Disclosures
Synchrony Financial

Synchrony Financial

formerly GE CareCredit

 3.6/5 (774 reviews)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Author picture
Written by
Edited by

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).

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • No account minimums for savings
  • High APY
  • 0% promotional financing

Cons

  • No checking account
  • No physical bank locations
  • No cash deposits

Bottom Line

Synchrony Financial offers financial solutions for consumers and merchants. Its co-branded credit cards have sign-on incentives and spending perks, and its online savings vehicles offer some of the highest APY on the market.

Top Synchrony Financial Reviews

How do I know I can trust these reviews about Synchrony Financial (formerly GE CareCredit)?
  • 4,215,149 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Rated with 5 stars
Verified

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...

Read full review
Rated with 5 stars
Verified

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...

Read full review

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.

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 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.
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.

Synchrony Financial Reviews

Recent
  • Recent
  • Oldest
  • Most helpful
Any
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about Synchrony Financial (formerly GE CareCredit)?
  • 4,215,149 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: March 14, 2023

I bought a course from someone who turned out to be a psycho and threatened me. I had proof that this person threatened me (emails) and Synchrony/PayPal Credit would not charge back the $2k to this psycho at Booming Bookkeeping Bill Von Fummetti. So now I have to go to small claims court. I have tenacity and bullies don't off easy.

Be the first one to find this review helpful
Rated with 2 stars
Verified Reviewer
Original review: March 1, 2023

Charged a late fee despite payment being well ahead of due date. I opened my account on October 31, 2022 at Rooms To Go. Per the account, payments are due the 27th of every month. I made my initial payment of $500 on November 10, 2022. I then made another payment of $800 on December 12, 2022, $800 on January 6, 2023, and another payment of $800 on February 3, 2023.

On February 28th I received an email reminder to make my February payment which I thought was odd since I had already paid the bill earlier in the month. I made my payment ahead of schedule (again). I logged into my account to find that I had a $30 late fee. I called Synchrony’s Customer Service line and confirmed my payments are due by the 27th of every month. HOWEVER, payments prior to the 4th of the month is considered an “early payment” and that a payment is still due by the 27th. The gentleman was kind enough to reverse the fee and assured me this wouldn’t hit my credit report.

I appreciate the service I received and quick resolution. However, I wanted to report the concern as I feel this is predatory practice by a Synchrony Bank. If the statement date is the 27th of each month, and a customer makes a payment in advance to that date, then it should be viewed as an on-time payment and therefore shouldn’t be assessed a fee. I plan on paying off my remaining balance in March, but would not recommend Synchrony Bank to anyone. And it appears they have a history of assessing late fees to its customer even when it’s not warranted.

4 people found this review helpful

Not sure how to choose?

Get buying tips about Credit Cards delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Feb. 26, 2023

    BEWARE OF SYNCHRONY BANK. On January 20, I invested $100,000 at 4.6% interest with Synchrony. This transaction was verified with my bank. The agent told me the transaction was complete. Weeks later I received a letter dated Feb. 3 that indicated I had to complete the process. On Feb. 14, I spoke with Renita. She told me that Synchrony was in error since the transaction had been verified. She asked if I still wanted the investment. I told her yes, if it would be backdated to 1/20. I told her I would also increase the amount to $200,000. She said she would call me personally within three days to confirm. She did not. Instead, I received an email stating that the money had been withdrawn from my bank and invested in Synchrony.

    On 2/21 I spent about 70 minutes either speaking with an agent that could or would do nothing, and then on hold for a so-called supervisor. Finally, an agent told me that Renita had to return my call in 3 days. I told her it had been 7 days, She used all kinds of excuses explaining how 7 days does not equal three business days. She said Renita was still waiting for an answer before calling me. Of course, I never heard from her or anyone else from Synchrony again. Then she tells me that the investment was denied.

