Puzzle - Letter from PayPal - Synchrony Bank

fthunt · ‎12-24-2010

Having seen this bank mentioned on this chat website - a letter received yesterday seems connected to QVC; but I could be wrong. I do not have a Q card nor have I applied. My two active credit cards have been the same since 1990 vintage. And I have not used paypal in a couple of decades - just don't trust them. However, this letter has no telephone no to contact and the letter only furnishes the last 4 digits of a card number. Purpose of letter - to inform me that my account with referenced bank will Jan 1, 2019 have different terms and conditions - in addition to other changes they notified me of earlier this year. ?????

This is the first correspondence I have ever received from PP and or this Synchrony bank. Have you ever been contacted with something so strange? Has QVC sold or given my name to these people to (some how) promote more Q card applications?

Perhaps a mod could investigate - but since that would be illegal I very much doubt any department will step up to the plate.

Strange - not even a telephone number to contact

Dated 11/26/2018

Letter is not even signed by a person nor is any human name provided

Letter does not give any specific information about the old Terms and Conditions nor the new one effective 2019.

I've never received such an odd letter - but they have my name/address without error.

Is there a QVC connection?

Thank you for taking the time to review my posting.

Kachina624 · ‎03-10-2010

Paypal has recently connected its name to a credit card administered by Synchrony Bank. They've been sending me a boatload of advertising about their new card and when I clicked for more info, I discovered it was through Synchrony. Quickly backed out of that. If you had an old affiliation with Paypal, that's probably where they got your name. Synchrony handles the credit cards for hundreds of US retailers, they're fast becoming a monopoly.

New Mexico☀️Land Of Enchantment

fthunt · ‎12-24-2010

Thank you - My posting was 'pointed' at you for your input b/c I read your negative comments about this bank. Personally I had never heard of them until I read postings on here.

They must be working from old dusty records to get my name - back in the 1980's I played around eBay......bargain hunting....until I bought and paid for product which never received and PP never lifted a finger to help. Money lost and no goods.

This letter is so stupid - it informs me about nothing other than they have my name and address.

Thank you for your information

aroc3435 · ‎09-30-2010

@fthunt @Kachina624 I suspect Kachina is correct. I have a PayPal regular account and several months ago got a PayPal credit card line.

Sychrony is the bank that lots of merchants use for their in house cards. When I first got the PayPal credit card I believe the bank was Comenity, but I got PP notification via e-mail that they were switching to Synchrony as their new carrier/provider bank for the card going forward (think the switch was in June or July) and originally had six months interest free to pay off without interest charges.

When the switch over happened it changed--going forward had to at least do a minimum payment monthly and over that--they provide the portion of the total amount to be paid each month to avoid incurring interest charges.

Hope this makes sense and is helpful to you.

RedTop · ‎09-01-2010

Synchrony also has the credit card accounts for Lowe’s and Woman Within.

fthunt · ‎12-24-2010

Sounds like this bank plays dirty. They snag businesses and credit card customers and then change the rules. We have to stay on our toes to avoid their traps.

Thank you so much for your input - - letter just didn't make any sense....just out of the blue.

novamc1 · ‎07-02-2015

about Synchrony Bank......

First of all, I have money stored in Synchrony Bank accounts, which pay among the highest interest rates in the country for CDs, money market and savings accounts.

Second, I own shares of stock in Synchrony Bank.

Unfortunately, this stock has not done well in recent weeks because Walmart just dumped Synchrony in favor of Capital One Bank to handle its credit cards. Walmart credit cards have been a huge source of revenue for Synchrony.

They now have some sort of dispute over fees and terms of their contract with each other, so only time will tell how all that shakes out in the legal system.

I don't know what to think about the posts written here about being contacted by Synchrony about changes in rules........except to say that every bank I deal with (DH and I have several) occasionally sends updates to their account terms and conditions. So do our credit card companies, although their account changes mean nothing to us because the cards get paid off in full every month.

Any communication that posters receive from a bank might be perfectly legitimate---or might not---,and the only way to know is to call the main Synchrony Bank phone number, which is easy to find at the bank's website. (Don't expect any service from them on weekends, however)

I have always had nothing but good experience with Synchrony staff members on various issues--which I cannot say about my experiences with certain other banks, whose names I won't mention. I've been so mad at a few of them that I could spit.

Nightowlz · ‎03-11-2010

I don't know what the big deal is about Synchrony Bank or why so many have had problems?

I have several cards that are now Synchrony & have never had any problems with any of them. I pay my balance in full every month on any card I use.

I have not been receiving any emails or mail from Synchrony or Paypal.

Comenity Bank is still around. That's the Bank HSN cards are issued from.

aroc3435 · ‎09-30-2010

@Nightowlz @fthunt Just thought I'd add a little more information in case it is helpful. So far, I've not had any trouble or complaints with the PayPal credit card or Synchrony Bank that issues the card for them.

I was making an online purchase one day and was offered the opportunity to apply for PayPal credit, responded "yes" and got instantaneous approval. There is no physical card for credit. It is for online purchases as I understand it.

Not every merchant accepts it. Amazon does not. I think QVC accepts regular PayPal but not PayPal credit card. Ebay does. Macy's and Target and Walmart also accept it.

PayPal has a cash/debit type physical card also that you can use cash that you have put in your regular "wallet" account that you can use to take cash out of an ATM. My PayPal wallet is also how Ebates sends me my quarterly cash back rebates from shopping. Haven't used the physical card yet. Got it fairly recently.

Except for the one-time regular mailing to me of the debit card, PayPal sends all notices to me by e-mail, and that is how the Synchrony PP credit card statement is sent to me each month.