Synchrony Financial

Synchrony Financial Reviews

formerly GE CareCredit

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Overall Rating2.3 out of 5
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About Synchrony Financial Reviews

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 & Cons


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


  • 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.

Featured Reviews

Manchester, NH

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

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.


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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Page 1 Reviews 0 - 10
Customer ServiceStaff

Reviewed Sept. 13, 2023

I am in a nightmare experience with Synchrony Bank and have had to enlist the aid of two federal agencies to try and get back the $100,000 they are holding hostage. I have several verified external accounts that transfer money into Synchrony. When $60,000.00 was transferred into Synchrony from one of these verified external accounts last week it didn't show up in my account even though Synchrony had sent me an alert verifying that the money had indeed arrived and the transaction was complete. I finally got the paperwork from the external bank showing the ACH transfer number, date of transfer and amount and gave it to one of the managers. A couple of hours later the money appeared back in my account.

The next problem started when I tried to transfer it out, having zero confidence in a bank that could "lose" sixty-thousand dollars! Wouldn't YOU want to get the money out of there? I initiated two transfers and the very next day received two notices from Synchrony that they were locking down ALL three of my bank accounts. I spent 3 hours on the phone trying to prove my identity with SS numbers, codes sent to my phone, security answers but they will not let me access my money. This happened on a second account there too, but for only $40,000 because they locked down ALL my accounts no matter how many times I proved my identity. Supposedly this is for "my protection." Will someone tell me how the hell it protects me to not let me have access to MY MONEY?

I have filed fraud complaints with the FTC as well as the Office of the Comptroller of Currency which oversees Synchrony. I am sure I am in for a long investigative process and many months of trying to retrieve my money. Sadly, I had recommended this bank many months ago to an elderly neighbor that I care for and they pulled this with the pittance of a Social Security check that she needs to live on, have heat and buy food. They froze her account "for her security" and demanded that she send them a "selfie" with her photo ID before they would unlock her account. She refused. We had to file a fraud complaint against Synchrony (with the Social Security Administration). If this doesn't constitute fraud and elder abuse I don't know what does.

If you've stayed with my story this long then I beg and implore you, DO NOT GET HOOKED UP WITH SYNCHRONY BANK unless you have a lot of money you don't need to access and want to be treated like absolute crap by their so-called customer service agents. And pray that you don't get a manager named JOHN; he was the most arrogant, inefficient and idiotic agent I have ever had the misfortune of dealing with. You've been warned. Like another reviewer mentioned--if I could give Synchrony zero, or better yet, negative stars, I would.

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Reviewed Sept. 12, 2023

The worst deal you can make is to finance something with Synchrony Bank. They are a mafia of scammers with very high interests and too many fine print. And I say mafia because with such a low rating (1.1) and such deplorable service, they are still in the market making deals with recognized companies they are degrading. They do not have a presence in many states where they operate nor clear answers for their wrongdoing. They are the disposable part of the garbage. Do not trust these people.

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    Punctuality & Speed

    Reviewed Sept. 11, 2023

    I have a degree in BBA/Management, and one of the first things I learned in College is that a business relationship is a partnership that works both ways, an equal opportunity for both parties involved! I think whoever is managing Synchrony Bank must either have no degree in business or managing a business, or fell asleep while this was being taught in class, because they seem to think it all works one way, and that is their way! They make all the rules and only they should benefit from the relationship! Well after reading your reviews and further research as well, I am confident it will soon all catch up to you, and you will eventually have no relationships with anyone.

    I sadly read over and over how you randomly lower credit limits and close accounts at your discretion, even to those who have a Stellar payment history with you! You lowered my credit limit for the second time now, last time I closed my account with Amazon, now you did it on a new card that I only just used for the first time. I too have a Stellar payment history, and will now be closing all my accounts! You do this to your good customers knowing it will mess with their customers' credit scores! I would rather close all five accounts now, rather than wait for you to play Russian roulette with my credit anytime you feel the need to play god. I am proud of my score, hence why I make sure my bills are paid on time, what’s the sense if you can do whatever it is you feel like doing no matter how responsible I am with paying my bills with you?

