topic Synchrony Financial Statement Closing Date in Credit Cards

Synchrony Financial Statement Closing Date

CoSprings99 — Mon, 21 Oct 2019 03:12:46 GMT

If I have a statement closing date of 10/21/2019, can I make a payment on 10/21/2019 before close of business to have that reflect in that same statement? Can I pay on the statement closing date itself. Never tried this, just curious.

Re: Synchrony Financial Statement Closing Date

chiefone4u — Mon, 21 Oct 2019 04:08:47 GMT

I'm not sure when the cut off is. There have been times that a payment has been made on statement closing day and have it reduce balance due on the statement.

More often though, my experience is I make the payment-- statement doesn't reflect the payment, and then doesn't count as the minimum payment either.

While it probably only feels like it, and not actually the way it happens... it seems Synchrony posts the payment in whichever way helps their bottom line.

Re: Synchrony Financial Statement Closing Date

HeavenOhio — Mon, 21 Oct 2019 04:38:43 GMT

There's a law guaranteeing that your payment will be considered on time if paid by the close of business on the due date. But I don't think that applies to payments at other times of the month. The practical answer is that it would depend on the bank involved.

If you want to control your statement balance, make sure your payment is submitted a day before the statement cut. A handful of times, I've seen the statement cut in the morning of the cut date rather than the evening.

Re: Synchrony Financial Statement Closing Date

Anonymous — Mon, 21 Oct 2019 04:40:42 GMT

And let's not forget that Sync sometimes gets confused and reports in the middle of the cycle as well.

Re: Synchrony Financial Statement Closing Date

Remedios — Mon, 21 Oct 2019 04:51:09 GMT

Or any time a new charge posts

Re: Synchrony Financial Statement Closing Date

chiefone4u — Mon, 21 Oct 2019 05:04:22 GMT

@Remedios wrote:
Or any time a new charge posts

My Amazon store card does this still, every purchase; every payment creates a FICO alert because of Synchrony reporting the change. In September Amazon updated mid-cycle 22 times (was testing after August had 6 updates) so every purchase reported, and when it hard posted I paid the balance.

Comical and annoying... haven't used the card even once in October because of the hyper reporting.

Re: Synchrony Financial Statement Closing Date

staticvoidmain — Mon, 21 Oct 2019 05:04:56 GMT

Based on their own verbiage, it should.

Will my payment post the same day that I submit it online through mysynchrony.com?
Payments received before 11:59 p.m. ET on any day will be credited as of the same day.
Payments received after 11:59 p.m. ET on any day will be credited as of the next day.
Payments that post to your account after the payment due date may result in a late payment fee being assessed to your account.

Source: https://www.mysynchrony.com/mysyf/faqs.html

Re: Synchrony Financial Statement Closing Date

JNA1 — Mon, 21 Oct 2019 11:30:03 GMT

That’s strange about the excess reporting. My Sync card posts the update on the 14th of the month like clockwork, and has for the 2 years I’ve had the card. Even when I added my wife as an AU or when I get CLI’s, it doesn’t report mid cycle (of course I’d be happy if it did!😂). Discover reports mid cycle when there are changes.

Re: Synchrony Financial Statement Closing Date

Anonymous — Mon, 21 Oct 2019 17:01:38 GMT

@chiefone4u wrote:
@Remedios wrote:
Or any time a new charge posts
My Amazon store card does this still, every purchase; every payment creates a FICO alert because of Synchrony reporting the change. In September Amazon updated mid-cycle 22 times (was testing after August had 6 updates) so every purchase reported, and when it hard posted I paid the balance.

Comical and annoying... haven't used the card even once in October because of the hyper reporting.

That's way too much. I would have canceled the card to be honest.

Re: Synchrony Financial Statement Closing Date

CoSprings99 — Mon, 21 Oct 2019 17:33:17 GMT

My situation is I bought something not realizing my statement cutoff date on 10/20. My cutoff date is 10/21. It isnt a posted transaction so I have no ability to pay it yet. So I'm sure it will cut statement tonight with that transaction posted and I'm just screwed.

Re: Synchrony Financial Statement Closing Date

Anonymous — Mon, 21 Oct 2019 17:35:41 GMT

@CoSprings99 wrote:
My situation is I bought something not realizing my statement cutoff date on 10/20. My cutoff date is 10/21. It isnt a posted transaction so I have no ability to pay it yet. So I'm sure it will cut statement tonight with that transaction posted and I'm just screwed.

Synchrony doesn't report statement balance, they report current balance, and it's usually a week or so after the statement closes.

You will drive yourself mad trying to manage how Sync reports honestly.

Re: Synchrony Financial Statement Closing Date

FinStar — Mon, 21 Oct 2019 17:39:17 GMT

What's the transaction amount compared to the CL? It's likely that if the transaction doesn't post by the closing of today's statement (hopefully those batch processing elves will be on your side), then you should be ok.

If the premise of the situation is related to any potential FICO score impact (if at all), and since FICO has no memory, this can easily be corrected at the next reporting period.

Re: Synchrony Financial Statement Closing Date

CoSprings99 — Mon, 21 Oct 2019 17:52:58 GMT

About 75 percent of limit. Used to obtain 25% off on total purchase. Lesson learned. Would have just waited until wednesday.

Re: Synchrony Financial Statement Closing Date

CoSprings99 — Tue, 22 Oct 2019 12:24:55 GMT

For an update, I called to try and pay before the purchase posted yesterday (on the statement closing date) and she said since it wasn't posted there was no way she could take the payment. She did reassure me that since it was still pending on that day that it wouldnt be on the statement, although I was skeptical. She was correct. I looked today and it shows the new payment date with nothing due and 0 statement balance although the online system doesnt show the full pdf statement yet.

Time will tell if it reports mid cycle as reported above. Would prefer 0% interest for 12 months