About Synchrony Financial
Overall Satisfaction Rating
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They lowered my limit 3 times and the last I closed my account and they won't be getting dime one from me. I don't care about my points by the way. I had great credit with these clowns. I cost them over 3000 dollars for their stupidity. They do this to lots of people. They ruin people's credit. I have 29 perfect account. No one is going to care about these clowns. Good riddance.
I have been trying to get a refund for months as well as over 30 hours in calls for a service the was cancelled by the merchant. I sent paypal credit bank the email confirming the cancellation several times and they kept requesting it. I spoke to the highest level at the bank, which is the Account Manager, and they tell me that they will send me dispute to the dispute department and they also verify that they received the email confirming cancellation but nothing happens. Every time I call, I have to start over and get transferred to account manager and I am told a different story. Never ever had a worst customer experience with any bank or merchant like this company. I have dealt with Paypal and no issue, it's the paypal credit bank they used that has customer service agents who don't know anything and worse, the account manager they transfer you to is even worse. Very frustrated and with I can give negative 5 star to this...
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I got approved for a credit for over $1k. All my payments were ON TIME. Got my account down to less than $300 and they sent me a letter saying they were decreasing my credit to $250. My available balance went to $7 and then they charged me $100 on my next bill which wasn't due for another month. It's funny because they kept sending me emails telling me to buy more things and when I didn't, they decreased my credit limit and claimed it was due to bad credit. No warning...no NOTHING. I will be paying off my balance and cancelling my card.
Synchrony closed my account with discount tire credit card NO WARNING while in good standing which took 30+ points off my credit score. Then they WILL NOT answer phone and hang up on me. Their chat agents online are no help and they simply refuse to provide any answers to me as to why my account with 100% perfect payment history was closed again without notice. As others are saying avoid this institution at ALL COSTS. It's not worth it.
I was unaware this financial entity was a monopoly. I shop extensively online and have discovered almost all of my credit cards are underwritten by this financial entity. They have this reprehensible practice of lowering your initial credit limit without provocation which of course lowers your credit score. No matter that you pay your accounts on time and in full. They continue to do this to the detriment of the credit holder.
I opened my account on 07/29/2022, after I read the reviews about the insolvency of the bank, I decided to withdraw my funds and close the account; it is now a month later and I am still trying to access my online saving account, with no success. When I call over the phone, they answer but make it very difficult to solve your problem. They avoid answering your question or resolving any issue you may have. I made many phone calls and no success. I had to report them to the banking fraud commission and am waiting for the resolution of my problem with this fraudulent bank.
Stay Away From ALL Forms Of Credit With Synchrony Bank... you will regret not listening to me, I promise you! I have the EXACT same problem with Synchrony Bank as everyone else who files complaints about them! I have multiple credit cards through Synchrony, and they ALWAYS start me out with medium to high CL's, just to take away my available credit and lower my limits over the course of me paying down my balances. They do this to EVERYONE, and have done this to me on 100% of EVERY card that I have with them!
The difference however, is that my card balances on my other cards from other banks are actually going down, not up, because I am paying off all my CC balances, (but keeping the accounts open). Like most Americans, I have been in credit card debt for a few years, and about a year ago I decided to stop buying things and just pay down my balances. As a result, my other credit cards such as Best Buy, Amazon, Discover, Capital One, and Home Depot cards have ALL given me CL increases over the last 6 months, thus causing my Credit Score to actually go up nearly 33 points, and my available credit to increase an additional $3,500 in total than what it was a year ago. (un-utilized).
However, when it came time for my semi-yearly review by Synchrony bank, they closed my Walmart card entirely, closed my Dicks Sporting Goods card entirely, they closed my Venus card entirely, Lowered the CL on my Summit Racing Card by a whopping $1,700 lower than the opening balance, they lowered the CL on my Newegg card by $1,200 lower than the opening balance, they lowered my Synchrony Care Care CL by $400 lower, they lowered my Synchrony Health Care CL by $700 lower... So all in all, they have either closed or lowered my CL on 100% of EVERY card that I have with them!
This has resulted in closed Synchrony accounts valued at nearly $5,000 alone, and another loss of credit in the amount of $4,000 from the lowering of limits they have penalized me with. As a result, my credit score has dropped more than 40 freaking points because of Synchrony Bank, and I am sure because of that, I will likely be at risk of losing my good standing with other creditors and them penalizing me too if I don't get my CS back up by the next semi-annual check.
Mind you, I have an absolutely PERFECT credit history with a 100% ALWAYS ON TIME payment record, and I have ALWAYS paid more than the minimum balance. I have NEVER missed ANY payment, EVER, not even on a car loan, a utility payment, a house payment, or even a landscaping payment. When I tell you that I have an absolutely PERFECT credit payment history, I am not exaggerating!
So while every other creditor that I have has increased my available credit lines, and even sent me both pre-approved AND pre-authorized loan offers, (which essentially guarantees loan approval), Synchrony bank is literally the ONLY creditor that I have which is punishing me by stripping my available credit from me and taking cards away from me!
Therefore I have made it a vow that I will NEVER apply for another Synchrony-owned credit card ever again for as long as I live, and I will go further so as to teach my children to also stay far away from doing business with Synchrony. I do not care if that means that I have to stop purchasing at all of my favorite stores entirely. I don't even care if that means that I can't finance a kidney transplant, I will NEVER engage in business with Synchrony Bank EVER again!TRUST me when I say, STAY AWAY FROM SYNCHRONY BANK CREDIT CARDS & LOANS! As SOON AS you pay down your balance, they are GUARANTEED to lower your available credit limit down to a limit that is just below the available credit left after you submit your payment. You are NOT doing yourself ANY favors
by paying off your balances with Synchrony, they absolutely WILL punish you. I Promise! You have been warned.
I had a two card with them. The first card I was asked to provide a survey and when I posted my concerns and dissatisfaction they closed my account. The only the second card I was late but after a few days I paid it off and they closed that account. Anyone looking at this post please when you hear Synchrony Bank RUN PLEASE. THEY WILL SCREW. They have no compassion.
Forget about getting anything from Synchrony Bank, they will eventually closed your accounts, just Google Synchrony bank closed my accounts and you will see how many good customers who had their account closed for no reasons, customer are also talking about a class action lawsuit about this.
Synchrony Bank will randomly lower your credit limit without notice and suddenly your credit score will drop through the floor as your utilization % will suddenly sky rocket. Avoid store credit cards as they usually use Synchrony. They are a terrible bank and do some seriously shady things.
Synchrony Financial Company Information
- Company Name:
- Synchrony Financial (formerly GE CareCredit)
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