topic Re: Verizon Visa nerf in Credit Cards

Verizon Visa nerf

1LostArk — Wed, 22 May 2024 16:28:19 GMT

Not a big deal since it's not likely anyone would ever earn more rewards than their phone bill every month, just hope it doesn't portent future nerfs

Re: Verizon Visa nerf

SuperFlyEDSguy — Sun, 02 Jun 2024 19:09:56 GMT

Interesting. Synchrony is also nerfing their PayPal Mastercard's 2% down to 1.5% on the very same date! No change on the 3% for PayPal purchases though. It sounds like they are implementing some cost savings across the board! I wonder what other news is coming our way. 🤔

Re: Verizon Visa nerf

swankytiger — Sun, 02 Jun 2024 19:24:28 GMT

@SuperFlyEDSguy wrote:
Interesting. Synchrony is also nerfing their PayPal Mastercard's 2% down to 1.5% on the very same date! No change on the 3% for PayPal purchases though. It sounds like they are implementing some cost savings across the board! I wonder what other news is coming our way. 🤔

Either Synchrony is getting ahead of heavier delinquencies than normal, or they are doing cost savings for another reason(please not the apple card).

Re: Verizon Visa nerf

SuperFlyEDSguy — Sun, 02 Jun 2024 20:06:08 GMT

Maybe it's delinquencies, but what about fraud? I had zero issues getting my older Synchrony cards and have high limits, even with that I had to jump through hoops to get an Ashley card after moving followed-up by the Verizon card. They had me do that crazy video thing with my phone to verify the "movie" against an official ID, then I had to call with a code that the app generated. It was insane! I still had my old drivers license when doing the Ashley card and they pretty much insisted that I do not look like the person in the picture; which I agree, I was younger, less gray, and had a longer beard! Their AI is what sucks. So, I still have to send them a copy of my drivers license and recent utility bill to simply unlock a store card! Their fraud department told me that they had to get stricter and no longer ask questions to verify identity. I thought that as an established customer it wouldn't have been so difficult, but everything they are doing recently is screaming being cautious. Perhaps they are getting hit with delinquencies too and the combination is costing them far more than they thought.

Why would you be worried about the Apple Card as it's Goldman Sachs? I know they were looking for a buyer at one point and AMEX seemed interested, but is Synchrony looking to put it in its offerings now?

Re: Verizon Visa nerf

swankytiger — Sun, 02 Jun 2024 23:41:14 GMT

@SuperFlyEDSguy wrote:
Maybe it's delinquencies, but what about fraud? I had zero issues getting my older Synchrony cards and have high limits, even with that I had to jump through hoops to get an Ashley card after moving followed-up by the Verizon card. They had me do that crazy video thing with my phone to verify the "movie" against an official ID, then I had to call with a code that the app generated. It was insane! I still had my old drivers license when doing the Ashley card and they pretty much insisted that I do not look like the person in the picture; which I agree, I was younger, less gray, and had a longer beard! Their AI is what sucks. So, I still have to send them a copy of my drivers license and recent utility bill to simply unlock a store card! Their fraud department told me that they had to get stricter and no longer ask questions to verify identity. I thought that as an established customer it wouldn't have been so difficult, but everything they are doing recently is screaming being cautious. Perhaps they are getting hit with delinquencies too and the combination is costing them far more than they thought.

Why would you be worried about the Apple Card as it's Goldman Sachs? I know they were looking for a buyer at one point and AMEX seemed interested, but is Synchrony looking to put it in its offerings now?

Synchrony really really wants the apple card and has put multiple offers in for it.

Re: Verizon Visa nerf

xenon3030 — Mon, 03 Jun 2024 00:12:51 GMT

@SuperFlyEDSguy wrote:
Maybe it's delinquencies, but what about fraud? I had zero issues getting my older Synchrony cards and have high limits, even with that I had to jump through hoops to get an Ashley card after moving followed-up by the Verizon card. They had me do that crazy video thing with my phone to verify the "movie" against an official ID, then I had to call with a code that the app generated. It was insane!

I did one of these illogical and nonesense 3D videos from various angles of my head to verify my identity. I strongly suggest to deny such requests by any place and request the other methods to verify ID. It is not clear where such bio data gets stored and whether they can protect it from any misuse.

EQ previoulsy requested something like this to be able to verify my identity to to able to place a simple fraud alert on my credit report (the entire process took 30min!!!), while they are suppose to copy exactly the fraud alerts from EX/TU. If somebody receives such illogical requests, I do suggest to simply deny and file official complaint.

Re: Verizon Visa nerf

SuperFlyEDSguy — Mon, 03 Jun 2024 03:08:24 GMT

Oh, my! I did not know that, but at least the bright side would be that Synchrony will at least give respectable CLIs in comparison to GS! It took me years with them just to break the $3K barrier when my most recent approvals have been in the $7.5K to $15K range. I'm probably better off simply closing my account and opening a new one a month later, LOL! Seriously, if I wasn't so invested in Apple's ecosystem and using it for a couple of decades now, I'd probably just toss the card aside and let it eventually close, but it's attached to my account, so for now I'm a captive audience. 🤔

Re: Verizon Visa nerf

SuperFlyEDSguy — Mon, 03 Jun 2024 03:18:12 GMT

You're 100% right and I really should have thought about this being how my undergrad was in Comp Sci, and Business Intelligence was my gateway into accounting. I guess that I've got too comfortable in retirement and I didn't allow myself to think objectively. I was on the phone for give-or-take four hours [sic] in all because they couldn't verify me using any common sense methods and one person would hand me off to another. That was until, well, I was basically promised by the fraud manager that it was actually fixed and it was showing okay in my account... until I went to make a purchase! Yup, then back to square one! I really should have just saved myself the entire afternoon and simply asked for the address. 🤯