topic Synchrony suspends 4 Accts Sends Misleading Request For Tax Returns. Beware!!! in Credit Cards

My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 04:10:19 GMT

I have been reading stuff as to what has been going on with Synchrony as to where they have been locking out accounts etc etc. I did have my accounts locked out last month. After taking to Fraud department which they have no clue as to whats going on I did blue envelope which I have no issue giving my personal information regarding tax to Sync themselves but not to LexusN which they're third nightmare I don't want to be a part of. Before I could even take a breath and try to resolve this matter Sync does a crazy thing which has literally blew my mind. I have never not once been late on any payment what so ever I owe like 1-2grand per account which a few I have paid off, now out of no where their minimum has sky rocketed so high which doesn't work around my payment schedule. I mean heres an example Sams Club MC I owe $3,450 last month minimum was like 80 something nothing has changed since then since all of my accounts are locked which by the way is such a pain in the Bleep because now you have to call them to make a payment and through automated system if you cant get through they charge $10 to talk to a live person **bleep** anywho so now my minimum is $475? I mean really? the hell Sync? SOOOOOO done with them.

Re: My Synchrony Nightmare.

creditguy — Tue, 16 Aug 2016 04:14:05 GMT

Your minimum payment on a $3450 balance is $475?, whoa what's going on there? Has anything in your overall profile outside of synchrony changed? Somethings rotten in the state of Denmark here. Good luck getting through to a live person and getting some info on this.

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 04:17:23 GMT

Nothing has changed at all no missed payments what so ever. I have been paying them through automated before due dates etc etc. Just puzzling. All this crazyness started when they froze my accounts, My Amex etc etc all perfectly fine its just only Synch >.<

Re: My Synchrony Nightmare.

creditguy — Tue, 16 Aug 2016 04:19:12 GMT

Very strange indeed. Well I guess it's the end of the road for you and synchrony, I am glad I don't have much with them, sounds like they are becoming the new Comenity.

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 04:25:55 GMT

It is indeed over between me and Sync a whole solid year good relations with them and poof. I mean don't fix which aint broken Ah well. I'm sure many others are following the same who I in the whole lock account business, before was only a few secs of making a payment now like 5-10mins over the phone >.<

Re: My Synchrony Nightmare.

creditguy — Tue, 16 Aug 2016 04:27:19 GMT

Yep your not the only one that's for sure, but I can't recall anyone reporting their minimum payment shooting up so dramatically, that's rough.

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 08:53:30 GMT

Wow! What another strange twist to the Sync craziness. That $475 minumum is one big middle finger to a good customer. I don't know your income OP, but I imagine plenty of people would be destroyed if that was suddenly a required payment in their monthly budget.

I know if a card issuer closes your account, they have to honor the original terms, but is there any protection on minimum payments?

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 09:47:09 GMT

With car payments, rent, being head of household meh I can't handle that high of minimum which would set everything back. I've called them they said they can't do anything about it and they'll look into it? I think not they won't.

Re: My Synchrony Nightmare.

UncleB — Tue, 16 Aug 2016 09:59:03 GMT

@creditguy wrote:
Yep your not the only one that's for sure, but I can't recall anyone reporting their minimum payment shooting up so dramatically, that's rough.

That sounds absolutely crazy.

OP, if there truly are no fees or late payments involved, I would definitely escalate this with Synchrony. (Note that I'm not doubting your word, I only mention it again to make sure my understanding is clear.)

As for the payment, if it were me I would simplify matters and 'push' the payment from my own bank's bill pay. I do this each month with my Sam's Club MC... it does take a couple of days to post, but so far it's worked out really well.

There's no way I would bother with a 10 minute phone tree each month; as a last-resort I would even pay at Sam's or Wal-Mart or even mail a paper check before I would put up with that nonsense.

Please keep us posted on how things go.

Re: My Synchrony Nightmare.

elim — Tue, 16 Aug 2016 10:19:13 GMT

I actually SD'd my two Synch cards (over 2 years old) until this calms down. Don't want the hassle. GL OP. BT that stuff off and good riddance.

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 15:13:57 GMT

Sounds like a violation of the Card Act to me. The minimum payment calculation is part of the credit card's terms and if you haven't been late or the change wasn't part of an overall company change I don't think that they can arbitrarily raise it just because you won't provide the 4506-T. Might want to consider filing a complaint with the CFPB if you can't resolve it with them. Then again I'm not an expert on the law so maybe someone like RobertEG will chime in.

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 15:14:32 GMT

Minimum payment calculation from SamsClub MC account agreement: https://www.synchronybankterms.com/gecrbterms/pdf/SamsClubMasterCard.pdf

Minimum Payment Calculation

Your total minimum payment is calculated as follows.

The greater of: 1. $25, or $35 (which includes any past due amounts) if you have failed to pay at least the total minimum payment due by the due date in any one or more of the prior six billing cycles.

2. The sum of:

a. Any past due amounts; PLUS

b. 1% of your new balance (excluding any balance in connection with a special promotional purchase with a unique payment calculation) shown on your billing statement; PLUS

c. Any late payment fees charged to your account in the current billing cycle; PLUS

d. All interest charged to your account in the current billing cycle; PLUS

e. Any payment due in connection with a special promotional purchase with a unique payment calculation.

