B&H Payboo Synchrony Cards Shutting Down

[Anonymous]

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@gdale6 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Boo!  Don't mess with my PayBoo!

I recieved this unpeasant surprise in my inbox today as well.  While I only run on average maybe 5k/year through it, this is actually one of my favorite cards.  The instant "tax rebate" equal to the (California, in my case) sales tax is an awesome perk.

I find the benifit useful enought that I'll likely reapply, but I won't know for sure until they announce the new issuer.

Anyone know what Synch does with accounts in a case like this?  Do they switch customers to a new Synch branded card, or just close the account, or...?  While I only have a couple years of history with it, I'd rather keep that if possible.

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In the recent past Synchrony and Marvel formed the Marvel Mastercard. A lot of people had this card from Synchrony with high CL's

They decided to part ways. Synchrony could have issued a MC but instead closed every single account. They did not transfer the Marvel accounts to any sort of other card. They just shut them all down. All you can do is look at this track record and decide for yourself

Thanks

Mark

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And yet you apply for Synch cards yourself...

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Yes, I agree, I am stupid when it comes to getting new cards. I look for the pretty ones. I just am a collector of cards LOL I do not take it too seriously, I do it for fun

[4sallypat]

I have the B&H Financing Card ($8K CL) so if Synchrony is shutting both the finance and no tax cards down, what card company is taking over their "new PayBoo" card and forcing you to apply ??

How does this affect credit pulls for those that are sensitive to them ???

[rostrow416]

It's gonna be a new app....and how many and which bureaus are pulled will depend on what lender is issuing the new cards.

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@4sallypat wrote:

I have the B&H Financing Card ($8K CL) so if Synchrony is shutting both the finance and no tax cards down, what card company is taking over their "new PayBoo" card and forcing you to apply ??

How does this affect credit pulls for those that are sensitive to them ???

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[lgtwriter]

I have the B&H financing card (not the payboo card) and got the same email @WarthogWrangler. I interpreted the email to mean that they are combining the benefits of both the Payboo and financing card (0% financing) and issuing a new combined benefit card under a new lender which was not named in the email.

I will not reapply for the card. Although I used my B&H financing card frequently, I have other ways to get 0% financing now on electronics (BestBuy, Amazon). 

I am disappointed at the abrupt notice, but I always expect whatever comes my way with Synchrony It's the price of membership for their larger cli and the 0% financing their store cards often offer.

[Rudy1]

That intresting to hear. I always thought about applying for this card but I didn't want another Synchrony account. I might actually apply for a card from the new lender. My guess is it will be Comenity. Though we could get really unlucky and it could be Capital One then I wouldn't apply.

[Rudy1]

They won't switch it to another card eg they wouldn't switch a B&H Card to a PC Richards card. If a major VISA/MC was offered along side the card they may switch the majors to a replacement but I think the store cards will be closed.

[JeffMO]

Well just got the email from Synchrony, no joy for us as it doesn't offer to switch is to another card, just closed end of story.

I just opened it black Friday ughh...

Cheers!

[lgtwriter]

I just got the email from Synchrony as well. They are keeping the card open until April 4, but you can't purchase anything new on it after January 17. I have everything paid off on it, so I am just going to let it die out and not reapply with the new vendor.

I have 0% financing through Amazon and Bestbuy for big purchases, and my Citi Simplicity is 0% this year until November so I will be fine without replacing it for now.

[RehabbingANDBlabbing]

Here's the email I got from Synchrony. It's too bad they are just going to close the cards and not give us anything else. I have a feeling this may not have been that profitable for them. I wonder how much Synchrony PIF versus B&H in terms of the sales tax rebate.

[lgtwriter]

@RehabbingANDBlabbing  I had the B&H financing card which gave you 0% on bigger purchases (over $500 I think) for 12 or 18 months. I can't imagine they made much money on that card. I always paid off before the promo period was over.