topic Re: Synchrony Card Promotional Interest Rate in Credit Cards

Synchrony Card Promotional Interest Rate

ayeecorreia — Mon, 18 May 2020 01:20:30 GMT

Hello all,

I goofed up. My promotional rate (1 year) expired May 9th and my statement cut the 13th. I was hit with an interest charge of a little over $400 from the beginning of the purchase.

I mislabeled the date in my bills, I am prepared to deal with the consequences, however I wanted to see if anyone has had luck with reaching out to them via phone to pay in full after statement cuts and get forgiveness on the interest? I'd pay in full tomorrow when I call if there's any chance,

Also, has anyone seen any recent forgiveness due to COVID-19 with Synch?

thanks

Re: Synchrony Card Promotional Interest Rate

Jnbmom — Mon, 18 May 2020 01:34:17 GMT

Unfortunately I don't think they will budge on it😞

Re: Synchrony Card Promotional Interest Rate

revjamesl — Mon, 18 May 2020 01:57:26 GMT

I would hope they extend grace during this pandemic. I would acknowledge that fact with them too.

Best of luck!

Re: Synchrony Card Promotional Interest Rate

K-in-Boston — Mon, 18 May 2020 02:09:43 GMT

Ouch. That really is a painful lesson. I don't think they will as it's one of the primary ways the card is profitable for them. If you are able to get them to offer something, please let the community know.

I know it doesn't help your current situation, but for anyone taking advantage of Synchrony 0% for xx months promotions, one thing they do exceptionally well on their website is making clear the remaining balance, accrued (but deferred) interest so far, and expiration on all promotional purchases.

Re: Synchrony Card Promotional Interest Rate

ayeecorreia — Mon, 18 May 2020 03:55:58 GMT

Update:

I called tonight (i thought they were closed) and informed the rep that I needed relief due to COVID-19 and my wife being out of work (which is actually true) and wanted to see if I could make the payment over the phone. She was helpful and waived all interest fees as long as I paid the full remaining balance. Paid almost $1000, however much rather do that then pay over $400 in additional fees. Also, now that card is paid off

Re: Synchrony Card Promotional Interest Rate

Anonymous — Mon, 18 May 2020 04:08:03 GMT

@ayeecorreia wrote:
Update:

I called tonight (i thought they were closed) and informed the rep that I needed relief due to COVID-19 and my wife being out of work (which is actually true) and wanted to see if I could make the payment over the phone. She was helpful and waived all interest fees as long as I paid the full remaining balance. Paid almost $1000, however much rather do that then pay over $400 in additional fees. Also, now that card is paid off

A case in point why I think deferred interest is a horrible idea esp at sync sub-prime near 30% rates.

Quite surprising for sync actually to do this. I think they probably figured may as well try to get money now before the account could possibly become something they charged off due you saying screw it.

With that said tho hopefully you don't have AA on the account now requestining relief...

Re: Synchrony Card Promotional Interest Rate

ayeecorreia — Mon, 18 May 2020 04:07:06 GMT

AA on the account? I'm not sure what you mean.

Also, I do not think they even applied relief, because then they would defer payments/reduce. They merely refunded the interest because I made the payment.

Re: Synchrony Card Promotional Interest Rate

K-in-Boston — Mon, 18 May 2020 04:08:40 GMT

That is an awesome outcome! Thank you for updating us.

Re: Synchrony Card Promotional Interest Rate

Anonymous — Mon, 18 May 2020 04:10:36 GMT

@ayeecorreia wrote:
AA on the account? I'm not sure what you mean.

Also, I do not think they even applied relief, because then they would defer payments/reduce. They merely refunded the interest because I made the payment.

Hum.. Yeah it could have been just that.

As for AA sync has been shutting down accounts due to the pandmic around here and slashing limits for various reasons. Sounds like that wont happen to you here then hopefully...

Re: Synchrony Card Promotional Interest Rate

ayeecorreia — Mon, 18 May 2020 04:11:47 GMT

Ah! got it thanks for the info. No there was no talk of closing fortunately.

