cards transferred to Synchrony Bank

[spambait]

Hi, i just got a letter from Chase saying my BP Visa Signature would be transferred to Synchrony Bank. This card has been open since 1994 and is my second oldest tradeline. I called Chase to convert to something else, but they didn't have any offers for me because I am opted out at the credit bureaus for pre-screened offers & they said that prevents it.  Bottom line, I can't switch to Freedom or something else without applying for new. I have a high average age & want to maintain it, so I don't want any new cards.

does Synchrony keep the 'opened' date when they take over cards? I'd hate to lose 21 years of age because they reset it to opened in May 2015 & then the Chase account get closed.

[thelethargicage]

The Chase TL will show up as closed with a notation along the lines of "sold to another lender" and you'll get a new TL the Synchrony card but it will keep the original opening date. So you get the best of both worlds. At least that was my experience when my HELOC with Wachovia was acquired by Wells Fargo

Then again this is Synchrony we're talking about, so you never know.

[spambait]

thanks, i hope it works out that way. Did you have the same credit limit & such? I'm wondering if it will be Visa Signature since i don't use it much any more. That card used to have fantastic rewards, one of the best cards out there. But they neutered it several years ago and made the rewards program horrible, so i use it just enough to keep it open now.

[thelethargicage]

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@spambait wrote:

thanks, i hope it works out that way. Did you have the same credit limit & such? I'm wondering if it will be Visa Signature since i don't use it much any more. That card used to have fantastic rewards, one of the best cards out there. But they neutered it several years ago and made the rewards program horrible, so i use it just enough to keep it open now.

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I doubt Synchrony even issues Visa Signature cards. If you're not satisfied with it, wait till you get your first statement from Synchrony and check how it reports to your CRs. If it's indeed reporting as 2 separate TLs, it wouldn't hurt to close since both TLs will stay on your CR for the next 10 years. Personally, I'd rather live without that card than deal with Synchrony (I dealt with them enough when I had CareCredit and RoomsToGo cards...yeeesh).

[RaiseMyScoreASAP]

SYNCB is impossible to deal with on this issue. If they report a "new" account for you and the "new" date the account was opened with them, they will. Total impossible to deal with. Good luck with that. You will get a bunch of form letters telling you that they have conducted an exhastive search and concluded that what they say is right and what you say is stupid.   

[CreditUnionFan]

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@thelethargicage wrote:

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@spambait wrote:

thanks, i hope it works out that way. Did you have the same credit limit & such? I'm wondering if it will be Visa Signature since i don't use it much any more. That card used to have fantastic rewards, one of the best cards out there. But they neutered it several years ago and made the rewards program horrible, so i use it just enough to keep it open now.

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I doubt Synchrony even issues Visa Signature cards. If you're not satisfied with it, wait till you get your first statement from Synchrony and check how it reports to your CRs. If it's indeed reporting as 2 separate TLs, it wouldn't hurt to close since both TLs will stay on your CR for the next 10 years. Personally, I'd rather live without that card than deal with Synchrony (I dealt with them enough when I had CareCredit and RoomsToGo cards...yeeesh).

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Synchrony offers the Ebates Signature Visa. Hopefully Synchrony will issue the BP in Signature versions as well.

The rewards program was excellent years ago, 5% on gas, and I passed BP stations all the time. I'm also hoping Synchrony upgrades the rewards program again, but I'm not holding my breath. 

[spambait]

i still haven't gotten the card, but it did show up on the CreditKarma TransUnion report with the same credit limit and same opened date. The odd thing is that the Chase entry for the card disappeared entirely. It just lists it as "credit card" instead of "flexible spending credit card" as the Chase one did.

It hasn't shown up on the CK Equifax report yet.

[spambait]

card finally showed up, & it is Signature, so it seems everything is same as it was with Chase.

[Anonymous]

Nothing should change when switching over.