    What kind of a company makes a mistake on an investment, and instead of correcting their errors and apologizing, they just cancel the entire transaction? I have never received an email or letter indicating my $200,000 had been transferred or cancelled from my bank. Synchrony has not allowed me to speak with a senior official, despite my repeated requests.

    Tony **

    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 22, 2023

    I guess it became a trend nowadays to get outsource reps with 0 (zero knowledge) and let them run your financial company… what a joke. Synchrony support not only useless but also provide false information and confusing customers even more. When it comes to disputes unlike normal banks like AMEX or Chase, this guys will not fight for you, they simply don’t care:

    1. They’re still using mail and fax to obtain doc from you (we’re in 2023 now, I don’t even own a printer).
    2. They will not request a proof of transaction from merchant (not sure why).

    3. They provide false and incorrect information, basically a polite way to say (** off, go talk to someone else).

    4. They will give attitude during the call (like you talking to crazy ex).

    5. They refuse to set up a supervisor call back (which is a must have function to ALL financial companies). In another words, if you have an unauthorized transaction - you would have to deal with it on your own. I have never experienced anything like that from any credit card company for the past 20 years. So far - this is the worst bank to deal with after Citi.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 21, 2023

    Hi. I have been an Amazon Card customer since it was first offered, and use to think Synchrony was great. Not any longer. I - Bought an iPad on Nov 3. Returned it on 1/13 (received by Amazon on 1/18). Found out refund would be after the accounting period so called Synchrony so I wouldn’t accrue interest, have a past due payment, or a late fee. Was told that I should dispute the amount so the above would not occur. Now told it can be up to 90 days for refund. Customer Service says that Amazon says they don’t have the product. Contacted UPS and provided Synchrony customer service with proof of delivery. Contacted Amazon and provided the transaction number where funds were returned to Synchrony on 1/30.

    As of 2/21 I have talked or chatted with at least a dozen different people. They acknowledge that I did their job by getting the evidence. They acknowledge that it was wrong to advise me to dispute the charge. They then just quote policy as to why no one will directly contact Amazon, since clearly the process has broken in the case, no will anyone take responsibility to follow up with me. I receive automated phone calls that don’t say anything. I am furious. I am absolutely dumbfounded that no one will accept responsibility or follow up. Also, I replaced the iPad at a competitor and have purchased at least $1500 in other items from competitors since this hasn’t been addressed. I have told Synchrony's customer service that, and they do not care that business is being lost.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 21, 2023

    So, I found out on Friday that my account with Care Credit had been closed with no notification from Synchrony Bank via email, text, call or mail. I didn't understand why and called them on today. Synchrony Bank closed my account in June 2022 that I had with them for over three years, with no late payments ever, no payments due ever, and nothing owed to them at this time based on a credit report that was received by them from Transunion. I asked the representative why did Synchrony Bank pull a credit report on me after having been with them for over three years, the representative stated to me that Synchrony Bank automatically receives these reports every month from the credit bureaus and based on what Transunion stated they denied me credit and closed an account that had been open and in good standing with them for over three years,.

    Did you Synchrony Bank forget that everyone is suffering from the fallout of Covid 19 and still recovering and I am still trying to find out how they received a credit report when my account has a fraud alert on it from the breech of a certain credit reporting agency and had a freeze on it? Neither Synchrony Bank nor Transunion had permission to access my account without calling me (Transunion and asking my permission if my credit report could be accessed by any company), so one of these companies also broke the law, that is criminal.

