Re: Synchrony Bank charges

kitcat51 · ‎09-15-2016

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

Rose429 · ‎08-26-2012

@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.

Love my grandkids · ‎11-24-2013

@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.

yamma024 · ‎08-21-2017

@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!!

Pink123 · ‎07-10-2019

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.

Mz iMac · ‎07-26-2014

@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.

"Never argue with a fool. Onlookers may not be able to tell the difference."

SharkE · ‎08-19-2010

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

LOL Common sense

SEGardener · ‎09-09-2021

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.