My Synchrony Nightmare.

[Anonymous]

Sounds like a violation of the Card Act to me.  The minimum payment calculation is part of the credit card's terms and if you haven't been late or the change wasn't part of an overall company change I don't think that they can arbitrarily raise it just because you won't provide the 4506-T.  Might want to consider filing a complaint with the CFPB if you can't resolve it with them.  Then again I'm not an expert on the law so maybe someone like RobertEG will chime in.

[Anonymous]

Minimum payment calculation from SamsClub MC account agreement: https://www.synchronybankterms.com/gecrbterms/pdf/SamsClubMasterCard.pdf

Minimum Payment Calculation

Your total minimum payment is calculated as follows.

The greater of: 1. $25, or $35 (which includes any past due amounts) if you have failed to pay at least the total minimum payment due by the due date in any one or more of the prior six billing cycles.

OR

2. The sum of:

a. Any past due amounts; PLUS

b. 1% of your new balance (excluding any balance in connection with a special promotional purchase with a unique payment calculation) shown on your billing statement; PLUS

c. Any late payment fees charged to your account in the current billing cycle; PLUS

d. All interest charged to your account in the current billing cycle; PLUS

e. Any payment due in connection with a special promotional purchase with a unique payment calculation.

We round up to the next highest whole dollar in figuring your total minimum payment. Your total minimum payment will never be more than your new balance.

If the account was past-due a couple of months in a row, that could easily explain the $475. Alternatively, credit limit was reduced to around $3450 (balance-chased) combined with a promotional rate ending on a purchase(es) not fully paid within the time; deferred interest being charged causing the balance to exceed credit limit.

It's possible Synchrony significantly raises the minimum due upon account default. However, not seeing how that would occur if you always paid the bill on time.

Very bizarre. Has anyone experienced the same situation with Synchrony?

[Anonymous]

What I am thinking is that you paid but their is a snafu in the calculations especially since your account was frozen. 

That would make that miscalculation so outlandish as 4 hundred something.   How long of a time was your account frozen for? 

I believe you paid... I really do.  Im thinking if you were frozen that those payment did not calculate on time because of the freeze. 

You really need to write the EO or someone that can straighten out your situation.  This is really crazy. 

To conclude - every story I hear confirms that I don't want their cards. 

I just read the automatic note on the bottom of the billing statements on another post. 

I will never app with Synchrony.  I hope that their crazy does not spill onto other credit card banks. 

I wish you well. 

[Anonymous]

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@Anonymous wrote:

Sounds like a violation of the Card Act to me.  The minimum payment calculation is part of the credit card's terms and if you haven't been late or the change wasn't part of an overall company change I don't think that they can arbitrarily raise it just because you won't provide the 4506-T.  Might want to consider filing a complaint with the CFPB if you can't resolve it with them.  Then again I'm not an expert on the law so maybe someone like RobertEG will chime in.

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Agree with Irish. Synch may be trying to scare you into making a higher minimum payment, but may not have a legal leg to stand on in doing so.

These are just slimy tactics and I'm starting to like them even less. What's not to love - high interest rates, taking a long time to post charges and payments, and the 4 times I've gotten e-mails lately telling me that my e-mail address is wrong (it's not) - Synchrony, I LOVE you!

Not.

Yikes. Sorry this happened, OP.

[Anonymous]

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@Anonymous wrote:

What I am thinking is that you paid but their is a snafu in the calculations especially since your account was frozen. 

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That would be a nightmare. I wonder if there is any legal jargon in their agreement that allows them to escalate minimum payment for frozen accounts.

[Anonymous]

It's tough for them. Stock has dropped off a cliff so they're taking drastic measures to dump their risky clients. If you quit on them, that's probably what they want, actually. Works well on both sides IMO. Good luck with the debt and BT, OP

[fltireguy]

The one part of being locked out of the accounts that is really STUPID is the fact that Sync removes the online access. Why?? Whats the point in that?

[Anonymous]

Definitely sounds like a way to reign their money back in ... 

I get this sinking feeling - we don't know everything of what may be ailing or what a hammer drop might be coming down on Synchrony!   Its almost like they are trying to bring their net worth up with these type shenanigans.  They can always say oh we had a computer glitch or something... or maybe there is a whole lot of hacking going on and they are checking everyone - one by one!  But they cannot divulge because it would cause a panic.  

Listen to me Oh my I sound like Sherlock and not a very good one at that...  

I just think that there is more to meet the eye and we only seeing the tip of the iceberg! 

Im not going to hit the Synchrony Iceberg and go down like the Titanic. 

[Anonymous]

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@Anonymous wrote:

What I am thinking is that you paid but their is a snafu in the calculations especially since your account was frozen. 

That would make that miscalculation so outlandish as 4 hundred something.   How long of a time was your account frozen for? 

I believe you paid... I really do.  Im thinking if you were frozen that those payment did not calculate on time because of the freeze. 

You really need to write the EO or someone that can straighten out your situation.  This is really crazy. 

To conclude - every story I hear confirms that I don't want their cards. 

I just read the automatic note on the bottom of the billing statements on another post. 

I will never app with Synchrony.  I hope that their crazy does not spill onto other credit card banks. 

I wish you well. 

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All of this x1000

i would actually like the marvel card.....but I already have one crazy ex-boyfriend lender. I CAN NOT handle two! Nope, can't do it! 

[Anonymous]

I guess I should consider myself lucky that I have not had any Sync issues... yet. I have actually been using my card more often since the Sync problems started. I have a 5k Amazon card and a $4.5k WalMart card. The most I had ever put on the WM card was like $32 for gas when I first got it about a year and a half ago. The last two weeks I have been using it for gas and have over $100 on it now. I think my statement generates around the 5th or so. I will keep using for gas, let it post, and pay it off. I don't think I have ever posted a balance with Sync before, but I was thinking maybe if I show some usage that it may keep them at bay for a while. Or maybe I just totally screwed it up by not laying low for a while longer.

My BF does have about 8k charged on Lowe's because we just bought all new appliances. First statement has not cut yet. I hope the minimum payment is not as much as the OPs!