We round up to the next highest whole dollar in figuring your total minimum payment. Your total minimum payment will never be more than your new balance.

If the account was past-due a couple of months in a row, that could easily explain the $475. Alternatively, credit limit was reduced to around $3450 (balance-chased) combined with a promotional rate ending on a purchase(es) not fully paid within the time; deferred interest being charged causing the balance to exceed credit limit.

It's possible Synchrony significantly raises the minimum due upon account default. However, not seeing how that would occur if you always paid the bill on time.

Very bizarre. Has anyone experienced the same situation with Synchrony?

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 15:43:17 GMT

What I am thinking is that you paid but their is a snafu in the calculations especially since your account was frozen.

That would make that miscalculation so outlandish as 4 hundred something. How long of a time was your account frozen for?

I believe you paid... I really do. Im thinking if you were frozen that those payment did not calculate on time because of the freeze.

You really need to write the EO or someone that can straighten out your situation. This is really crazy.

To conclude - every story I hear confirms that I don't want their cards.

I just read the automatic note on the bottom of the billing statements on another post.

I will never app with Synchrony. I hope that their crazy does not spill onto other credit card banks.

I wish you well.

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 15:49:54 GMT

@Anonymous wrote:
Sounds like a violation of the Card Act to me. The minimum payment calculation is part of the credit card's terms and if you haven't been late or the change wasn't part of an overall company change I don't think that they can arbitrarily raise it just because you won't provide the 4506-T. Might want to consider filing a complaint with the CFPB if you can't resolve it with them. Then again I'm not an expert on the law so maybe someone like RobertEG will chime in.

Agree with Irish. Synch may be trying to scare you into making a higher minimum payment, but may not have a legal leg to stand on in doing so.

These are just slimy tactics and I'm starting to like them even less. What's not to love - high interest rates, taking a long time to post charges and payments, and the 4 times I've gotten e-mails lately telling me that my e-mail address is wrong (it's not) - Synchrony, I LOVE you!

Not.

Yikes. Sorry this happened, OP.

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 15:50:45 GMT

@Anonymous wrote:
What I am thinking is that you paid but their is a snafu in the calculations especially since your account was frozen.

That would be a nightmare. I wonder if there is any legal jargon in their agreement that allows them to escalate minimum payment for frozen accounts.

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 15:57:28 GMT

It's tough for them. Stock has dropped off a cliff so they're taking drastic measures to dump their risky clients. If you quit on them, that's probably what they want, actually. Works well on both sides IMO. Good luck with the debt and BT, OP

Re: My Synchrony Nightmare.

fltireguy — Tue, 16 Aug 2016 19:43:31 GMT

The one part of being locked out of the accounts that is really STUPID is the fact that Sync removes the online access. Why?? Whats the point in that?

Re: My Synchrony Nightmare.

Anonymous — Tue, 16 Aug 2016 19:54:41 GMT

Definitely sounds like a way to reign their money back in ...

I get this sinking feeling - we don't know everything of what may be ailing or what a hammer drop might be coming down on Synchrony! Its almost like they are trying to bring their net worth up with these type shenanigans. They can always say oh we had a computer glitch or something... or maybe there is a whole lot of hacking going on and they are checking everyone - one by one! But they cannot divulge because it would cause a panic.

Listen to me Oh my I sound like Sherlock and not a very good one at that...

I just think that there is more to meet the eye and we only seeing the tip of the iceberg!

Im not going to hit the Synchrony Iceberg and go down like the Titanic.

Re: My Synchrony Nightmare.

Anonymous — Wed, 17 Aug 2016 03:55:43 GMT

@Anonymous wrote:
What I am thinking is that you paid but their is a snafu in the calculations especially since your account was frozen.
That would make that miscalculation so outlandish as 4 hundred something. How long of a time was your account frozen for?

I believe you paid... I really do. Im thinking if you were frozen that those payment did not calculate on time because of the freeze.
You really need to write the EO or someone that can straighten out your situation. This is really crazy.

To conclude - every story I hear confirms that I don't want their cards.
I just read the automatic note on the bottom of the billing statements on another post.

I will never app with Synchrony. I hope that their crazy does not spill onto other credit card banks.

I wish you well.

All of this x1000

i would actually like the marvel card.....but I already have one crazy ex-boyfriend lender. I CAN NOT handle two! Nope, can't do it!

Re: My Synchrony Nightmare.

Anonymous — Wed, 17 Aug 2016 13:19:27 GMT

I guess I should consider myself lucky that I have not had any Sync issues... yet. I have actually been using my card more often since the Sync problems started. I have a 5k Amazon card and a $4.5k WalMart card. The most I had ever put on the WM card was like $32 for gas when I first got it about a year and a half ago. The last two weeks I have been using it for gas and have over $100 on it now. I think my statement generates around the 5th or so. I will keep using for gas, let it post, and pay it off. I don't think I have ever posted a balance with Sync before, but I was thinking maybe if I show some usage that it may keep them at bay for a while. Or maybe I just totally screwed it up by not laying low for a while longer.

My BF does have about 8k charged on Lowe's because we just bought all new appliances. First statement has not cut yet. I hope the minimum payment is not as much as the OPs!