topic Re: Would You Apply for a Synchrony Card Today? in Credit Cards

Would You Apply for a Synchrony Card Today?

ridgebackpilot — Mon, 11 Oct 2021 16:44:14 GMT

For background, I've never had any kind of card issued by Synchrony Bank. In general I don't like store cards and have none in my portfolio. But I need a couple of sets of new tires, and America's Tire (Discount Tire) is offering 0% interest on tire purchases if you open a Synchrony Car Care card. I got pre-qualified on their site and am considering applying.

But I've read about all the recent Synchrony card abrupt closures. I don't want that to happen to me! Would you recommend applying for a Synchrony card today? My use of the card would be pretty limited.

Re: Would You Apply for a Synchrony Card Today?

MileHigh96 — Mon, 11 Oct 2021 16:59:27 GMT

I'm one of the ones that had SynchB close all my accounts without warning and that was with never ever being late on any payment ever. I will never do business with them again.

Re: Would You Apply for a Synchrony Card Today?

JNA1 — Mon, 11 Oct 2021 17:07:30 GMT

We app'd for a Lowe's card 2 weeks ago, so for me, yes. That said, I wouldn't app for another one on my profile, and we probably won't get another one on DW's profile. It seems the massive shutdowns have been people with a lot of cards and exposure, so I'm not getting any more than the 2 cards I have. We have some home repairs and remodeling coming up, so getting the Lowe's card made sense.

I won't put ourselves in the position that a Sync shutdown would hurt us though, and I certainly can't blame anyone that has got shutdown for never doing business with them again.

Re: Would You Apply for a Synchrony Card Today?

Rebuild2019 — Mon, 11 Oct 2021 17:12:43 GMT

I have two Synchrony accounts. One with Amazon and one with Verizon. After seeing the Synchrony closures on here I did not apply for the Sam’s Club card that I wanted. So I guess I wouldn’t apply today.

Re: Would You Apply for a Synchrony Card Today?

rostrow416 — Mon, 11 Oct 2021 17:13:31 GMT

I wouldn't open any store cards I wouldn't have any use for. That being said, I've had my share of Synchrony cards - especially during me rebuild, they were one of the few lenders that let me in - but I've whittled them down to just the few I have left. I've not had any problems with them, nor do I have a crazy amount of exposure - 3 accounts at $40k total - so opening a card with isn't going to hurt you.

That being said, you might also be able to find a 0% interest offer with a card you already have - Discover is usually good for this if you haven't gotten one in awhile - or opening a new major credit card that may be on your wish list. I find opening a new credit card rather than store card is a much better bet.

Re: Would You Apply for a Synchrony Card Today?

MrDisco99 — Mon, 11 Oct 2021 17:16:01 GMT

There's not much in their portfolio that I find attractive enough to risk getting burned the way I've seen happen to many people here. I almost apped for a PayPal MC but decided not to when they added foreign transaction fees.

The only card of theirs now that I might go for is the Verizon card, but solely so I could pay my phone bill with a card while enjoying the autopay discount, since that's the only credit card that qualifies. I have other stuff I'd rather get first, though.

Re: Would You Apply for a Synchrony Card Today?

RSX — Mon, 11 Oct 2021 17:15:05 GMT

Get that Discount Tire card - it is worth it if you have multiple vehicles, as paying off tire purchases at 0% interest over 6 months is a great deal

just keep it to that one (or two) Synchrony cards and you should be just fine

CLI every 6 months, but maybe stop after you hit $10k

i did have 5 cards closed by them, so i wont do business them again - but that doesn't mean you shouldn't if you don't already have any cards

Re: Would You Apply for a Synchrony Card Today?

Aim_High — Mon, 11 Oct 2021 17:18:32 GMT

I'm similar to you, @ridgebackpilot. Never had a Synchrony card. Dislike store cards and got rid of most of that type (included co-branded cards) except for my Costco card. While I think there is "more to the story" in some of the mass closings, I also distrust Synchrony's lending model based on how I've seen them treat other customers. (Approving large limits relative to profile and then mass shutdowns of the accounts seems irresponsible and poorly executed, IMO.)

Still, if I would benefit from a short-term offer such as two sets of tires at 0% APR, I probably wouldn't rule them out. But I would pay it off as agreed and promptly close that account at consumer request.

I believe the main cards they offer that have made me think twice have been the Lowe's card and the Verizon Visa, since I use Verizon. Lender diversity is always important to prevent any single one from having too large of an impact to our profile. Due to their history with other customers, if I ever got a long-term Synchrony card I would probably limit it to just one or two selected cards.

Re: Would You Apply for a Synchrony Card Today?

Grizzly1 — Mon, 11 Oct 2021 17:29:02 GMT

If you need it for the tires, just apply for Paypal credit (Seperate from the 2% MC card) and that won't be as limited as the Car Care card. It's still Syncrony thats subject to issues but you'll have more options for how to use it via paypal.

Re: Would You Apply for a Synchrony Card Today?

CreditPacMan — Mon, 11 Oct 2021 17:28:37 GMT

I would not open a store card, quickly they add up and become hard to manage; in addition, they provide no use other than at that specific store that offers it.

Check if your local credit union has a loan offer for you, either 0% APR or a low one. I think that is a better approach and might work better for your credit (paying an installment loan) than paying a credit card.

