PayPal Credit Payment Allocation

[Dalmus]

Before Synchrony took over, we were able to determin how our payments were allocated.  I had mine set to go towards promotional APRs first.

I just noticed that my promotional balances haven't been going down since the switch over to Synchrony... And I can't find the allocation settings anymore.  (I know, I shouldn't have non-promotional balances, but that's besidest the point...)

Is this something that got changed and I missed in the communications, or am I just missing the setting somewhere?

Thanks

[M_Smart007]

I do remember the option to pay down non promotional balances first, now that you mention it.

Since Sync has taken over, I have only done a few promotional transfers.

and I only plan on using it for that. Thanks for pointing it out.

[Anonymous]

"We will use each payment in the amount of the minimum payment due or less, first to pay billed monthly plan payments on any Easy Payments purchases, then billed interest, then billed fees, then the principal balance, and then any other amounts due. However, if you have a balance on a deferred interest purchase, during both the billing cycle preceding its expiration date and the billing cycle in which such deferred interest purchase expires, we may use the payment, after the amount to pay billed monthly plan payments on any Easy Payments purchases, to pay the balance on such deferred interest purchase(s).
We will use any amount in excess of the minimum payment due to pay the balances with the highest interest rate, then the next highest interest rate, and so forth. However, during both the billing cycle preceding the expiration date and the billing cycle in which a deferred interest purchase expires, we may use payments first to pay the balance on such deferred interest purchase(s)."

https://www.synchronybankterms.com/gecrbterms/pdf/PAYPAL_CREDIT.pdf

It's generally not a good idea to mix and match different APRs if you can avoid it. 

[Dalmus]

Well, I broke down and contacted them directly (like I should have in the first place!) and got the scoop.

1)  There is no option on the website to allocate payments differently from their standard terms (as quoted above by @Saeren)

2)  You can call or chat with them AFTER you make your payment, and they can reallocate the payment in excess of the minimum towards deferred interest balances.

It kind've sucks that they took the option to set the preference away, but at least it can still be done.

Hope this helps somebody else who has the same issue!

And with them punching the APR up 10% when they took over, I would only use them for 0% financing in the future as well.

[Anonymous]

They certainly do seem to make things intentionally confusing with this account and I don't understand why they don't have the option to pick your payment priority online like the Amazon card does but at least they allow you to do it over the phone (although that's a real headache if you have to call every time). 

[M_Smart007]

Thank for posting back. And you are correct, I can only see using for promotional purchases.

I pay a few weeks before the end of promotion date. I do not want to get hit with that crazy accrued interest.

A lot of people closed their accounts before Sync took over, I waited it out and glad I did.

It provides some Util. and a fair amount of AAoA padding .. since it reports opened in 2012.