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Synchrony Financial Reviews

formerly GE CareCredit

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Edited by: Jana Lynch

About Synchrony Financial

Synchrony Financial is an FDIC-insured bank that partners with companies to offer payment solutions. Synchrony provides customers access to credit that can be customized per the customer's needs, including CareCredit, which allows individuals to access medical financing easily. Synchrony also offers a wide range of MasterCard credit cards and retail-partnered credit cards, as well as savings and money market accounts with high annual percentage yields (APY).

Pros
  • No account minimums for savings
  • High APY
  • 0% promotional financing
Cons
  • No checking account
  • No physical bank locations
  • No cash deposits

Featured Reviews

Manchester, NH
Verified purchase
I am pleased to have multiple accounts with Synchrony, which makes it helpful when transacting with one specific account (e.g., Amazon). To establish credit was extremely easy, an...

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Vernon Rockville, CT
Verified purchase
The representatives are very knowledgeable. They are very pleasant to talk to and very polite. They also take the time to make sure you are completely satisfied and may I assist y...

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What is Synchrony Financial?

Founded in 1988, Synchrony Financial provides a range of credit products through retailers and medical offices. Through its Synchrony Bank division, it also offers deposit products, including certificates of deposit (CDs), savings accounts and individual retirement account (IRA) options. Currently, Synchrony has over 72 million active customer accounts. The most common place to see Synchrony is through its credit card partnerships.

Some features of Synchrony include:

  • No account minimums or fees for savings and CDs
  • Select retailers offer 0% promotional annual percentage rate (APR) on purchases
  • Specialized medical and veterinary financing for costs not covered by insurance

How Synchrony Financial works

Depending on which Synchrony Financial service you want to use, the process will be different. For credit cards and CareCredit, you will apply directly through the retailer or your medical, dental or veterinary office. Each retailer or business might have its set terms and rates, but generally, individuals with a credit score over 620 and solid income have a good shot at being approved.

Synchrony Bank products can be applied for online directly through Synchrony’s site. To apply for a new savings or money market account or CD, you will need to provide your full name, address, date of birth and Social Security number. You might also be asked for further information to prove your identity.

Once you have an account with Synchrony, you will be able to access and manage it online or through the mobile app.

Synchrony Financial products and services

Synchrony Financial is not a traditional bank that offers checking and savings accounts for customers. Instead, it offers three types of financial services.

Credit cards
Synchrony partners with hundreds of popular retailers to bring consumers retail credit cards. Sign-on incentives, rewards programs and rates vary by retailer, but some offer promotional 0% APR financing. Additionally, Synchrony offers a MasterCard that is not attached to any retailer. It offers unlimited 2% cash back and has no annual fee.
CareCredit
CareCredit is a financing option for those needing to pay for medical, veterinary, and health-related services that their insurance doesn't cover. It even finances LASIK and cosmetic procedures. It allows patients to pay off the amount over time with convenient financing options instead of worrying about how to pay for unexpected costs out of pocket.
Savings products
Synchrony Bank offers high-yield savings, money market accounts and CDs all without account minimums or fees. Synchrony also offers individual IRA CDs and money market accounts for your retirement savings. Both vehicles are available for traditional and Roth IRAs.

Synchrony Financial fees

Synchrony Bank does not charge any account fees or require accounts to have a minimum balance. However, accounts left at $0 for 60 days or more can be closed by the bank.

Some fees you might incur through Synchrony’s services include:

  • $25 to send a wire transfer
  • Late fees for credit cards and CareCredit
  • Deferred interest costs for balances not paid in full by the end of the promotional period

While Synchrony does not charge ATM fees, the ATM owner or operator might. You might be eligible for reimbursement of up to $5 in ATM fees per statement cycle unless you have Diamond status in the Perks Rewards program; if so, Synchrony will cover unlimited ATM charges.

FAQ

Does Synchrony Bank have a physical location?

Synchrony Bank has corporate locations but it does not have any brick-and-mortar banking locations to help customers with account needs. A chat agent is available 24/7 through the site or mobile app once you are logged in.

Does Synchrony Financial use Zelle?

With Symphony, you can select Zelle from the payments menu within your savings account.

Where is Synchrony CareCredit accepted?

CareCredit is accepted at hundreds of thousands of locations, including Walgreens, Walmart and Sam’s Club. Many doctors, dentists, veterinarians and health offices use CareCredit, and you can always ask if CareCredit is accepted before starting services. Synchrony also has a convenient look-up tool that allows you to search for businesses in your area that accept CareCredit financing.

Is Synchrony Financial legit?

