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.