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Synchrony Financial

Synchrony Financial

formerly GE CareCredit

 3.7/5 (778 ratings)
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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

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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

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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...

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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...

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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.

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

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How do I know I can trust these reviews about Synchrony Financial (formerly GE CareCredit)?
  • 4,189,804 reviews on ConsumerAffairs are verified.
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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Jan. 29, 2023

It took 3 years, many calls and many letters before someone finally contacted me about my complaint. Due to an error in their website, I was penalized $1900. The reason I was given for no reimbursement is that I shouldn't have used their website. I was dumbfounded by the stupidity. Like many Synchrony customers that can't get a response, I turned to the federal government and filed a complaint at Consumerfinance.gov. Stay away from this bank!

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Rated with 1 star
Verified Reviewer
Original review: Jan. 27, 2023

I had credit card with Synchrony Bank. I used it and fully paid off on time with no late payments. When I tried to make a purchase again, I couldn't. I called them up, customer service was so rude and unpleasant. I was told by customer service that my credit card was closed because I was High Risk. They closed my account without notifying me. They are HORRIBLE. That Bank should be CLOSED!!!!

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 25, 2023

    On Or around 2019 I receive a MasterCard from Synchrony bank. After about a month with the card I noticed that I was getting billed by a third-party card security. I called them and told them I'd like to cancel their service, two months later I noticed I was still being billed. I called back security and told them I was not interested in this service. They assured me they would cancel the service.

    Sometime thereafter 2 of my family member died from cold Covid, then I eventually got Covid and got sick sometime last year. I called back the card security department and told them they were still billing me for the service, at that time they took over $1200 from my account, I disputed it. They refunded me $700 and now they're refusing to refund me my remaining $564.. Today I receive a phone call from someone in their corporate office name Elizabeth ** and she basically told me to kick rocks for my remanding $564.. So now I'm going to retain a lawyer and they will have to pay all my lawyer fees, stay away from them.

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    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 25, 2023

    My bank account had money stolen so I was forced to shut my accounts down and open new ones. I went to change my Synchrony automatic credit card payment to the new account. It was so impossible the website is useless but after an hour I thought I had added my new bank info. Later that week I get a letter stating my bank decline Synchrony's payment to my closed account. I called up synchrony and complained that they had hurt my credit by using the wrong bank account and I wanted them to correct it. They told me they would fix it. Then a week later I received a letter that they were investigating me!!!!! I contacted them back and the "fraud" specialist listened while I explained and he then said that the other fraud specialist had reported that I claimed the account was opened fraudulently!

    I explained it wasn't what I had complained about at all and that all I wanted was my credit fixed. He agreed and said he would cancel the investigation and get my card reinstated (which I don't want I will just shut my account but I didn't want to drag it out any longer). Anyway I just received another letter that states they refuse to reinstate the card because I excepted responsibility for the charges??? What do I do? I am so annoyed as well as now needing to fix my credit and who knows what will come of this?!?!

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    Rated with 1 star
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    Verified Reviewer
    Original review: Jan. 12, 2023

    I set up autopay and logged in on January 1, paid an extra payment that day. On the 6th, they took the balance of the card ($1709.16). While on the phone with my bank to resolve the issue, the credit union I am with informed Synchrony was attempting to take the money a second time, after it had cleared my account (thanks to overdraft protection). So I put a stop payment on it and the money came out of my account again on the 11th. I filed another dispute with my credit union and it will be a very cold day in December before I EVER do business with Synchrony Financial again.

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

    After 36 minutes on hold I was told I had to call back. Not they would take care of it and call me back. The person said Synchrony didn’t want them on the phone that long!! POOR REASON!! This is terrible customer service. I have a large amount of money deposited there and I will be looking for other options.

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

    Submitted an online account application, including my email address and mobile phone number, and received a 7 digit application ID. Waited for 10 days and no response came, whether email or phone call. Called 1-866-226-5638 with the application to check the status, and was told to provide SSN to restart the process. I gave up and will not try it again.

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

    Our insurance company sent a check to Synchrony to pay off a side by side that was financed with this company and later stolen. It took 3 weeks for the payment to even post after they received it, plus another month and we still haven't gotten title. It hasn't even been sent out yet. I am beyond frustrated! I've never seen such terrible customer service. Every time I call in for answers, the story changes about why they haven't released the title. First it was 2-3 business days, next it was 5-7 business days, and now we are up to 15 business days! It should not take that long to pull a slip of paper out of a filing cabinet, stick it in an envelope and slap a stamp on it. They also don't have an online system, so every payment I ever made with them, I had to call in. Their phone system and customer service reps suck.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer Verified Buyer
    Original review: Jan. 10, 2023

    I disputed a charge with CareCredit aka Synchrony Financial last year that I didn't authorize with a merchant and only authorized a different dental service. Even though I didn't need the dental service on the agreement I was still charged still for another dental service in which I never authorized. CareCredit denied my dispute twice and was for the merchant in which I have been doing business with CareCredit for years, however, never again will I do business with CareCredit after last year and just paying off my CareCredit card this year...

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 9, 2023

    If you love to get angry, aggravated and upset and have loads of time to waste, Synchrony is the bank for you!! If I had something good to say about Synchrony Financial I would say it but I can't think of anything good about them and I have been a long time customer. I have gotten misinformation from them regarding IRAs, unbelievably extra, extra long hold times, and annoying messages every minute on hold about "how important my call is" lol.

    Why am I still with them? Simple. You can't get ahold of anyone. And I have an IRA with Synchrony and transfers need to be done correctly and I don't trust them. Let's face it, all online banks are different with different rates of interest. The big banks are all the same. My point is, that the real difference between banks is customer service and here's where Synchrony Financial fails miserably. I'm typing this review as I'm still on hold and my whole experience is approaching two hours. Try different times? Doesn't seem to matter. To sum it up, Synchrony Financial is in business for ITS convenience and not for the customer's convenience. Looking for a bank? Skip this one.

    5 people found this review helpful
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    Synchrony Financial Company Information

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