Synchrony Financial is a legitimate, FDIC-insured bank that has been servicing clients since 1988. The federal government insures accounts up to $250,000 per user, and Synchrony has managed over $62 billion in deposits through its CDs and savings and money market accounts. It has over 100 retail partners, including well-known companies like Amazon, Marshalls and Sam’s Club that use Synchrony for co-branded cards.

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Synchrony Financial Reviews

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    How do I know I can trust these reviews about Synchrony Financial (formerly GE CareCredit)?
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    Page 1 Reviews 0 - 10
    Price

    Reviewed May 2, 2025

    I have a Sam's Club credit card and a PayPal credit card, and they are both by Synchrony Bank. I also have dealt with them in the Banking part. They offer the best interest rates around and have always been very courteous and helped me when I called them. I like the money back on my Sam's Club card it more than pays for my membership each year. One of the best banking experiences that I have experienced.

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    Reviewed April 29, 2025

    I'd sooner donate plasma for money to get the extra money to purchase something than ever use Synchrony Bank for anything again. They are by far the absolute worse. Had my accounts for YEARS and for example a Rooms to Go account with a zero balance (and had been zero balance for at least a year) was closed with no notice because they said "balances to high in relation to credit limits". Mind you they are the reason that has happened. I have other accounts with them that had high limits with balances at about 15-20% and they lowered each and every limit to about what the balance was on the card. They will tank your credit score and then tell you it is because of a periodic review that they decide to close or significantly decrease your limits. I have never once been maxed out until they decided to do it for me and in the many years I have had accounts have never once missed a payment. If I could give less than zero stars I would however it makes me give them at least one.

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      Punctuality & Speed

      Reviewed April 16, 2025

      I have had my Lowe's credit card with Synchrony bank for a couple of years now. I have never been late and make my monthly payments on time, and even paid off the account just three weeks ago. I received notification from Credit Karma that Synchrony bank just cancelled my Lowe's card without any type of notice. What a Scam of a bank!

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      Customer ServiceCoveragePrice

      Reviewed April 15, 2025

      I opened a TJX credit card with reward points and immediately set up the account as email statements and no mail. There were no emails and it took a few months for me to get that straightened out and there was interest, and then trailing interest after I paid what they gave me as the total to cover everything. The billing email is not very straightforward, almost intentionally confusing and I do not like the customer service. After about 6 months I cut the card and went back to CitiBank and Barclay cards. Bye bye to TJ Max and Home Goods rewards. Not worth the aggravation.

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      Price

      Reviewed April 13, 2025

      I’ve never written a review like this before, but Synchrony Bank has pushed me to the edge. Even with a $0 balance, I was still charged interest fees for purchases I already paid off! How does that even make sense? It's like they’re inventing ways to squeeze money out of customers. Their statements are confusing, their fees are shady, and their policies are designed to trap you in a cycle of payments. I will NEVER use a Synchrony card again, and I suggest you don’t either unless you enjoy being charged for absolutely nothing. Save yourself the stress. Avoid Synchrony like the plague.

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      Reviewed April 13, 2025

      This is the worst treatment ever. As a long time user of Synchrony products, I used to find them useful and valued at many retailers. Due to my wife's health issues I have been able to only make minimum payments for the last few months. That being said, I have NEVER missed a payment. They will lower limits with no just cause. Find another bank. I would recommend Discover or AMEX. They understand and do not crucify account holders at will.

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      Punctuality & Speed

      Reviewed April 11, 2025

      My credit card account was cancelled after years of paying on time. I never missed a payment. I was never late for a payment. Now I’m paying on a card that I cannot even use. I will never use or recommend Synchrony to anyone.

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      Customer ServiceStaff

      Reviewed April 1, 2025

      I called to ask about getting a lower interest rate on my Amazon Credit Card. I spoke with a customer service representative that advised me that she could not honor my request. I requested a supervisor to assist me, she was rude, unprofessional and hung up on me. This company overall is just not a good company but wants you to be a loyal customer to them. They do not care about their customers at all.

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      Punctuality & Speed

      Reviewed March 26, 2025

      Have several accounts with this bank for years and all of a sudden they are closing the ones with 0 balance and reducing credit lines on others to just above balance owed. I have NEVER had a late payment with them since I have had these accounts, BEWARE!!! They will destroy your credit rating by reducing credit lines and closing accounts!

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      Reviewed March 25, 2025

      I had opened a credit card to purchase some furniture. I am on automatic payments and I’ve been paying on time for the past two years. Today I get a letter saying they’re closing my account due to me having other credit cards. So much for paying your bills on time.

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      Synchrony Financial Company Information

      Company Name:
      Synchrony Financial (formerly GE CareCredit)
      Website:
      www.synchronyfinancial.com