    I also stated to the representative why I didn't receive notice of this decision via mail, phone, email or text from Synchrony Bank, the young lady stated one was sent out, I stated to her no, I never received any type of notification from Synchrony Bank stating my account had been closed, the representative stated to me that she would email me one today, I stated to her, no, I didn't want it, it was too late for that now, I already knew. I want to say to you Synchrony Bank, what you did was criminal, dirty, underhanded and sneaky, if this is the way you treat loyal customers after over three years I want to warn and let anyone and everyone know that based on your character and treatment towards me you are not worthy to be in business, your account is closed.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Feb. 14, 2023

    This bank does not support their customers. Pep Boys charged my Sam's Club credit card for a car battery that I did not receive in Fullerton, CA. The Pep Boys computer system crashed as my credit card was in the card reader. I agreed with the sales assistant to cancel the transaction as we did not know how long it would take to reboot the system. I left the car battery at the store and purchased a battery next door. Of course, I was charged for the battery and Synchrony has sided with Pepboys in this dispute multiple times. Now I am stuck paying $276 for a car battery that I did not received. Do not agree to work with this bank for any purpose. They do not have your back.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 7, 2023

    I purchased a 15 month CD from Synchrony based on them having a competitive rate. I regret ever doing this with them and the comparison between them and Ally Bank is significant. Ally Bank has experienced trained customer services reps, Synchrony does not. One person was down right rude and argumentative. Ally Bank has a 60-90 day penalty for early withdrawals, Synchrony has you keep it in place for the whole term and if you pull it out, they take every interest penny you've earned up to that point. Ally sends you a 1099 at the completion of your CD term and you pay taxes at that point, Synchrony reports the 1099 during the term of the CD, even if you never received an interest payment. I have been with Ally for many years and the only reason I opened a CD with Synchrony was due to the .2% better rate they had and now I regret it. This was a one shot deal and I wouldn't give them my business again.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 3, 2023

    I have had a very negative experience with Synchrony/ Living Spaces. You get furniture that's missing parts or damaged. When you attempt to contact Living Spaces, neither the phone nor emails are answered. Due to this, I filed a dispute with Synchrony and received a letter stating that the dispute had been resolved in my favor. The company has continued to bill me and add late fees to this balance, which has adversely affected my credit score dramatically. Do yourself a favor and avoid both of these companies. I wish I had researched them and figured out how they conducted business. I would of never opened an account because they treat their customers with the attitude of Oh Well Too Bad For You. They leave you stuck paying for damaged junk! In terms of furniture shopping, there are far better places where customers will be treated with respect.

    6 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: Feb. 1, 2023

    Hello All, I use to think Care Credit/Synchrony Bank was one of the best credit card companies out there. I am writing to let everyone know how incompetent, unprofessional, rude, and outright disrespectful this company is. Since Aug of last year (2022). I have been put on hold for excessively extended periods of countless times w/o being checked on. I have been hung up on, given incorrect information, been harassed by collections and you name it, by Care Credit.

    I have been going back and forth with Care Credit on the same issue that is still not resolved to this day (Feb 1, 2023). Aug of 2022 I was upgraded to the Care Credit MasterCard, which was an awesome way to show their appreciation for my being a good and loyal customer. They automatically closed the old card and sent me the new card. They did a balance transfer from the old card onto the new card, and I thought everything was fine.

    A couple of months later, I started getting collection calls, so I called the customer service (or lack thereof) number. I attempted to find out why that closed card was showing a debt. For 5 months now I have been told that I made a purchase on the old card and I know for a fact I did NOT! They could never tell me the name of the merchant or any detail of the purchase other than the amount. I have talked to countless reps and managers, having to explain the whole ordeal to each person with multiple transfers for 5 months now.

    I have put in several dispute claims. When I would call to follow up with the claim, it was never put in, time and time again. I have recently come to find out that it wasn't a purchase that was made, but a mistake made by one of the incompetent CSRs. This issue has still not been resolved and I am told it will take up to 30 more days for them to respond.

    This is absolutely unacceptable and no one seems to care about resolving my issue. One of which could have been resolved or not even happened 5 months ago, if they had competent workers. No one has contacted me to apologize or follow up to let me know what is going on with my case. No one has addressed my many complaints about the multiple reps and managers that I have had to endure for 5 months. They should really be ashamed of themselves!

    6 people found this review helpful
    Loading more reviews...

    Synchrony Financial Company Information

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