Re: Synchrony Card Promotional Interest Rate

Remedios — Mon, 18 May 2020 04:16:48 GMT

@Anonymous wrote:
@ayeecorreia wrote:
Update:

I called tonight (i thought they were closed) and informed the rep that I needed relief due to COVID-19 and my wife being out of work (which is actually true) and wanted to see if I could make the payment over the phone. She was helpful and waived all interest fees as long as I paid the full remaining balance. Paid almost $1000, however much rather do that then pay over $400 in additional fees. Also, now that card is paid off
A case in point why I think deferred interest is a horrible idea esp at sync sub-prime near 30% rates.

Quite surprising for sync actually to do this. I think they probably figured may as well try to get money now before the account could possibly become something they charged off due you saying screw it.

With that said tho hopefully you don't have AA on the account now requestining relief...

What's the APR on your target card?

It's not much below Synch APRs.

Deferred interest is great, but possibility of human error is always there.

Luckily for OP, this story has a good ending.

Besides, you weren't terribly bothered by subprime when you got a free $120.00

Re: Synchrony Card Promotional Interest Rate

Anonymous — Mon, 18 May 2020 04:18:08 GMT

I would have honestly been shocked if they didn't help you. Synchrony is a lot easier to work with than people give them credit for. Congrats on getting them to waive that charge. Going forward, it's a good idea to calculate out equal payments that will get you paid off a month early when dealing with deferred interest. That way you never have to worry about something like this happening.

Re: Synchrony Card Promotional Interest Rate

K-in-Boston — Mon, 18 May 2020 04:25:34 GMT

@Anonymous wrote:
...sync sub-prime near 30% rates...

Out of curiosity, do you think the subprime level of Synchrony cards is closer to my Citi Premier with that APR or more along the lines of my super subprime Bank of America Travel Rewards with the training wheels $90,000 limit? Just always want to know how to rank these so I know which cards I shouldn't have because of the APRs. Thanks!

Re: Synchrony Card Promotional Interest Rate

Anonymous — Mon, 18 May 2020 04:35:01 GMT

@Remedios wrote:
@Anonymous wrote:
@ayeecorreia wrote:
Update:

I called tonight (i thought they were closed) and informed the rep that I needed relief due to COVID-19 and my wife being out of work (which is actually true) and wanted to see if I could make the payment over the phone. She was helpful and waived all interest fees as long as I paid the full remaining balance. Paid almost $1000, however much rather do that then pay over $400 in additional fees. Also, now that card is paid off
A case in point why I think deferred interest is a horrible idea esp at sync sub-prime near 30% rates.

Quite surprising for sync actually to do this. I think they probably figured may as well try to get money now before the account could possibly become something they charged off due you saying screw it.

With that said tho hopefully you don't have AA on the account now requestining relief...
What's the APR on your target card?
It's not much below Synch APRs.
Deferred interest is great, but possibility of human error is always there.
Luckily for OP, this story has a good ending.
Besides, you weren't terribly bothered by subprime when you got a free $120.00

Have you read my replies in the past I_don't_ borrow money so APR is irrelevant to me.

I disagree on deferred interest being great. Sure it's GREAT if you follow all the rules and pay it off but your banking on the fact that you CAN pay it off at the end of the term which can be a long way out. COVID-19 should be a VERY good lesson how drastically things can change at a moments notice. A month to month credit card is much different sittuation IMO.

On say a $1000-2000 purchase and getting slammed with all the defered interest due to failure to fully pay it off is very expensive. Thankfully the OP here had a way out and cash to fully pay it all down.

Re: Synchrony Card Promotional Interest Rate

Anonymous — Mon, 18 May 2020 04:35:56 GMT

@K-in-Boston wrote:
@Anonymous wrote:
...sync sub-prime near 30% rates...
Out of curiosity, do you think the subprime level of Synchrony cards is closer to my Citi Premier with that APR or more along the lines of my super subprime Bank of America Travel Rewards with the training wheels $90,000 limit? Just always want to know how to rank these so I know which cards I shouldn't have because of the APRs. Thanks!

At the end of the day if you don't carry large balances on crappy APR rate cards it's irrelevant anyways so rank them how you see fit If you did carry balances that would shake the picture up drastically.

