Lol, got a paper in the mail today from Comenity concerning my Paypal Credit account which will be turning over to Synchrony Bank .
You know you are feeling the Synchrony Effect when your apr is getting raised from 21% to 25%
Pay down those balances boys and girls, dont get caught with your credit pants down around your feet
You know you are feeling the Synchrony Effect when your apr is getting raised from 21% to 25%
Pay down those balances boys and girls, dont get caught with your credit pants down around your feet
@AverageJoesCredit wrote:
Lol, got a paper in the mail today from Comenity concerning my Paypal Credit account which will be turning over to Synchrony Bank .
You know you are feeling the Synchrony Effect when your apr is getting raised from 21% to 25%
Ouch, indeed. 
Hopefully anybody carrying a balance on Paypal Credit is on a 0% promo anyway.
It will be interesting to see if the account starts reporting; will also be interesting to see if Paypal will start allowing it to be used for backup funding for the Paypal Debit MasterCard (similar to how Smart Connect can be).
Wow, I need to read Credit in the News more often because I missed that discussion. I'm not sure how I feel about this; I didn't receive a letter yet. If the account is reported and keeps its age, that's another nearly 20 year-old account added in. On the other hand, if it's reported that's another fairly small credit line showing and if I wanted to take advantage of a big purchase, I wouldn't want to try out the typical "exceed your credit limit to get an increase" method.
I'm already looking to reduce my exposure to Synchrony in the very near future, so I will likely close my account once they take over.
No credit news is good credit news!
I'm looking to increase my exposure with Synchrony, but I'd rather do so on my Amazon card! 
@K-in-Boston wrote:I'm looking to increase my exposure with Synchrony, but I'd rather do so on my Amazon card!
+1
My two oldest accounts are Synchrony (I have a total of four) and I honestly have no complaints with them.
While I did get a CLD on my Lowe's "back in the day" I was going through a foreclosure at the time so it wasn't exactly surprising. Rather than close the card I basically forgot about it... somehow it didn't get closed for non-use, and today it's 14 years old with a credit line of $20k, so I'm happy. 
I get an email seemingly every-other week with an "offer to apply" for Paypal credit, but in my case I just never found a need for it. Now that it's going to Synchrony (and away from Comenity) I actually see that as a positive, since for many (but not all) Comenity has been a mixed-bag.
TL;DR... Synchrony is OK, and if the need comes up I won't hesitate to apply for the "new" Paypal credit.
