Capital One Ending Relationship With Costco and Hudson’s Bay
Did I jinx it? Yahoo News is reporting that Capital One is ending its relationship with Costco Canada and Hudson’s Bay in 2021.
Are you kidding me? Right after our previous post where I said:
- At this point, I just hope that Capital One finds a way to continue to operate in Canada. Part of me feels like they are closer to shutting down rather than introducing new products.
I am not surprised by this move, as I was expecting it to happen, considering what happened with Capital One World Elite Travel Aspire MasterCard. I was just really hoping that they had something else up their sleeves.
But it looks like pretty much shutting down in Canada (except grandfathered cardholders… for now…) is what they had in mind. This follows Chase Canada, another bank from the United States who tried to break through in Canada. Are Canadian banks too strong?
Both Capital One and Chase Canada offered very competitive credit cards and I was a cardholder for both. However, neither of them were able to survive.
One the one hand, I guess this bodes well for those who want to see more “buy Canadian, buy local”. I just hope that it does not come at the expense of competition.
Few years back I had their IHG card and got a lot of points from that but they abruptly left the Canadian market. To my disappointment IHG did not replace them unlike when Chase left, SPG secured AMEX.
I am still waiting for Hilton to offer their loyal customers a card in Canada.
When you think of it SPG had a small foot print in Canada but their card apparently was successful and eventually swallowed by Marriott.
Maybe Hyatt will introduce something since their presence is small but unique in Canada.
I agree, things did feel abrupt. Thanks for sharing your feedback with us Bernard!
You’re welcome!
Good riddance. I had the original GE Bay card for over 20 years, credit limit @$13K. Decided to change to the MasterCard version for more flexibility. At the Bay store I was told I had to first cancel my original card and apply for the new one, which with the aid of a sales associate I did. To both our surprise I was rejected! Never missed a payment on the original card, carried no balance. Pay off all my other cards each month. Have no mortgage on a city centre condo, a very hefty RSP and investment accounts, have other cards with $20K++ limits, Amex Platinum since it came out. No explanation when attempted to follow up and have since then been approved instantly for my Rogers and PC Mastercards (which are used for their related company charges). No love for Capital One and they keep sending unsolicited card applications. (And pretty much stopped shopping at the Bay!)
Still sad to see how to unfolded. It was like a slow… death…