Q Talk

[What can I do]

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.

[Shelbelle]

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. 

[Goodie2shoes]

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

[Kachina624]

@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.

[Teddixat]

@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.   

[Shelbelle]

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

[Janey2]

Stop charging....pay cash

[yamma024]

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.

[jannabelle1]

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.

[elated]

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.