Re: Would You Apply for a Synchrony Card Today?

Anonymous — Mon, 11 Oct 2021 17:29:03 GMT

Yes, I would get a synchrony card if it was a card I really wanted. I am not fan of the closures and I feel sorry for everyone who was at the end of the adverse actions. But if I based my decision on getting a card on adverse actions that happen to other members who posted on this board, I wouldnt have any cards.

Re: Would You Apply for a Synchrony Card Today?

RSX — Mon, 11 Oct 2021 17:36:39 GMT

one other note, i was able to use my Discount Tire card at my auto shop as well - so it is not strictly locked to just the tire store

Re: Would You Apply for a Synchrony Card Today?

Duriel — Mon, 11 Oct 2021 17:37:54 GMT

I wouldn't make them the majority of my cards. I regret opening Venmo. It's been more trouble than it's worth so far.

Re: Would You Apply for a Synchrony Card Today?

ChargedUp — Mon, 11 Oct 2021 17:42:13 GMT

Aren't most credit cards offering 0% for 6, 12, 18, or 21 months when applying at this point, at least on balance transfers?

If you're going to take on a new card, make it one you're not skeptical of... and two, that you can use for more than one specific purpose if necessary. I think part of Synchs weirdness comes from the fact that they're tuning into so many different data aggregating agencies at once, along with using that goofy Vantage 4.0 scoring model (which has trending data IIRC. ). If things don't line up between all these sources, or they catch a glitch in one of them, they just hair trigger, pull the pin and shut you down, no matter what.

Re: Would You Apply for a Synchrony Card Today?

Anonymous — Mon, 11 Oct 2021 17:43:41 GMT

It's my understanding (from reading on this forum over the years) that having tire store cards is viewed as a negative in the auto insurance score. The benefit of the card may outweigh any possible negatives in that regard...just something to consider.

Re: Would You Apply for a Synchrony Card Today?

Jordan23ww — Mon, 11 Oct 2021 18:01:48 GMT

My answer currently would be no. I had a Sam's Club credit card a few years ago which is issued by Synchrony Bank. Used it every time I went to Sam's and always paid the balance in full. They closed my account after 2 or 3 months of inactivity. Back then I bought so much stuff I didn't need to go to Sam's every single month.

Found out about the card closure when the Sam's Cashier told me my card was declined. I had a cart full of items and a lot of people behind me in line. It was so embarrassing. Although I still shop at Sam's every month, or at least every other month, I have been extremely reluctant to open a Sam's credit card again with this company despite all the great benefits they have added to it. I just don't trust them at all!

Re: Would You Apply for a Synchrony Card Today?

lgtwriter — Mon, 11 Oct 2021 20:40:03 GMT

I have two Synchrony credit cards (Verizon Visa and BH Photo financing card) and a paypal line of credit. I got these cards for the incentives offered and use the Verizon Visa as a daily driver, my BH photo financing card when I need apple gear (I sometimes use my apple card for this but I usually use the BH Photo card).

I use my paypal financing card when I buy from small stores in Europe and want to use paypal, or when I want guaranteed 0% financing.

What I like about Synchrony:

1. Zero percent financing offers for six or twelve months on BH photo card and paypal line of credit.

2. 4% cash back (towards verizon bill) on groceries. 3% cash back towards restaurants and food delivery on Verizon Visa

3. decent credit lines.

I have had no problem with Synchrony, but I use my cards regularly, pay them off quickly (even the 0% purchases never have balances for more than a couple of months or so) and always keep the balances on the cards less than 20% of my available credit on the card. (Even with financing)

I think if you are getting a decent signup bonus and 0% financing with the card, then it is probably worth signing up for. As with anything, YMMV.

Re: Would You Apply for a Synchrony Card Today?

Brian_Earl_Spilner — Mon, 11 Oct 2021 19:20:06 GMT

Sure would. Opened a care credit not too long ago with the intent to use it for dental work. Glad I did. Ended up putting $900 in vet bills on it instead with 12 month 0%.

Re: Would You Apply for a Synchrony Card Today?

Wavester64 — Mon, 11 Oct 2021 19:27:49 GMT

@ridgebackpilot wrote:
For background, I've never had any kind of card issued by Synchrony Bank. In general I don't like store cards and have none in my portfolio. But I need a couple of sets of new tires, and America's Tire (Discount Tire) is offering 0% interest on tire purchases if you open a Synchrony Car Care card. I got pre-qualified on their site and am considering applying.

But I've read about all the recent Synchrony card abrupt closures. I don't want that to happen to me! Would you recommend applying for a Synchrony card today? My use of the card would be pretty limited.

I would. Synchrony has been good to me (Verizon VISA, Lowe's CC, PC Richard CC). Good with the CLI Requests too

Re: Would You Apply for a Synchrony Card Today?

Anonymous — Mon, 11 Oct 2021 19:45:03 GMT

<span;>I seen the posts detailing how Synchrony closed accounts randomly on people and I still went ahead and got the Venmo card. I was approved for a $3,600 limit earlier this year and was surprised but took it. Used the card a few times and haven't touched it in a few months as I am trying to keep my usage to one card at a time.

<span;>Will I get another one of their cards? Nope. I'm too scared to.