Q Talk

[VegasBusinessWoman]

@Kachina624 any card that uses Synchrony Bank is no-go for me. You are right, their reputation is less than stellar. I use my existing credit cards, whose rates and reputations are much better rather than having a QVC card. With those interest rates, why would anyone have one? It would be in the interest of the consumer, to do a balance transfer to a no-interest-for-one-year card, or at least one with a lower rate.

[RespectLife]

@icezeus 

It's just it does make a change in your credit score when you are the one closing it.

If at this point, you don't have any intentions of purchasing something large (house, car, boat etc) then it doesn't matter.

But your credit score isn't just used by lenders...it is used by insurance companies when they calculate your rates!!!

[drizzellla]

2/1/20023 - CNBC - The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter percentage point and gave little indication that it is nearing the end of this hiking cycle. Aligning with market expectations, the rate-setting Federal Open Market Committee boosted the federal funds rate by 0.25 percentage point.

Can't help but think rate may go higher for credit cards.

[50Mickey]

Switching the balance from a high interest rate card is a good start but it's only half the battle. One has to be very disciplined about not using the high interest card again and to stop charging unnecessary items until the balance is paid off on the new card or the problem just doesn't go away.  If closing the Q card is the only way to stop the buying cycle then the ding to the credit score is worth it in my opinion.  

[Nancy Drew]

I know the host are required to push the "Q" card but it really takes advantage of the financially ignorant. I know the world has many people who take advantage of others. If you need a year to pay off the purchase (the benefit of getting the card) you can't afford it and should not buy it unless maybe a computer for work. You probably are in poor financial health if you open a credit card up to get 40.00 bucks off. 

[novamc1]

I'm not surprised that Synchrony's credit customers are paying a lot, because I've had the opposite types of Synchrony accounts (savings, money market and CDs) for  years.  

Every month since the Federal Reserve started raising short-term bank rates, statements show that I'm being paid higher  interest rates by Synchrony.

If you're looking for a place to store money and save,   Synchrony might be  one choice worth looking into.  It has always  performed really well for me.

I wasn't particularly happy to learn at Christmas that one of my kids has a limited-time, no-interest loan from Synchrony on some furniture for his new home.  I hope he took my warning seriously about getting that thing paid off ASAP.

[icezeus]

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@RespectLife wrote:

@icezeus 

It's just it does make a change in your credit score when you are the one closing it.

If at this point, you don't have any intentions of purchasing something large (house, car, boat etc) then it doesn't matter.

But your credit score isn't just used by lenders...it is used by insurance companies when they calculate your rates!!!

---

@RespectLife 

I completely understand what you are saying. I also feel that your comments are coming from a good place. 

 I have owned my current home for almost 20 years. I also purchased a new small SUV this past November, and I have been with my insurance company for 20+ years. So no large purchases needed. :-)

[EastCoastGal]

@mommytwins ... Hello!!. I didn't receive a notification that you sent me a reply! Two replies actually...but here I am now! Good ole Synchrony Bank! I really don't think they'll lower their interest rate for anyone! (Watch out for Discover, Kohl's and other store cards. They're all 20 something percent !!) Your 12% from your credit union is great! I made a mistake on stating my percentages...One is 13.9% and the other one is 9.6% or something like that...so your 12% is great! There isn't interest on easy pays unless you don't pay your entire bill off !! That's where they get you because l tend to splurge at times then l owe a lot so l have to rein myself in again. QVC's prices are very high. During some of the show they'll have one top for $29.98 that's good but most are a lot higher. I do have a lot of tops from QVC that l paid more for but l know you can get really good deals on tops at Macy's and Kohl's ...but it just seems to be easier to shop here. I used to shop a lot in the stores when I was working but now that I'm retired I just don't shop at mall anymore but my sister and l shop at Kohl's. You're smart to keep a ledger to keep track of every penny you spend !! I should do that !! Now... I don't remember if l told you l can't make my font size larger...or make new paragraphs...or heart posts...so here's your ❤️ for your post to me! I guess my iPad doesn't like when l fall asleep in my chair and the iPad falls on the floor !!! Lol... It has happened soooooo many times I've had to tape it where it broke !!! Yikes!!! Take care now and please stay safe out there... 🙂

[Othereeeen]

Didn't read all the comments...but..

Banks and payday loan places and "buy here/pay here" auto sales places COUNT on people not understanding compounding of interest, what rates even are or what a "per cent" of something is.

That's how they stay in business. The "buy here/pay here" auto sales places sell the same jalopies over and over again....sell to people with poor credit, who don't understand interest rates, they fall behind, the jalopy gets repossessed and sold again to the next  person.

It's part of the financial and math ignorance of a lot of people today.   If you don't beleive me, ASK someone you know. I think you'll be shocked. Especially if it's a high school age person. 

Math are hard. Selfies and Tik Tok? That's where it's at today.

The one thing about credit cards is you pay zero interest if you pay it off each month...or, like I do, each DAY after I charge something.

I use my card to purchase and get the 2% cash back on purchases, and as soon as the sale is complete, I pay it off. You can do that too. Nothing says you have to wait until you get a statement. 

Credit cards are OK to protect purchases and even extend warranties for customers, or for convenience, or for cash back or travel points IF you use them responsibly.

Otherwise they are a trap.

If you can't buy it for cash today, you can't afford it.

Sorry, but thats the fact.

[bonnielu]

I don't buy more than I can pay off.  Been lucky that way.  And I am not ever again getting a Q card after the fiasco many years back.