About Synchrony Financial
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The rewards are the highlight of this credit card. I like that it can be used for groceries, gas, food, etc in addition to healthcare. The APR is quite high at 21% but I pay for purchases made each month instead of using my debit card and get cash back or gift cards as a bonus.
I recently subscribed to this new card and so far has been great. I also are able to accumulate the points and they are generous with them. Since I pay my CC in full I can use those points for birthday or Christmas gifts for my 20 grand and 7 great grand kids.
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My experience with this credit card has been...decent. For the first 5 months they were great, but then Covid-19 happened. I am a full time student, so I have dedicated all my time to my studies, so the breadwinner in our home is my husband. When the employees at my husband's job started playing hot potato with the virus, the company closed down for a whole month and laid everyone off during this time. My husband didn't get a check that whole time and when my credit card bill came due, do you think the company understood why I couldn't pay my bill by the due date? HECK NO! If I was you, I wouldn't go near this company.
I have been doing business with Synchrony Bank for several years and have had nothing but the best experience with them. I'm disabled and have 3 different cards with synchrony. I love that I can make several payments a month keeping my balance down and pay my full at the end of every month, what I still owe so no interest and using the automated system to pay using my debit card is so easy, fast and free. My payment is always added to my account as soon as I make the payment, same day. I don't have a bank account but from what I have learned it takes the payment longer to be received and added to your account when using a check, money order.
People should get a prepaid debit card to make their payments because it's so much easier, faster for your payment to hit your account and like I said the payment is added right then during the call through the automated system. I use my Amazon prime rewards card a lot because the rewards are great,5% cashback and I get a lot of my family, pet needs at Amazon. Especially since I pay full balance every month there is never any interest to pay. So I usually have $40 to $50 in rewards every month and that's great. I only have 4 credit cards and that's plenty to help my credit score which is in the low 700. I don't have anything bad on my report but I do, have used too much of my credit line which will affect your credit score sometimes if you don't keep your credit utilization below 30%.
Also I don't think a lot of people understand that when they have several different credit cards that each card reports at different times of the month and so everything you owe on each card every time one is reported to the credit bureaus all of your cards usages is reported, recorded on your credit report, credit utilization. So you really have to pay attention to your credit utilization since your credit usage is being reported a few times during a one month period. Some people probably think like I use to that all credit card companies report at the same time once a month. They don't. Understanding when each of your credit cards are reported will help you a lot to keep your credit utilization down by keeping your balance down before each report. I hope I explained this good enough so people can understand. I wish I knew at first but now I do. I don't understand some of the bad reviews.
But some looks like people just don't know how to use their card responsibly or may have too many cards, too much debt, credit utilization being high more than 30%. I don't know. I just know Synchrony Bank has been good to me and I've never had a problem with them. I have contacted customer service a few times to ask a question and have always been treated very good by the representative I talked to. I have nothing but good things to say about Synchrony Bank.
Received an alert from Experian that my Synchrony Pep Boys card was cancelled. Haven’t missed a payment and always paid much more than minimum. Hardly used the card and don’t understand why it was cancelled. I’ve had the card for a few years. Called and was told I’d receive a letter in the mail explaining. I guess not Synchrony noticed that I was paying large payments to pay it off and not using it so I was of no value to them anymore.
Here is my experience with Synchrony Bank: I've had a Sam's Club Credit Card with them for years and then two years ago out of the blue they decrease my credit limit on it leaving me with like $30 in available credit. I have always paid my account in full from time to time and more than once. I called customer service about it because I never received a letter as to why so they inform me one of the reasons was because I didn't make a bigger payment than the minimum for up to 6 months.
I do periodically pay more than the minimum but when you are trying to pay off a smaller card you are supposed to pay minimums on other cards to pay one off. So that is what I was doing and I let customer service know that if they require more than the minimum payment due that Synchrony is the ones to set the minimum payment so Synchrony Bank can up that amount anytime. But instead they set the minimum and then lower a credit limit if you don't pay more than the minimum. So after this ordeal I turned them into the BBB which didn't really help because the BBB is on Synchrony's side and probably because there is money under the table.
As soon as I submitted a claim with BBB Synchrony Bank replied and BBB automatically closed the case without my reply to Synchrony's reply. Needless to say ever since I turned them into the BBB I have had accounts credit limits decreased and accounts closed that I had paid off in full and some I hadn't used in a few months. One of the accounts of mine they closed was also connected to my husband so Synchrony Bank is ruining both of our credits. I guess just because that's what they do to consumers is ruin others credits.
My advice to others is to not apply for credit thru this bank, you are better off without it. Decreasing credit limits and closing accounts hurts your credit score so without Synchrony Bank you will not have to worry about this. I recently paid off 4 different accounts with this bank and now they have decreased credit limits and closed accounts since then. Never had issues like this with any other creditor just Synchrony Bank. Steer clear very bad bank to deal with!!! Once I get them all off of my credit I won't have to worry about them anymore either!!! I'm sure once they see this post I will be punished for posting because this is what this bank lives for is retaliation!!!
I didn't think much of it a couple of weeks ago when I tried to close a CARE Credit account and could not access my account on-line. Since I had paid the loan off early, I thought maybe they had closed it automatically. I contacted the Synchrony Bank and the person said they couldn't explain why, but they have sent paperwork out to me.
