topic Re: Synchrony Bank charges in Q Talk

Synchrony Bank charges

What can I do — Tue, 23 Jul 2024 21:24:37 GMT

Today I received a letter from Synchrony advising that mid-September, the monthly finance charge rate is increasing from 24% to 34.99% for my QVC card!!!!!!!!!!! I believe the current rate of 24% is outrageous; however, having - basically - $35 of each $100 of my monthly payment going to SYNCHRONY BANK is beyond outrageous!!! I cannot believe that this is even legal! I wish QVC was using another bank and I could switch my account to that bank! A reputable bank! Synchrony is FAR from that! Seeing my payments go up in smoke because of greed makes me crazy. Doing this to QVC customers in this inflated econmy is criminal! Synchrony clearly does NOT believe in customer service.

Re: Synchrony Bank charges

Shelbelle — Tue, 23 Jul 2024 21:27:41 GMT

Cant you just use a VISA or MC ? I dont buy from Q anymore, but I have a Synchrony card from HSN and SHQ, but I pay in full every month since I dont charge too much. Most of the time I just use my VISA, unless there is a deal or coupon that requires using their cards.

Re: Synchrony Bank charges

Goodie2shoes — Tue, 23 Jul 2024 21:28:38 GMT

That's why I just paid off my QVC card and will be paying off my Amazon card as well ! Ridiculous !

Re: Synchrony Bank charges

Kachina624 — Tue, 23 Jul 2024 21:29:42 GMT

@What can I do. What can you do? Open an account with another bank with a lower interest rate and transfer your balance to the new account, then close the Sychrony account. They aren't the only game in town. They carry the accounts for i over 250 businesses, however, so beware in the future.

Re: Synchrony Bank charges

Teddixat — Wed, 24 Jul 2024 00:30:53 GMT

@What can I do I agree with the other poster. Perhaps if you can, pay off the balance then just use a regular credit card. The only experience I have with Synchrony Bank is my Chevron gas card, but I am on auto pay to pay off the total balance every month so no interest charges. I pay off my Mastercard in full every month. That hole one digs by carrying a balance can get oppressive.

Re: Synchrony Bank charges

Shelbelle — Tue, 23 Jul 2024 21:41:31 GMT

ITA, try not to over extend yourself so you can pay in full, that is the only way to beat the system.

Re: Synchrony Bank charges

Janey2 — Tue, 23 Jul 2024 21:51:30 GMT

Stop charging....pay cash

Re: Synchrony Bank charges

yamma024 — Tue, 23 Jul 2024 22:15:03 GMT

If you can't pay it off at the end of the month, or by the time easy pays are up, don't make the purchase. That means you couldn't afford it in the first place.

Re: Synchrony Bank charges

jannabelle1 — Tue, 23 Jul 2024 22:23:44 GMT

I'm not at all a fan of Synchrony Bank and the hoardes of credit cards they sponsor for many businesses, but 35% is similar to what many card issuers are charging now. You may be able to find some lower rates, but many of them would most likely be teaser rates that go up at the end of a specific time period (like 90 days).

About the only way to beat it, is to only charge what you can fully pay off each month.

Re: Synchrony Bank charges

elated — Tue, 23 Jul 2024 22:26:51 GMT

I know you are asking what to do about the increased interest rate, you just need to pay the statement balance every month. If you do this you don't pay interest.. For example, if you have five items on easy pay, you need to make sure you are paying the easy pays for that month.

Also, you can transfer the balance to a credit card that offers 0% for 12 months. That would help pay down your debt with no interest charges. As long as you pay it off in 12 months you will be ok, if not they charge interest back to the beginning. Just a few suggestions.

Re: Synchrony Bank charges

kitcat51 — Tue, 23 Jul 2024 22:37:42 GMT

Most cc's have high interest rates, that's why it's important to use them to your advantage...use cards that offer cash back & pay off the balance every month. Check your bank or credit union to see what the interest rate is on the cards they're offering, if lower maybe you can transfer part or all your Synchrony balance. Search for other cc offers too. Good Luck @What can I do

Re: Synchrony Bank charges

Rose429 — Tue, 23 Jul 2024 22:43:45 GMT

@What can I do It sure can add up fast. I completely quit using my Q card. I have an Amazon visa owned by Chase. I haven't looked lately but I bet their interest rate is sky high too. I do try to pay it off but right now I had to put a $1000.00 dollar crown on it🤬 I love the old "if u can't afford it don't buy it" I wish it was that easy. Maybe next time I just pull the tooth😁 I believe the credit card companies r greedy crooks. Just my opinion.

