Strategy to pay off Amazon / Synchrony Store Card?

[Anonymous]

Interested in hearing some ideas or ways people have managed their Amazon store card debt

I currently have an Amazon store card issued by Synchrony bank that is near maxed out and has a really high APR interest rate.  I'm not longer charging anything to the card and want to pay down the balance.

Since it's not a traditional bank issue credit card I don't think I can BT to a lower interest card. 

Any ideas or suggestions greatly appreciated!

Thanks

[Anonymous]

Don't charge more than you can pay in full every month? If you don't have the cash to pay up front in the first place, paying very high interest doesn't make much sense financially.

[Anonymous]

Of course you can transfer the balance.

[Anonymous]

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@Anonymous wrote:
Don't charge more than you can pay in full every month? If you don't have the cash to pay up front in the first place, paying very high interest doesn't make much sense financially.

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No, it doesn't make any sense.  I'm no longer charging anything to this card.  I admit, I wasn't financially responsible with the card when I first got it but am now interested in the optimal way of managing this moving forward.

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@Anonymous wrote:

Of course you can transfer the balance.

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Could you elaborate on this?  My online chat with Captial One said I couldn't BT, perhaps the rules differ by issuer  

I've done some online searches and have read some conflicting info on feasibility, would love to explore this option if possible.

Has anyone personally done this that could speak to the process?

Thanks

[Anonymous]

Well i have 2 cards with them , amazon adn walmart and the min payment of course is $25 but i pay $35 , i just use 10% or less. 

[Anonymous]

Hmmmm. That's interesting. It's been years since I did it, so maybe it's either changed or is different by creditor. Back when I did it, I just filled out a form (probably on the back of my payment coupon or something) with the name, account number and address of the bank I was trying to pay off.

One thing I'll say though, is these schemes never ended up helping me in the long run. I think it's often preferable to trim expenses, sell some stuff on eBay, etc., and just pay it off where it lies ASAP.

[SunriseEarth]

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@Anonymous wrote:

Interested in hearing some ideas or ways people have managed their Amazon store card debt

I currently have an Amazon store card issued by Synchrony bank that is near maxed out and has a really high APR interest rate.  I'm not longer charging anything to the card and want to pay down the balance.

Since it's not a traditional bank issue credit card I don't think I can BT to a lower interest card. 

Any ideas or suggestions greatly appreciated!

Thanks

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You may be able to BT, depending on the CCC.   As always, YMMV.

Do you have other balances that your paying down?   Generally speaking, you can get out of debt most quickly by prioritizing payoff of higher interest balances.  So if you're paying more than the minimum on other balances, you might considering shifing that over to this balance (assuming the Amazon APR is higher).

As for Amazon, I'd really only recommend having a balance if promotional financing is offered.   However, that's 20/20 hindsight...what's done is done, and now is the time to work on it.   Good luck!

[DeeBee78]

I wait until I have over $150 in purchases to make, so I get 6 months of zero percent financing on the purchase. 

I usually pay it off over a few months. Right now I have high utilization on the card because I used it to purchase a new digital camera - they were offering 12 months of zero percent financing  

[Anonymous]

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@SunriseEarth wrote:

You may be able to BT, depending on the CCC.   As always, YMMV.

Do you have other balances that your paying down?   Generally speaking, you can get out of debt most quickly by prioritizing payoff of higher interest balances.  So if you're paying more than the minimum on other balances, you might considering shifing that over to this balance (assuming the Amazon APR is higher).

As for Amazon, I'd really only recommend having a balance if promotional financing is offered.   However, that's 20/20 hindsight...what's done is done, and now is the time to work on it.   Good luck!

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Thanks, I'll have to do more research on some viable options.  Yeah I'm working on paying down other debt as well but this does currently have the highest APR.  For my other balances I have transferred to 0% introductory cards to help lower interest payments while I pay the balance.

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@DeeBee78 wrote:

I wait until I have over $150 in purchases to make, so I get 6 months of zero percent financing on the purchase. 

I usually pay it off over a few months. Right now I have high utilization on the card because I used it to purchase a new digital camera - they were offering 12 months of zero percent financing  

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 I purchased a new laptop while in school and that accounts for a large chunk of my utilization.  Unfortunately the 12 months is up for me so now the interest is adding up on what remains (plus all the stupid impulse buys).