Almost a week later I went into Lowe's to "pay" my CC bill and had no problems. However, when I tried to make a purchase (Lowe's gives 5% if you use the card) the card had been declined. The Lowes employee contacted Synchrony Bank on my behalf. It was at that time I found out I was under investigation for fraud. While on the phone, I told the person at the Bank I could offer my Driver's License to Lowe's, and prove I am who I claim to be. Synchrony Bank not only would not consider it, but treated me as if I was the thief under investigation. The only other information she offered was to watch for paperwork in the mail.
It did not even matter that I could prove who I was and it could be verified right then and there? The guilty charge and verdict was already in motion. I just hadn't appeared in court yet. It sickens me that I have had accounts with them for years, but when my account is suddenly "suspect" by their guidelines, I am no longer treated as a customer, but a criminal. One would think they would treat ME as if they were wanting to protect ME, but I was the bad guy.
I have subsequently found out that my PayPal account has also been locked (affecting two different payment plans) as well as an additional credit card to a different merchant opened one week ago.. FOUR accounts are affected and I cannot do anything. And yet, my identity was not in question when I MADE my payment to Lowe's. The account was only frozen IF I was taking. But not giving. This really upsets me since we are a single income family and we rely on PayPal to offer the six months same as cash on items we cannot afford immediately. And this is halted.
In addition to my pain, it appears my credit score has decreased. Not only mine, but since my spouse is attached to the account, their credit is also going to get hurt. It was at that time I went to look at complaints and saw dozens and dozens on this website. Many quite recent. 1 Star! And the common denominator? It appears the customer is penalized if they pay the loan off too early. How can I not come to this conclusion since I have been doing this for a while with Synchrony Bank, and my story is so similar to others who have posted. "Frozen"-"Paid early"-"credit hurt". See the common denominator?
This begs the question-"why then offer six month (or whatever loan time) same as cash"? Unless it is a gamble for them in the hopes that many will default and pay the high interest rate? As they weed out the ones who pay early? And as one person from FL said, why waste time contacting the BBB? I agree! Since Synchrony Bank has an A+ Rating as a paid member, who is stupid enough to think they would actually care about the little guy/gal taking a position against one of their paid members? And from my personal, recent experiences, I have been turned away twice from the BBB because the complaint was involving a paid member. So I have already learned my lesson that they don't care.
It sickens me that this bank is hurting people's credit. Where is the Consumer Financial Protection Bureau? I hesitated sending them the complaint because of the "fluffy" web page. Their site it reads "About us- We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies TREAT YOU FAIRLY." (Emphasis mine)
It goes on to say; "We aim to make consumer financial markets work for consumers, responsible providers, and the economy as a whole. We protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. We arm people with the information, steps, and tools that they need to make smart financial decisions."
As the Church Lady would say "Isn't That Special." Has anyone from this tax paid organization looked at consumer affairs to read of how Synchrony Bank is treating us? Has anyone who left a complaint on Consumer Affairs been contacted by them? I realize there is always the garden variety complaint where someone is upset, but many of the complaints I read are situations where people are being hurt by this bank as they watch their credit score hurt. And as pointed out, when your credit line is suddenly reduced, so goes the credit score.
These tax paid "guardians" seem to have a lot of bark but no bite. They get paid whether they help or not. I can only hope SOMEONE will look into the common denominator, the gist as to why people are having their scores reduced. And to see if this abusive pattern is only because of the sin of paying debt off too early. Or is it simply one overzealous person who is given such power to hurt us because they can? As I said, my accounts are frozen and if I wanted to make a purchase this day, I cannot. All because of Synchrony Bank.
I opened an Ashley Furniture card in November. I made 2 purchases (1 November and 1 in December). I had made a couple of payments. In February, I made a mistake in my payment... I intended to pay $75 but paid the full balance. I tried to get it reversed, I was told that it would take 2-3 weeks to reverse. By that time I would have already gotten paid. So I left it alone. After my account was paid in full, I got a letter stating that I owed $196 for a purchase that was made possibly 3 months prior because I did not make any charges in February. I know that I was already charged and when I made my first call, and I was told there was nothing on the account. I followed up after a few days and there the charge was. I disputed the claim. 3 months later, the charge was back on the card. I paid the card and closed the account. I would recommend this card. If you do get the card, pay careful attention to your charges.
I have Care Credit, At Home and TJX Companies for credit cards with Synchrony. This company is predatory and in my opinion needs a class action suit started against it for:
Lowering credit limits with no satisfactory reason (because I pay in full before interest charges, God forbid).
Closing credit cards for no satisfactory reason (have been known to use "because we can" as a reason).
Causing stress/anxiety/credit harm to individuals who are complying with requirements and harming the credit of long standing loyal customers.
After reading the stories of hundreds of customers who seem to be suffering from the same horrible treatment of this company, I am asking all of you, let's start a class action lawsuit against Synchrony Bank. They are cornering the market on credit! We can't have this continue!!!! My email is **. Please join me in this!
They closed my account while I was making the requested monthly payment during Covid. They are now saying my payments were late and I owe them more than half of my balance in late fees. I paid from the statement balance on my account every month from online platform. According to them I should have checked statement online. Why would I do that when the payment was visibly clear on the statement I got online when I knew there would be no change if account was closed. What could change if account was closed. Unbeknownst to me they were charging interest on late fees. Nice gimmick if you can get away with it. I am going to fight this in court if need be so they can never take advantage of the public like this again.
Synchrony Financial Company Information
- Company Name:
- Synchrony Financial (formerly GE CareCredit)
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