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Yes, Synchrony has been great. They did take my Care credit card away (no Dentists would allow 1 or 2 treatments so it was too high for Care Credit) and I used my Credit card instead... It's high interest makes it hard to get it down. That's all true, However; Synchrony has been very good with me and me credit score is Great because of them too. If not for the Synchrony, things would of been so much harder for me, going without is also hard and more expensive often times when you can't fix your car without the cash, you know, things like that... I'm thankful and appreciative.
I recently got a Synchrony Mastercard through Sam’s Club. I made my first payment less than a day late. I was charged a late fee but called the customer service phone number and I was automatically refunded a one time courtesy late fee. That made my day and I didn’t even have to talk to a representative!! Synchrony has awesome technology and automated phone system!
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I have looked for savings that would earn money rather than just having my money sitting in my savings. Synchrony gives an interest rate of 2.127 % and an annual yield % of 2.15 %. I just put in some money to check them out and see how the process went. So far no issues and confirmations sent thru the process. It is done online and I have not spoke to anyone yet. I will put more in after the first month if all goes well. Money is back by FIAC. Hope this helps.
I can't believe it but I made a mistake and didn't pay off my 0 APR card by one day and was hit with the entire deferred interest amount. I immediately got upset and went into the "credit cards greed" mode and started masterminding how I was going to get out of this. I then read all the reviews and saw that I probably had an uphill battle. After all, the rules are the rules and I made the mistake. I decided to try the online chat to ask if they could help me out and was connected to a wonderful agent (in India by the way) and simply stated that I paid off the card a day late and wondered if they could help me out with the deferred interest. To my amazement the interest was waived. I couldn't believe it. So, it is possible to have someone overseas give you great service and help you fix the problem, THAT WAS MY FAULT TO BEGIN WITH. Thanks Synchrony. You have a customer for life..
I have a number of young Synchrony accounts. Around 6, I have a young credit file, that is considered thin in history. However while most started with just small starting limits of around $200.00 to $400.00, over a 9 month period they have increased my limits from $200.00 on one card to $1k, another from $200.00 to $3k, another from $500.00 to $5k, another from $700.00 to $2k, one is still at $700.00, while the last one went from $400.00 to $800.00.
Only account that was a bit hinky I suppose was my $700.00 Mastercard, for some reason it was frozen after I made the first purchase of just $56.00 and paid it off within two days. It was locked from any purchases for about 4 months, then suddenly the block was removed and I was allowed to make purchases. I suppose it is a security thing, example they locked the open loop card, since I did carry higher balances on open looped cards that I also have. Maybe to watch my spending habits, and payment? Either way maybe they saw I was able to handle those accounts, and unlocked it so they could get some of the spending. However I am cautious on using that account too much.
Maybe will wait until I pay down the other major credit lines, and use that one specifically, mostly because I think it has the best rewards. At this moment I have no complaints in regards to Synchrony bank, nor their practices. I know if you pay before a billing statement posts, you're not making payment on time. As a matter of fact many creditors now limit how often you can make multiple payments. So paying early doesn't really do anything other than make you lose track of when your due date comes around.
If you make an early payment, you may as well assume you'll still be obligated to make the min payment after a billing statement. The only time paying early will help you is if you pay the entire balance in full, so as long as it's the grace period. If it's a balance remaining prior to the most recent billing statement, there will most likely be an extra balance owed via interest. Just because one pays the balance doesn't mean it isn't accruing interest payments prior to the statement period.
I think many posters don't understand the concept of how credit works, and more importantly of how interest is applied. If a statement posts, and one misses the due date and a late payment fee is assessed, and let's say min payment is $27.00, but being late there's a $25.00 late fee. And a payment is made, the first thing balanced is the late fee, so the first $25.00 of the $27.00 payment is applied to the late fee, leaving the actual min due of $27.00 reduced only by $2.00, thus often leaving a payment less than the min payment on the balance, that can accrue another late fee. In addition to the the remaining $25.00 due, so the second month making another payment will only apply the first $25.00 to the remaining balance, but still not making the min payment. Nor any other late payment fee.
Thing to understand here is the logic behind how payments are applied as it's based on the particular situation in that moment in time. Assuming something is speculation, understanding how something works is educational. After all the starting balances always are a given grace period, unless otherwise stated. Some of the comments on here are a bit confusing, seem's a lot of in between information is missing? While others I understand are by cause and effect of a debtor.
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Shopping on Amazon I was regularly hounded to try this cc. I did and within two months they lowered my limit to over two hundred dollars below my balance. I was still $325 under the limit. Fraud! I read they ALWAYS do this. BOO!
Signed up to cover tires etc, after the no interest period, they canceled card and are now charging late fees. I've never been late and always paid early. I consider this shady company, a bunch of crooks. I do not recomend this company of bandits. They are trying to stick me with late fees and massive interest costs. Think again.
I have had two cards through this bank, both never missed a payment, paid balances off and they closed my account and that caused a hit with my credit score. It seems they want to keep us bound in debt with them and to always keep a balance. No help from customer service the only reasons they could give me for the closing on my accounts were no activity in the past 30 days. I’m going to dig deeper and see what can be done about this company. It makes no sense and they hit a lot of consumers on the same day.
After a "random review of my credit standing" my credit line was lowered and of course subsequently lowering my overall credit score. Synchrony used TransUnion as an excuse and said I had a: "Lack of real estate secured loan information." "Average time since accounts opened is too recent." "Too few bankcards with high credit limits." "Average time since revolving accounts opened is too recent." "Number of inquiries was a factor in determining score." All of this after first granting me a credit line and then increasing said credit line and then mailing me a letter saying my credit line has been lowered... Out of nowhere this decision was made. I had not asked for additional credit, applied for an additional card nor missed a payment. Caution: the letter said "We receive updated scores on a periodic basis." I called them to let them know "I'll pay it off, but I'll never use their services again, period and full stop."
I set up my monthly Synchrony payment with my credit union. The payment is due on the 7th. The Credit Union automatically sends out the electronic payment on the 4th. AUTOMATICALLY! For some reason, in December Synchrony decided that because we live in the U.S.A. or the State of California or we like driving our pickup, the amount of the monthly payment will increase by sixty bucks. This is all stated in a change to the agreement that was sent via U.S. Mail. No e-mail notification, no phone call... NOTHING! Just a letter in the mail... Along with all the other sales junk that I get and don't care to pour over.
The payment each and every month is automated. THEY ALWAYS GET PAID ON-TIME. I get enough junk mail to choke a horse. I see something in my mailbox every month from Synchrony and I think SALES JUNK or INVOICE! The monthly payment is automated. Why should I worry. But I guess in December they decided I wasn't paying enough. No reason... The payment was going to increase next year. In February 2020, my payment was made AUTOMATICALLY. But the payment was less than what they now wanted. They dinged me with a late charge. They then notified me via e-mail, that my account was in arrears. Please pay or be sued.
You try and talk to these guys and you get people who don't understand; they lie to you blatantly over the phone. And then when you ask for a supervisor you get the same diatribe from the supervisor and get lied to over the phone. TWICE! The payment is made automatically. The payment amount is set. I don't need to open every bit of mail from companies trying to sell me something. I would hope a company that gets automated payments would appreciate the timeliness. I would expect that would follow the agreement as it was initially stated. It's kind of like making your car payment for a year and then getting an obscure note that the payment is going up by 50% for no apparent reason. And you better just live with it! In the meantime, penalties MUST be paid.
Synchrony Financial Company Information
- Company Name:
- Synchrony Financial (formerly GE CareCredit)
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