    Go back to college and please take courses in business relationships before managing another institution as such. I am writing a letter to every Corporate company that you represent! Sams, Care Credit, PayPal, Walgreens, Pandora, etc,. I wonder how many of these customers are even aware that every time you do this, no matter how responsible they were with paying their account with you, that it negatively impacts their credit score every time you lower their credit limit or even sadly close their account.

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    Reviewed Sept. 8, 2023

    Synchrony lowered my credit limit after I made a $500 payment, which was way over the minimum due. I have had ZERO late payments to them or any other account so there was no justification doing this!!

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    Reviewed Aug. 30, 2023

    I underwent a significant ordeal involving this institution. Following this encounter, I reached the conclusion that Synchrony operates on a much lower tier compared to established traditional banks and is not equipped to compete at the same caliber. Regrettably, I made an error by placing a substantial sum of money into their High Yield Savings account. In a matter of months, they made a series of mistakes to the extent that I had to involve the authorities to reclaim my funds. Instances of lost transactions, frozen accounts, and a refusal to deliver services seemed to be commonplace there. I consider myself lucky that I managed to recover the entire initial investment. These individuals are either completely uninformed, engaged in dishonest practices, or possibly both. I strongly advise you to do yourself a favor and steer clear of them.

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    Punctuality & Speed

    Reviewed Aug. 25, 2023

    Lowered my credit limit for no reason, causing my credit score to go down. I never missed a payment, most months I made 3 payments, some months 2 payments, & all months always at least min. & never late.

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    Reviewed Aug. 25, 2023

    With a FICO score of greater than 800, it hard to understand how a financial company can cut your credit line in half for no justified reason. This account was set up to purchase music equipment in the future with an 18 month interest free promotional rate, and with no activity, they just elected to cut the credit line in half.

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    Customer Service

    Reviewed Aug. 17, 2023

    I would never recommend getting a card or any dealings with Synchrony Financial. As a customer of YEARS with 100% on time payment history, they randomly closed my account without any notice or justification as to why. When called to ask, they only repeat a canned response which has no logic or bearing. I believe that this company has discriminatory practices against minorities and should be investigated as to any patterns of who they close accounts on randomly in good standing and the demographics of those individuals. I suspect we may find a class action case.

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    Customer ServicePricePunctuality & Speed

    Reviewed Aug. 14, 2023

    Like many others I have been struggling to just make minimum payments due to the course of most of my Synchrony accounts going from around an 8%-12% interest to around 32%-38%. I'm not hiding nor avoiding the calls. I'm honest and straightforward and working towards paying of all my account through another company who is negotiating and consolidating those account. I have never been late nor missed a payment prior to my issue. We are talking 20 or so years of perfect payments. Jump to more recent starting 3 days after I missed my payment I started getting harassed...But what is more worrying is the fact that for all the other Synchrony account they have either closed out where I can only make payment..All this has taken place less than a month of me missing my payment..

    Almost all store credit and many credit cards go through Synchrony. Missing a payment on one has nothing to do with the other.. Just as if I missed a discover card payment it's not going to cause my Lowe's account to close. BUT since Synchrony has the power it does.. Synchrony has no idea why I missed my payment and truly if under a condition like let's say I missed a payment to a furniture store but depend on my carecredit for a love ones cancer treatment.. This is not my case but again Synchrony doesn't know that.. If it was true I would go all in to suing them...Stop for a moment and think at worse I'm late 20-25 days and given my perfect prior payment they decide to prevent me from using any of my other cards...The Antitrust situation is exactly that they have control of so many financial accounts and do not treat them as separate when it comes to missing a payment..

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    Contract & TermsProcess

    Reviewed Aug. 7, 2023

    Synchrony Card Security is a SCAM! Do not sign up for this service. I discovered that my monthly loan payments was only going toward Card Security. Then when I lost my job, they denied me because they said I resigned instead of termination. So, the 3 years that I paid into the program was lost. And they will not refund me the money I paid into it. I was not given any information from the provider about the terms and conditions of this program.

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    Synchrony Financial Company Information

    Company Name:
    Synchrony Financial (formerly GE CareCredit)