears card, I guess. Comenity appears to be a credit card issuing bank so to answer your question: I have no idea.
 
2020-08-22 6:37:03 PM  

C18H27NO3: waxbeans: How do you go broke selling 49K 'cabinets'?

Ah, I couldn't remember why the name sounded familiar.  Now I do.


Cue people saying it's a completely unrelated coincidence.
Yeah right.
Something was fishy about those prices.
I don't know what. But....seems like they are shutting it down.
 
2020-08-22 6:37:10 PM  
I don't know if this is the canary, I'm more worried that FHA and HUD are adding an automatic .5% on any refinance made after August 13th because they are nervous that people refinancing their homes won't be able to afford their mortgages soon and default.
 
2020-08-22 6:37:31 PM  
An online retailer is canceling their store credit card. This must mean that the economic apocalypse is nigh.
 
2020-08-22 6:39:25 PM  
To proceed, please verify that you are not a robot.
Why was I sent here?
Our systems have detected unusual traffic from your computer network. This page checks to see if it's really you sending the requests and not a robot.
 
2020-08-22 6:39:31 PM  
tse1.mm.bing.netView Full Size
 
2020-08-22 6:40:33 PM  

MiddleAgedWoman: I love how the link takes you to the notice of the card closing, and right below a button to Apply Now, for a new account.


I think I remember an article about Sears cards geting closed down in Canada. Sears ran the numbers and decided that trying to recover the outstanding money owed would cost more than just forgiving it so a lot of people had several thousand dollars just wiped off the books. I think that offer is only valid in Canada though because they don't allow predatory credit businesses to buy debt like the do in the US (or something like that). So, if you're in Canada and you need home furnishings maybe roll the dice?
 
2020-08-22 6:40:48 PM  

geggy: [tse1.mm.bing.net image 281x200]


It's sad this movie did cause a revolt
 
2020-08-22 6:40:50 PM  
Why the heck would they choose NINE ELEVEN??? Are they self-absorbed melodramatic attention horses or are they using the corpses of firefighters to distract the public from the bad news?
 
2020-08-22 6:41:44 PM  

geggy: [tse1.mm.bing.net image 281x200]


Must be a cat "owner".
 
2020-08-22 6:43:30 PM  
Meanwhile at IKEA...
 
2020-08-22 6:44:37 PM  

Bennie Crabtree: attention horses


Fark user imageView Full Size
 
2020-08-22 6:45:58 PM  
A company nobody's heard of is ceasing credit card operations.

Subby is correct in stating this is in no way an economic canary in the coal mine.

Try again
 
2020-08-22 6:46:20 PM  
Not Mastercard, not VISA, not AMEX, not Discover

Big surprise
 
2020-08-22 6:46:33 PM  
Wayfair is an online furniture marketplace. If you want to buy home furnishings with zero support or recourse if the seller sends you crap, that's where you shop.
 
2020-08-22 6:48:22 PM  

Sumo Surfer: A company nobody's heard of is ceasing credit card operations.

Subby is correct in stating this is in no way an economic canary in the coal mine.

Try again


How have you not heard of Wayfair? Do you live under a rock?

Comenity, I can understand because not everyone has consumer credit outside of big bank cards.

But wayfair? They've got just what I need!
 
2020-08-22 6:52:08 PM  
Is there supposed to be an article? The headline just links to their website.
 
2020-08-22 6:52:17 PM  
Well crap. Guess I better order that chair I've been eyeballing.
 
2020-08-22 6:54:48 PM  

ColonelCathcart: Sumo Surfer: A company nobody's heard of is ceasing credit card operations.

Subby is correct in stating this is in no way an economic canary in the coal mine.

Try again

How have you not heard of Wayfair? Do you live under a rock?

Comenity, I can understand because not everyone has consumer credit outside of big bank cards.

But wayfair? They've got just what I need!


Where do they operate?  I've never heard of them and I've been around for a decade or six.
 
2020-08-22 6:55:39 PM  

cyberspacedout: Is there supposed to be an article? The headline just links to their website.


The 'article' is the announcement at the top of their website
 
2020-08-22 6:58:24 PM  

Sumo Surfer: A company nobody's heard of is ceasing credit card operations.

Subby is correct in stating this is in no way an economic canary in the coal mine.

Try again

The left certainly felt attacked when President Trump told the truth about Baltimore

 
2020-08-22 6:59:07 PM  

snowjack: Wayfair is an online furniture marketplace. If you want to buy home furnishings with zero support or recourse if the seller sends you crap, that's where you shop.


