WAMU backed credit cards?

**sweeps** · 09-17-2008, 07:27 PM

A creditor, likely another bank, would pick up those assets. The credit card would probably be rebranded and nothing much would change. Regardless, you'll still owe to somebody what has been charged to the credit card.

**pfblueprint** · 09-18-2008, 06:43 AM

Credit cards are extremely lucrative so it's almost certain someone would buy their portfolio.

**glock35ipsc** · 09-18-2008, 10:36 AM

According the Yahoo Finance, Wells Fargo & Co. and Citigroup Inc. expressed interest in taking over WaMu.

But yes, what the other posters have said, another company would take over your account. You will still be responsible for paying your debt, the only question will be to whom you pay.

**FrugalTexan75** · 09-18-2008, 03:24 PM

I don't owe anything on it - pay it off each month. It is a rewards card (Mypoints). I'm really hoping they don't scrap the rewards part of it - I use the points to buy giftcards which I then use either as Christmas gifts or to buy gifts.

**kork13** · 09-18-2008, 04:58 PM

Unless the points system is managed by an external entity (as is often the case--one of mine does this), don't count on those points surviving a transfer of assets. Even then, I wouldn't get my hopes up too much...

**scfr** · 09-18-2008, 05:04 PM

If I were in your shoes, I'd probably go ahead and redeem all of my points now.

**kork13** · 09-18-2008, 05:26 PM

Agreed. Be one of the few. (apparently fewer than 20% of reward points are ever redeemed...forgot where i saw that)

**Joan.of.the.Arch** · 09-19-2008, 10:08 AM

I'm making sure to claim my rewards cash as soon as possible, because I suspect this feature may be discarded at any time. I'd be sorry if I had $100 waiting for me and had not claimed it when they scrap the program. So I claim it as soon as it hits the minimum collectible. It is not even a card issued by WaMu.

**Almond73** · 09-23-2008, 03:01 AM

off topic: I don't know anything about Wells Fargo, but I certainly hope Citigroup doesn't buy WAMU. They're legal crooks as far as I'm concerned. What about my 5% CD. Is that included as attainable asset as well.

**simpleyme** · 09-23-2008, 08:47 AM

I have a my points card I mainly use it for subscriptions , I hope citi does not buy it ,I do not do business with citi I would be forced to cancel the card ;-(

it takes me quite a while to get any points but every time I get enough I get movie gift cards I looove going to the movies for free

**glock35ipsc** · 09-23-2008, 11:17 AM

Originally posted by simpleyme View Post

I would be forced to cancel the card ;-(

Oh, what a bummer that would be!

**simpleyme** · 09-23-2008, 11:53 AM

Originally posted by glock35ipsc View Post

Oh, what a bummer that would be!

can't tell if you are being a smarty or maybe you have had the pleasure of trying to cancel a citi card as well

citi never cancels the card even after it is in writing , how do I know? I rented a tool at the home depot and did not need a credit card ,why ? because I had once had a home depot card that even tho it is closed and I have a letter stating so I still can charge up to 10K at any point, and if the tool was not returned they would just reopen my account

is it legal ? would they do it? who knows ,they have all my info forever and nothing I can do about

**glock35ipsc** · 09-23-2008, 12:01 PM

Both. I closed my Citi card right after I paid it off, and I'm happy that I don't need or desire another one, from Citi or anyone else.

**boosami** · 09-26-2008, 09:05 AM

Bye WaMu! Largest bank failure in US history.

WAMU backed credit cards?