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@Anonymous wrote:
@FinStar wrote:Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.
Well the Sync unsecured card has always been a good option regardless of Chase UW criteria since you can get deferred financing on any purchase $149 and up and Sync comes out CLIs like they’re going out of style.
I will always tell people to get the Sync version over the Chase version unless they don’t spend much at Amazon.
The secured card is a great idea though but I wonder what credit scores Sync is targeting - they aren’t exactly picky with the Store Card to begin with.
True and I'm sure lots of folks know about the Amazon Store option (some aren't fond of Chase or do not meet their criteria). Yet, there have been several documented cases of individuals being denied for both Chase and SYNCB. Maybe a point of clarity is that by offering this alternative option, SYNCB essentially provides a "step ladder" for those who would otherwise not qualify for the "unsecured" version ('borderline/judgemental UW' profiles) to at least be able to obtain the secured product. But regardless, there will still be plenty of scenarios where SYNCB can deny even the secured option.
@FinStar wrote:
@Anonymous wrote:
@FinStar wrote:Very cool concept to capture those who previously didn't qualify by traditional means or for those in the underserved market. So, for those who don't meet Chase's UW criteria, this is definitely a good (SYNCB) option.
Well the Sync unsecured card has always been a good option regardless of Chase UW criteria since you can get deferred financing on any purchase $149 and up and Sync comes out CLIs like they’re going out of style.
I will always tell people to get the Sync version over the Chase version unless they don’t spend much at Amazon.
The secured card is a great idea though but I wonder what credit scores Sync is targeting - they aren’t exactly picky with the Store Card to begin with.
True and I'm sure lots of folks know about the Amazon Store option (some aren't fond of Chase or do not meet their criteria). Yet, there have been several documented cases of individuals being denied for both Chase and SYNCB. Maybe a point of clarity is that by offering this alternative option, SYNCB essentially provides a "step ladder" for those who would otherwise not qualify for the "unsecured" version ('borderline/judgemental UW' profiles) to at least be able to obtain the secured product. But regardless, there will still be plenty of scenarios where SYNCB can deny even the secured option.
Yeah I am absolutely not disputing Sync denials at all. I’ve heard of Sync denying people with higher scores than mine and approving people who just burned them in a BK. They seem to be fussy like PenFed at times.
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?
@Anonymous wrote:
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?
From what I'm aware, this is currently their only "secured" offering (out of all other products managed under SYNCB). Potentially, if this one is being rolled out as a "test" to gauge any driven revenue streams, recoverable losses, etc., then it's likely they may offer other similar products at some point, but it's too early to tell. Some lenders, such as FNBO, have branched out to offer specific co-branded secured CCs as an option as well.
@FinStar wrote:
@Anonymous wrote:
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?From what I'm aware, this is currently their only "secured" offering (out of all other products managed under SYNCB). Potentially, if this one is being rolled out as a "test" to gauge any driven revenue streams, recoverable losses, etc., then it's likely they may offer other similar products at some point, but it's too early to tell. Some lenders, such as FNBO, have branched out to offer specific co-branded secured CCs as an option as well.
Well if there is ever a great market to test a new secured card on, its Amazon! Massive exposure and lots of diversity in the customer base.
Hopefully Amazon does a decent job of advertising that it’s available though.
A few bullet points on "graduating"
@Anonymous wrote:A few bullet points on "graduating"
And there's the catch. If your score doesn't qualify you for the normal card, you'll be offered the secured, but it won't graduate until you meet the requirements for a normal card.
@Anonymous wrote:
I would agree. Bullet #3 certainly implies that.
Having said that, this is a nice way to bridge the gap.
It will be interesting to see if it grows after graduation or if it's bucketed. If it grows like a normal card, the only real drawback is the security deposit. If it's bucketed, you're better off waiting for your score to qualify you for a normal card.
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?From what I'm aware, this is currently their only "secured" offering (out of all other products managed under SYNCB). Potentially, if this one is being rolled out as a "test" to gauge any driven revenue streams, recoverable losses, etc., then it's likely they may offer other similar products at some point, but it's too early to tell. Some lenders, such as FNBO, have branched out to offer specific co-branded secured CCs as an option as well.
Well if there is ever a great market to test a new secured card on, its Amazon! Massive exposure and lots of diversity in the customer base.
Hopefully Amazon does a decent job of advertising that it’s available though.
I doubt they will. Amazon is like most CCC's: in the loyalty game. The average Prime member spends $1,400/yr on Amazon. Somebody putting a $200 deposit on a secured card isn't likely to come anywhere near this.
@Anonymous wrote:
@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
It will be interesting to see adoption for this new secured option though and how graduations work. Does Sync even have another secured card?From what I'm aware, this is currently their only "secured" offering (out of all other products managed under SYNCB). Potentially, if this one is being rolled out as a "test" to gauge any driven revenue streams, recoverable losses, etc., then it's likely they may offer other similar products at some point, but it's too early to tell. Some lenders, such as FNBO, have branched out to offer specific co-branded secured CCs as an option as well.
Well if there is ever a great market to test a new secured card on, its Amazon! Massive exposure and lots of diversity in the customer base.
Hopefully Amazon does a decent job of advertising that it’s available though.
I doubt they will. Amazon is like most CCC's: in the loyalty game. The average Prime member spends $1,400/yr on Amazon. Somebody putting a $200 deposit on a secured card isn't likely to come anywhere near this.
That’s a pretty bold assumption. A lot of people with bad credit have disposable income and just made some mistakes in the past. I definitely fit in both categories and while my credit isn’t bad now, it was very bad in 2014 when I started my rebuild on my own.