Re: Synchrony Bank charges

Love my grandkids — Tue, 23 Jul 2024 22:48:26 GMT

@Janey2 Um, you do know you can't pay cash online, right? And don't say no one has to order online. Sometimes people do.

Re: Synchrony Bank charges

yamma024 — Tue, 23 Jul 2024 22:49:23 GMT

@Rose429 There are some things that are an exception to don't buy if you can't afford it. I would say a crown is one of those. That is more of an emergency than a want!!

Re: Synchrony Bank charges

Pink123 — Tue, 23 Jul 2024 23:07:26 GMT

My Citi Card raised me to 34.99 monthly.

They all do it in sync so don't blame Synchrony. Please do not purchase if you cannot pay off your balance before months end. It's very simple. Other than food you do not need it.

I still get my rewards on two cards but now I'm noticing with Chase they are charging me for a 50.00 beauty appointment to $1.53 extra so I'm done with them. So I'm down to one more. 1.50 percent cash back means I gave it all back. No thank you.

I have mentioned this before. I go to the bank every month, write a check for cash in all kinds of dollars from 1, 5, 10, through 20's.. Remember the days? It was not that hard as a kid.

Game over Kind of a duh.... but pick your choice folks.

Re: Synchrony Bank charges

Mz iMac — Tue, 23 Jul 2024 23:09:18 GMT

@Love my grandkids I believe what Jany2 means is pay w/a debit card as the $$$ is immediatly taked out.

Not sure if Q accepts cashier checks.

Re: Synchrony Bank charges

SharkE — Tue, 23 Jul 2024 23:17:44 GMT

@Janey2 wrote:
Stop charging....pay cash

LOL Common sense

Re: Synchrony Bank charges

SEGardener — Tue, 23 Jul 2024 23:33:50 GMT

If it makes you feel a little better - 34.99% is the APR. The impact on monthly interest raate on balance can be calculated...

Find your current APR and balance in your credit card statement.
Divide your current APR by 12 (12 months of the year) to find your monthly periodic rate.

Here's how you can calculate the monthly rate on your balance:

Multiply that number with the amount of your current balance. For example, if you currently owe $500 on your credit card throughout the month and your current APR is 17.99%, you can calculate your monthly interest rate by dividing the 17.99% by 12 or approx 1.49%. Then multiply $500 x 0.0149 or $7.45 each month on your balance.

Calculate that for both the old interest rate and the new interest rate. Then subtract the old monthly rate on your avg balance from the new montly rate on your avg balance. You'll find you're not paying Synchrony $35 out of every $100 paid.

Also interest rates haveskyrocketed on all credit - loans, credit cards, etc. It's based on prime rate banks pay for the money they borrow from the Fed. As that cost goes up the cost is shared across alll credit accounts at the bank.

@What can I do wrote:
Today I received a letter from Synchrony advising that mid-September, the monthly finance charge rate is increasing from 24% to 34.99% for my QVC card!!!!!!!!!!! I believe the current rate of 24% is outrageous; however, having - basically - $35 of each $100 of my monthly payment going to SYNCHRONY BANK is beyond outrageous!!! I cannot believe that this is even legal! I wish QVC was using another bank and I could switch my account to that bank! A reputable bank! Synchrony is FAR from that! Seeing my payments go up in smoke because of greed makes me crazy. Doing this to QVC customers in this inflated econmy is criminal! Synchrony clearly does NOT believe in customer service.

Re: Synchrony Bank charges

SEGardener — Tue, 23 Jul 2024 23:29:35 GMT

That logic no longer works in this economy...and 20+% inflation

Re: Synchrony Bank charges

katie1859 — Tue, 23 Jul 2024 23:48:32 GMT

Tell SYNCHRONY to stuff it

If you bent on having credit, go with another provider and transfer your balance and call it a day