Re: Synchrony Card Promotional Interest Rate

Mv350 — Mon, 18 May 2020 07:23:35 GMT

@Anonymous wrote:
@K-in-Boston wrote:
@Anonymous wrote:
...sync sub-prime near 30% rates...
Out of curiosity, do you think the subprime level of Synchrony cards is closer to my Citi Premier with that APR or more along the lines of my super subprime Bank of America Travel Rewards with the training wheels $90,000 limit? Just always want to know how to rank these so I know which cards I shouldn't have because of the APRs. Thanks!
At the end of the day if you don't carry large balances on crappy APR rate cards it's irrelevant anyways so rank them how you see fit If you did carry balances that would shake the picture up drastically.

Seem to be very anti-Sync, which I'm not completely sure why.

Re: Synchrony Card Promotional Interest Rate

Adkins — Mon, 18 May 2020 07:32:27 GMT

@Anonymous wrote:
I would have honestly been shocked if they didn't help you. Synchrony is a lot easier to work with than people give them credit for. Congrats on getting them to waive that charge. Going forward, it's a good idea to calculate out equal payments that will get you paid off a month early when dealing with deferred interest. That way you never have to worry about something like this happening.

Or even better, I calculate mine minus a month. If it's a 12 month deferral, I calculate for 11 months so it's paid off a little early. CYB. 😀

Re: Synchrony Card Promotional Interest Rate

Anonymous — Mon, 18 May 2020 07:40:07 GMT

@Adkins wrote:
@Anonymous wrote:
I would have honestly been shocked if they didn't help you. Synchrony is a lot easier to work with than people give them credit for. Congrats on getting them to waive that charge. Going forward, it's a good idea to calculate out equal payments that will get you paid off a month early when dealing with deferred interest. That way you never have to worry about something like this happening.
Or even better, I calculate mine minus a month. If it's a 12 month deferral, I calculate for 11 months so it's paid off a little early. CYB. 😀

Yeah that's what I said, calculate to pay off a month early.

And case in point on Sync not being as bad as people make them out to be... I just called them because I noticed that my Service CU membership actually coded as a cash advance. I called Service first and put in a request to have someone call me tomorrow to refund the charge and fund with a debit card but I called Synchrony to find out if my PayPal Cashback was going to get hit with a fee anyway and they said that if I can't get it refunded, they'll refund the fee as a one time courtesy. It's only like $7.50 but when you're expecting to earn cash back and instead end up having to pay a fee, it's worth making a call about.

Re: Synchrony Card Promotional Interest Rate

Adkins — Mon, 18 May 2020 08:00:43 GMT

@Anonymous wrote:
@Adkins wrote:
@Anonymous wrote:
I would have honestly been shocked if they didn't help you. Synchrony is a lot easier to work with than people give them credit for. Congrats on getting them to waive that charge. Going forward, it's a good idea to calculate out equal payments that will get you paid off a month early when dealing with deferred interest. That way you never have to worry about something like this happening.
Or even better, I calculate mine minus a month. If it's a 12 month deferral, I calculate for 11 months so it's paid off a little early. CYB. 😀
Yeah that's what I said, calculate to pay off a month early.

And case in point on Sync not being as bad as people make them out to be... I just called them because I noticed that my Service CU membership actually coded as a cash advance. I called Service first and put in a request to have someone call me tomorrow to refund the charge and fund with a debit card but I called Synchrony to find out if my PayPal Cashback was going to get hit with a fee anyway and they said that if I can't get it refunded, they'll refund the fee as a one time courtesy. It's only like $7.50 but when you're expecting to earn cash back and instead end up having to pay a fee, it's worth making a call about.

My brain read it entirely differently, until I just reread it now (twice!). Ooops, my bad!

Re: Synchrony Card Promotional Interest Rate

Jnbmom — Tue, 19 May 2020 02:33:11 GMT

@ayeecorreia wrote:
Update:

I called tonight (i thought they were closed) and informed the rep that I needed relief due to COVID-19 and my wife being out of work (which is actually true) and wanted to see if I could make the payment over the phone. She was helpful and waived all interest fees as long as I paid the full remaining balance. Paid almost $1000, however much rather do that then pay over $400 in additional fees. Also, now that card is paid off

@ayeecorreia

That's great to know they came through for you))