Couldn't you guys take your argument somewhere else? Thanks in advance. Some of us are trying to make money. 
The SYF/WMT thingie is one of the reasons I went with ADS over SYF (that and great capital allocation plus insider ownership and experienced leadership). I think smaller clients are stickier and have less bargaining power (that said, they still have some big accounts that would be bad to lose).
What % of loan receivables and interest income are ADS' top 3 or 5 customers? Experienced leadership + insider O/S + cap allocation holds true for SYF as well btw.
Don't think they disclose it. #1 is L Brands at 16 pct. of Card Service revenue and Ascena #2 at 13 pct. revenue. L Brands expires in 2019, so there's a bit of risk/opportunity (SYF has 20 pct. of total interest/fees up for grabs next year).
Overall the 10 largest customers account for some 52 pct. of revenues in Cards Services, whereas for SYF the five largest account for 53 pct. of total interest and fees.
Can't say definately which model is better, but from a high lever I prefer smaller retailers where ADS also delivers marketings solutions etc.
That said, I also think SYF looks interesting, which brings me to the point about capital allocation, insider ownership and management.
Didn't mean to say that SYF were disadvantaged, but I like how ADS' took advantage of the GFC to buy back shares on the cheap. Few companies did that (SYF wasn't public, so no record).
Not sure how one puts a number on that, but it makes me sleep better at night knowing that if a downturn hits (seems like one is long overdue), the companies I'm invested should be able to gain from it (not all of my investments but AZO, AN and ADS do). It makes it easier to just forget about macro and stay 100 pct. invested.
Also, there's some option value in LoyaltyOne. I think they should sell it if/when they dress it up a bit and it fetches a nice price. With ValueAct onboard I suppose they'll do it if it creates value.