I tell you what, I bought a cheap ass reclining sofa from wayfair about three months ago. The first day I use it, the right arm collapses, plywood all crunches up inside. Did I break it?  I don't think so. Manufacturer won't help me. Wayfair says they need to investigate, will try to send repair parts. Six weeks go by, nothing. I call and say I'm angry. Then, they send me a whole new sofa, no charge. Plus, they tell me to keep the broken one. I tear open the fabric, nail in a couple two by fours, just as good as new,  so now I have two cheap ass sofas I got for half price.  I got a lot more than I paid for. Not sure how this relates To fly by night credit cards, but I'll buy from them again.  With my debit card, I guess
 
2020-08-22 6:59:45 PM  

Vansthing: I don't know if this is the canary, I'm more worried that FHA and HUD are adding an automatic .5% on any refinance made after August 13th because they are nervous that people refinancing their homes won't be able to afford their mortgages soon and default.


You've managed to identify the wrong institutions, and also not understand how much more you would actually be paying for a refi.
 
2020-08-22 7:00:19 PM  

Bennie Crabtree: Why the heck would they choose NINE ELEVEN??? Are they self-absorbed melodramatic attention horses or are they using the corpses of firefighters to distract the public from the bad news?


It's a Friday.
 
2020-08-22 7:01:08 PM  
I have bought items from Wayfair. I like them. They are an alternative to Amazon. I do not want to use Amazon any more. I originally found them when I bought some Sauder furniture that is a lot like Ikea. Sauder is a lot nicer looking than Ikea stuff and was made in the USA. Not sure if made in USA anymore. Wayfair has good prices.
 
2020-08-22 7:01:10 PM  
Why is Wayfair racist towards robots? :(
 
2020-08-22 7:04:56 PM  

Raoul Eaton: ColonelCathcart: Sumo Surfer: A company nobody's heard of is ceasing credit card operations.

Subby is correct in stating this is in no way an economic canary in the coal mine.

Try again

How have you not heard of Wayfair? Do you live under a rock?

Comenity, I can understand because not everyone has consumer credit outside of big bank cards.

But wayfair? They've got just what I need!

Where do they operate?  I've never heard of them and I've been around for a decade or six.


Online. I don't think they have or have had any stores. I get coupons in the mail for them all the time and they send discounts to people as part of the USPS "change of address" things, too, IIRC from my move two years ago.

I got my bedroom set there & it's a nice, sturdy modern set. Maybe I lucked out? Anyway, it's somewhere where if it isn't 50% off, it's overpriced.
 
2020-08-22 7:12:32 PM  

morg: Not_Todd: Comenity? Wayfair? Should I be worried about the state of these companies that I never heard of before this story?

Wayfair appears to be a department store so it's a Sears card, I guess. Comenity appears to be a credit card issuing bank so to answer your question: I have no idea.


My BJ's Wholesale Club card is through Comenity.  They probably handle a lot of store accounts.
 
2020-08-22 7:13:12 PM  

cyberspacedout: Is there supposed to be an article? The headline just links to their website.


Fark is not news, so this is the way it should be.
 
2020-08-22 7:16:30 PM  

SwiftFox: To proceed, please verify that you are not a robot.
Why was I sent here?
Our systems have detected unusual traffic from your computer network. This page checks to see if it's really you sending the requests and not a robot.


A site not used to large volumes of traffic, might have easily triggered DOS sensors.
 
2020-08-22 7:17:10 PM  
I sold this stock in 2016 because there were rumors they were cooking the books.  If I still held it, I would have made $180,000. Womp womp.
 
2020-08-22 7:19:35 PM  
Wayfair you got what I need

Fark user imageView Full Size
 
2020-08-22 7:21:03 PM  
Wayfair, for millennials too lazy to shop Ikea.
 
2020-08-22 7:27:20 PM  

Sexy Jesus: Wayfair, for millennials too lazy to shop Ikea.


Most wayfair customers are gen x from what I understand.
 
2020-08-22 7:29:19 PM  
I like Wayfair.  There's cheap stuff and expensive stuff and you get what you pay for, but if you pay for the moderately priced items then you get quality products.

/no cabinet is worth 49K though
 
2020-08-22 7:35:26 PM  
My entire condo is decorated in Wayfair.  Its good stuff.    I bet most of you plebians are still on Ikea's dick.
 
2020-08-22 7:41:24 PM  

gar1013: Bennie Crabtree: Why the heck would they choose NINE ELEVEN??? Are they self-absorbed melodramatic attention horses or are they using the corpses of firefighters to distract the public from the bad news?

It's a Friday.


Fark user imageView Full Size


I shoulda known
 
2020-08-22 7:42:09 PM  
Comenity manages credit cards for around 170 stores - https://www.crediful.com/comenity-b​ank​-credit-cards/ but they will let almost anyone get one; they probably have a crap load of defaults already.
 
2020-08-22 7:42:59 PM  
Wayfair has a very broad range of price points, and you generally get what you pay for.
 
2020-08-22 7:45:50 PM  

morg: Not_Todd: Comenity? Wayfair? Should I be worried about the state of these companies that I never heard of before this story?

Wayfair appears to be a department store so it's a Sears card, I guess. Comenity appears to be a credit card issuing bank so to answer your question: I have no idea.


Comenity is the 129th largest bank in US by assets.  Wayfair has a market cap of $32 billion (plus or minus a few kids).
 
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