Sync Lowe’s now charging for paper statements

[DoppelgangerD]

Yeah so for those that don't know, this is a slow steady rollout to ALL Synchrony credit cards.

I've already gotten the notice on 3 different Sync cards.

I'm sure it's also probably going to start a trend to most non-annual-fee cards. We'll just have to wait and see.

[michele]

My lowes paper statements stopped after the switch to a paper fee. I did not receive my statement and instead was getting calls from synchrony bank which I thought was marketing calls. They charge an excessive $40 a month late fee. Once i realized, I called to ask them to remove the late fees and they would not help me. Why would they, that's how they make money and I am not their customer per se. They also immediately gave me a bad credit report that i can see on karma. So harsh. I never noticed that synchrony bank is actually on the lowe's  paper statement.  Has it always been there? Did anyone else not get their regular paper statements?

[Curious_George2]

I was unaware of this change until it was almost too late. Had my eye on the Lowe's card for a while. Just bought a house, so now is the most logical time to get it. I've never had a Synchrony card, and I am very reluctant to get one based on all the bad things I hear about them. I have other cards I can use to get 5% at Lowe's (Citi Custom Cash x2, BofA Customized Cash Rewards for online purchases) but those have caps. This morning I decided to take the plunge. I unfroze my reports, filled out the online application, and got to the point where the terms were shown. I read them carefully, because of Synch's bad reputation. This is when I discovered the fee for paper statements. I have a strong preference for paper statements. I use them to trigger and remind me to make payments. For me, charging for them feels insulting. This is a deal breaker. I canceled my application before pressing Submit. 

Goodbye, Synchrony. I am pleased to have never made your acquaintance. 

[Anonymous]

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@Curious_George2 wrote:

. For me, charging for them feels insulting.

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I don't quite understand this.   Clearly, they cost much more money than the electronic alternative, especially if the customer insists on sending in a check.

(I remember being tasked to evaluate various e-billing startups around 2007, when it was the next big thing, and for telecomm, the estimated cost of mailing out and receiving a mailed payment ranged between $5-$15 then.   The solution of course is to pay employees much less by outsourcing, but that's another story!)

And if "many" people are happy with receiving an electronic statement (and personally I much prefer to paper, and I can print if I need to) of course they are going to charge for an extra cost item.  No insult, just straight business.

[CreditMagic7]

I Haven't seen this mentioned. I do have other cards that charge a paper statement fee. The way it's worked so far is ONLY in months i actually use the card w/o PIF electronically, then the paper statement charge shows up. If the card has zero balance and not used, no paper statement comes in the mail. Thus no charge for one.

I been old school since day one so i'm not sure where this comes into play for me, but these card companies will squeeze out every last penny they can and this is one of the easiest for those peeps who receive paper.

[Curious_George2]

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@Anonymous wrote:

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@Curious_George2 wrote:

. For me, charging for them feels insulting.

---

I don't quite understand this.   Clearly, they cost much more money than the electronic alternative, especially if the customer insists on sending in a check.

(I remember being tasked to evaluate various e-billing startups around 2007, when it was the next big thing, and for telecomm, the estimated cost of mailing out and receiving a mailed payment ranged between $5-$15 then.   The solution of course is to pay employees much less by outsourcing, but that's another story!)

And if "many" people are happy with receiving an electronic statement (and personally I much prefer to paper, and I can print if I need to) of course they are going to charge for an extra cost item.  No insult, just straight business.

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It's not that hard to understand. I prefer paper statements. I have never paid a credit card company for them and I don't want to start. 

Shopping carts cost grocery stores a lot of money. Would you be happy to pay a cart fee to use them? 

Gas stations typically provide the tools to clean one's windshield, gratis. If one of your local spots started charging for them, would you be agnostic about this difference?

Banks have to pay human tellers a salary.  Would a human teller fee be okie-dokie to you?

I could go on. The point is, just like in those hypothetical examples, the typical practice in this country has always been to not charge a fee for paper statements. I get that people who prefer electronic statements wouldn't care. But those of us who prefer paper do. 

[Andypanda]

I noticed the same thing on my Sync Verizonn Visa.

[Anonymous]

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@Curious_George2 wrote:

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@Anonymous wrote:

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@Curious_George2 wrote:

. For me, charging for them feels insulting.

---

I don't quite understand this.   Clearly, they cost much more money than the electronic alternative, especially if the customer insists on sending in a check.

(I remember being tasked to evaluate various e-billing startups around 2007, when it was the next big thing, and for telecomm, the estimated cost of mailing out and receiving a mailed payment ranged between $5-$15 then.   The solution of course is to pay employees much less by outsourcing, but that's another story!)

And if "many" people are happy with receiving an electronic statement (and personally I much prefer to paper, and I can print if I need to) of course they are going to charge for an extra cost item.  No insult, just straight business.

---

It's not that hard to understand. I prefer paper statements. I have never paid a credit card company for them and I don't want to start. 

Shopping carts cost grocery stores a lot of money. Would you be happy to pay a cart fee to use them? 

Gas stations typically provide the tools to clean one's windshield, gratis. If one of your local spots started charging for them, would you be agnostic about this difference?

Banks have to pay human tellers a salary.  Would a human teller fee be okie-dokie to you?

I could go on. The point is, just like in those hypothetical examples, the typical practice in this country has always been to not charge a fee for paper statements. I get that people who prefer electronic statements wouldn't care. But those of us who prefer paper do. 

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What was hard for me to understand was taking it as "an insult".   Annoying, yes, insult not so much.

As for your examples: when I first came here, I was amazed to find you had to pay for carts at airports, as they were free elsewhere (possibly others have caught up now).  As for the teller fee, as early as 1995 banks were trying that  Need a Teller? A Big Bank Plans $3 Fee - The New York Times

Again, I understand the annoyance, I just didn't get why you viewed it as an insult rather than an attempt to make more money!

[mediocrebadguy]

Still didn't get this notice for any of my Sync cards (even though I primarily already do paperless). Finally learned that this practice is illegal in Pennsylvania. If you reside here, your paper statements are free (for now).