Community Chat

[shoesnbags]

The Mastercard I use for day to day purchases was bought by Synchrony several years ago.  I have had absolutely no complaints with them.  They were really great when my card was compromised somewhere - they caught it right away and got a new card out to me fast.  All of the bogus charges were taken care of without any further action on my part.  Really painless. I pay my bill in full every month, so finance charges are not an issue for me.  Is that where some are having a problem?

[froggy]

My Sams Club card is through Synchrony - don't know if they will be changing since Walmart is. They are really on top of inquiring when they suspect fraudulent charging - I haven't had any yet but they are quick to call me if something triggers an alert. I also have money in their high yield savings - it was about the highest rate I could find without tying money up in a cd. I've never had any problems with them.

[jannabelle1]

@fthunt, some smaller to mid-size banks use credit card companies such as Synchrony to process their credit card transactions -- your bank must be one of them. Small banks can't afford the cost of owning and processing credit cards. I've had bad experiences with "banks" such as Synchrony related to credit cards for various merchants. A lot of people don't like the big banks, but they issue their own cards, have ownership with Visa and provide a service level that I'm more comfortable with....(read between the lines). I use one Visa credit card issued by my major bank - that's what I trust. I will never have a credit card from a small bank issued through a card processor like Synchrony. JMO

[Kachina624]

@aroc3435.  As I recall, what I was offered through PayPal was a regular MasterCard, so I don't know why one merchant would accept it and another would not.  When I was offered a $30., credit last year on a Walmart purchase if I opened an account, I was sent a Synchrony MasterCard.  I never activated it; got my credit, paid the balance and moved on.  Interesting to hear Walmart dumped Synchrony.

There are extreme tales of rudeness by Synchrony CS, very high interest rates and questionable policies and practices.  I had an account with Evine and never could access it.  I closed it, never looked back.

[Kachina624]

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@Hooty wrote:

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@RedTop wrote:

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

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They also do Belk's, and I have never had a problem with them nor Paypal, I trust Paypal!

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You can go online and see a list of retailers with which they do business.  It includes dozens of businesses where most people commonly shop.

[aroc3435]

@Kachina624   The PayPal credit I am referring to and have, which doesn't have a physical card, is actually what I guess was what used to be called "Bill Me Later" or something to that effect.

It is, in effect, a line of credit for X amount of dollars.

You must have their regular MasterCard, which I don't have.  

What I do have is their PayPal Cash DEBIT card issued by Bancorp with the MasterCard logo on the front.  I have to load money to my PayPal wallet from my linked bank or credit union account  and keep it there if I want to pull out money with the card or to pay cash online.

I have read horror stories about Synchrony, but so far I haven't had any difficulty, knock on wood.

[songbird]

This bank has their hooks in to everything!  I first heard of them (they are only online bank) from my co worker, who was in love with them.  Always trying to get me to give them a CD. (I was on the market for one at the time)  She put in two CD's with them. They offered a very high rate of interest.  I hemmed and hawed...finally I didn't.  I'm distrustful of a bank, I can't physically go in. Since then, they have been all over the place.  

[novamc1]

Before Synchrony became Synchrony,  it was GE Capital, which General Electric sold off, just as it has been doing with many other of its subsidiary businesses over the years.

GE has since tried to concentrate  its formerly widespread focus  more on manufacturing .

Have never seen nor heard any of the alleged "horror" stories about Synchrony, but then again, I don't have any credit cards from them, firmly stay away from applying for store credit cards, and don't owe anyone any money except  federal, state and local income and property taxes.

As a bank to deposit money, it has been way better than average.  At least I can always talk to somebody right away when I need to take out a new CD or make changes among my accounts.  Their website also works better than the average bank  experiences I've had.