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The email also has questions and answers including:
How will this change affect my credit reporting?
Account closures can impact scores positively or negatively depending on each customer’s unique bureau file make-up.
That sure implies the account will be closed to me.
Anyway why would you want another generic Synch card that they can use to justify your total shutdown at a later time. I need to really like a card to risk keeping it in my Synch portfolio.
@Hex wrote:The email also has questions and answers including:
How will this change affect my credit reporting?
Account closures can impact scores positively or negatively depending on each customer’s unique bureau file make-up.
That sure implies the account will be closed to me.
Anyway why would you want another generic Synch card that they can use to justify your total shutdown at a later time. I need to really like a card to risk keeping it in my Synch portfolio.
Yes, the FAQ seems to make it rather clear that all cards will be closed, otherwise they would have worded that as "If you close my account, how will..." Combine that with the previous CSR discussions upthread.
As far as Synchrony shutdowns, I've had Synchrony cards for years (going to back to their days when they were named GE Capital in the 90s) and have never had one closed for reasons other than years of inactivity. (Until now, but of course this is a completely different scenario not at all related to creditworthiness.) The experience of a handful of outliers here and on other "credit enthusiast" / "credit rebuilding" areas of the internet do not reflect the experience of millions of other Synchrony accounts.
Again, open to interpretation just says what could happen. If there's a closure It does not say this card will be closed. I'm not really concerned. I have two cards with them. This one and a Sam's club MasterCard. It also doesn't really offend me if they closed them. Yes, we will see in September. You could very well be right. Oh well. I will enjoy my credit limit increase. I just got on it last week. Till September.
My wife was told on phone by a CSR that she would have the option to PC to another card.
The email while not explicit, definitely implies they are simply closing accounts.
Either way it sucks since this account was just opened two months ago.
I called Sync yesterday and asked about the account being closed. He explained the relationship was over between the two companies. Before I was able to ask if I can product change or move my limit to another card (I know they don't but figured why not ask), he told me that my account was going to be transferred to a 2% on everything MasterCard. He claims I should have the card in the next 3 weeks and if I don't have it by 9/1 to call back in. He did also mention that it was not all accounts (after I had asked why the FAQs don't say this).
Hope this helps!
@aloush11 wrote:I called Sync yesterday and asked about the account being closed. He explained the relationship was over between the two companies. Before I was able to ask if I can product change or move my limit to another card (I know they don't but figured why not ask), he told me that my account was going to be transferred to a 2% on everything MasterCard. He claims I should have the card in the next 3 weeks and if I don't have it by 9/1 to call back in. He did also mention that it was not all accounts (after I had asked why the FAQs don't say this).
Hope this helps!
It's doubtful accounts will be transferred to their in-house MC program. It could be possible, but things are still fluid with the recent announcement. In the past, they've done so with the Toys-R-Us PLCC program, for example. But, customers learned early on about potential account transfers and those whose accounts would be closed based on written communications. So, if this were to materialize for you, definitely share proof of this for the community, @aloush11.
Another item to keep in mind, agents are also known for providing inaccurate details such as posts that have floated around including a few recent ones (i.e. Target MC) where agents relayed incorrect information. If the card program were to migrate, they would have communicated it on their initial notice I would imagine 🤷♂️
@FinStar wrote:
@aloush11 wrote:I called Sync yesterday and asked about the account being closed. He explained the relationship was over between the two companies. Before I was able to ask if I can product change or move my limit to another card (I know they don't but figured why not ask), he told me that my account was going to be transferred to a 2% on everything MasterCard. He claims I should have the card in the next 3 weeks and if I don't have it by 9/1 to call back in. He did also mention that it was not all accounts (after I had asked why the FAQs don't say this).
Hope this helps!
It's doubtful accounts will be transferred to their in-house MC program. It could be possible, but things are still fluid with the recent announcement. In the past, they've done so with the Toys-R-Us PLCC program, for example. But, customers learned early on about potential account transfers and those whose accounts would be closed based on written communications. So, if this were to materialize for you, definitely share proof of this for the community, @aloush11.
Another item to keep in mind, agents are also known for providing inaccurate details such as posts that have floated around including a few recent ones (i.e. Target MC) where agents relayed incorrect information. If the card program were to migrate, they would have communicated it on their initial notice I would imagine 🤷♂️
@FinStar My DW called in to PC before account closure and was told the exact same info as above.
Her account was automatically being switched over to a 2% MC but they were not doing this with all accounts.
@GatorGuy wrote:
@FinStar wrote:
@aloush11 wrote:I called Sync yesterday and asked about the account being closed. He explained the relationship was over between the two companies. Before I was able to ask if I can product change or move my limit to another card (I know they don't but figured why not ask), he told me that my account was going to be transferred to a 2% on everything MasterCard. He claims I should have the card in the next 3 weeks and if I don't have it by 9/1 to call back in. He did also mention that it was not all accounts (after I had asked why the FAQs don't say this).
Hope this helps!
It's doubtful accounts will be transferred to their in-house MC program. It could be possible, but things are still fluid with the recent announcement. In the past, they've done so with the Toys-R-Us PLCC program, for example. But, customers learned early on about potential account transfers and those whose accounts would be closed based on written communications. So, if this were to materialize for you, definitely share proof of this for the community, @aloush11.
Another item to keep in mind, agents are also known for providing inaccurate details such as posts that have floated around including a few recent ones (i.e. Target MC) where agents relayed incorrect information. If the card program were to migrate, they would have communicated it on their initial notice I would imagine 🤷♂️
@FinStar My DW called in to PC before account closure and was told the exact same info as above.
Her account was automatically being switched over to a 2% MC but they were not doing this with all accounts.
That's 2 out of thousands of Rakuten Visa accounts. I'd say the safest bet is proof for the community in the event your DW receives their card before the CC program officially ends or Rakuten plastics cease to work.
My conversation with a chat rep . Doesn't sound like it's so cut and dry . I will take the wait and see approach . But the fact nothing said it will be closed tells me that some of the cards might be converted . Interept the letter from them how you prefer .
I got notice that the partnership with rakuten was ending. Just curious what this means? And will the card turn into something else?
G
Thank you for waiting.
No issue
G
Synchrony and Rakuten have mutually agreed to end the Rakuten Cash Back Visa Credit Card program.
G
There is no action needed. You can continue to make purchases and earn cash back with your Rakuten Cash Back Visa Credit Card through September 17, 2022. More information will be provided about your card in the coming weeks.
Ok thank you
So, for science (given the scenarios upthread), I did a HUCA approach and received 2 different and conflicting answers. One agent mentioned the account would be converted, the other agent confirmed a deactivation and closure on the stated date. Both agents seemed knowledgeable of the situation and researched it on their own.
Take that for what you will 🤷♂️