Synchrony Bank CLOSED all of my accounts without warning!

[SUPERSQUID]

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@OmarGB9 wrote:

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@SchnauzerMan wrote:

It's very easy to  have 23 credit cards with synchrony bank because they do all of the store credit cards like Amazon, Lowes, Care Credit, Haverty's, Harbor Freight, JC Penny, TJ Max, and countless more.  I never ever carried a balance on any of my store credit cards.  The reason why I had so many store credit cards is for the fact that you have to have their store credit card in order to participate in their rewards program!

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That's not true. You can be a part of a store's rewards program without having their card. Their card may give additional benefits, but you can still participate in their program, at least at a basic level.

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Omar is right, Some stores give a seperate discount card, example. I used to have the big lots credit card and the store gave me a seperate discount card. later i closed the cc but still have the discount card which is vakid for discounts etc

[TimFlorida]

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@SUPERSQUID wrote:

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@OmarGB9 wrote:

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@SchnauzerMan wrote:

It's very easy to  have 23 credit cards with synchrony bank because they do all of the store credit cards like Amazon, Lowes, Care Credit, Haverty's, Harbor Freight, JC Penny, TJ Max, and countless more.  I never ever carried a balance on any of my store credit cards.  The reason why I had so many store credit cards is for the fact that you have to have their store credit card in order to participate in their rewards program!

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That's not true. You can be a part of a store's rewards program without having their card. Their card may give additional benefits, but you can still participate in their program, at least at a basic level.

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Omar is right, Some stores give a seperate discount card, example. I used to have the big lots credit card and the store gave me a seperate discount card. later i closed the cc but still have the discount card which is vakid for discounts etc

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Then again Best Buy just nerfed any rewards points unless you have their credit card.  (Though Best Buy isn't a Sync card.)

[OmarGB9]

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@TimFlorida wrote:

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@SUPERSQUID wrote:

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@OmarGB9 wrote:

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@SchnauzerMan wrote:

It's very easy to  have 23 credit cards with synchrony bank because they do all of the store credit cards like Amazon, Lowes, Care Credit, Haverty's, Harbor Freight, JC Penny, TJ Max, and countless more.  I never ever carried a balance on any of my store credit cards.  The reason why I had so many store credit cards is for the fact that you have to have their store credit card in order to participate in their rewards program!

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That's not true. You can be a part of a store's rewards program without having their card. Their card may give additional benefits, but you can still participate in their program, at least at a basic level.

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Omar is right, Some stores give a seperate discount card, example. I used to have the big lots credit card and the store gave me a seperate discount card. later i closed the cc but still have the discount card which is vakid for discounts etc

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Then again Best Buy just nerfed any rewards points unless you have their credit card.  (Though Best Buy isn't a Sync card.)

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Wow I did not know that. Bummer. I love BBY. In any case, yes, they aren't Synch, but  my post is still valid: you can still participate in the MyBBY program at a basic level even without the CC. But of course as you noted, you no longer earn points which in turn means no reward certificates. 

[Zoostation1]

A bit off topic but relevant to the BBY part.  When BBY first nerfed the rewards program in early 2022 I was at Elite Plus level with the 45 day return window after building my PC.  That go around we all lost our status card holder or not and everyone became what was the lowest tier.  They also reduced the point rewards a bit for card holder. This year they got rid of rewards for anyone who doesn't have either the store card (Citi) or the Citi BBY Visa.  No more BBY rewards for me.  I burned Citi bad enough that I'm probably out for life with them on core cards and maybe on the retail side too. 

[Anonymous]

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@privacyadvocate69 wrote:

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I avoid "store cards" like the plauge. I see them as (a word that some people would probably cry and moan about) cards.  IMHO, the only reason to have them is inability to get anything else, or to take advantage of some 0% offer out of convenience.  We don't have anything issued by a company like Synchrony.

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This is often rehashed here.    There is general agreement, except among those very new to rebuilding, avoid store cards for stores that you never go to, e.g. (using the shopping card trick to build credit).   And then avoid store cards even at stores you do use, if the store cards add little value.  (Could you do better with a standard bank credit card for example).     That leaves a handful of cards that are regarded fairly positively here.

a) Target.  5% off, delivery enhancements etc.  Personally, I use the debit card which has identical benefits but you have to link it to a "safety" bank.

b) Lowes: high credit limit, good discounts, and very useful for biggish projects.

c) Amazon store card, 5% or good payment options.  Alternative to Chase Amazon Visa for those cut out of Chase because of 5/24.  (You lose the Whole Foods discount)

and doubtless a few others.

These are certainly comparable to a bank credit card.

[Gregory1776]

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@OmarGB9 wrote:

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@SchnauzerMan wrote:

It's very easy to  have 23 credit cards with synchrony bank because they do all of the store credit cards like Amazon, Lowes, Care Credit, Haverty's, Harbor Freight, JC Penny, TJ Max, and countless more.  I never ever carried a balance on any of my store credit cards.  The reason why I had so many store credit cards is for the fact that you have to have their store credit card in order to participate in their rewards program!

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That's not true. You can be a part of a store's rewards program without having their card. Their card may give additional benefits, but you can still participate in their program, at least at a basic level.

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I'd hate to see your email. Let alone spam box. 

I hate the fact that I have one store card and want to get rid of it so bad. 23, that's begging for identity theft lol. 

im the person to say just use a 2% card. The credit excitment doesn't exist in me anymore. 

[AMJ50]

I limit my Synchrony cards to 3 and only once asked for a small cli. 

[crystal626]

23!

Here I am sitting with 24 personal cards total.

That's impressive.

[Shooting-For-800]

Please give us more data.

Credit scores?

New cards?

New higher balances?

New inquiries?

Income?

etc.

Welcome to the forum; you will learn a ton here!

[Brian_Earl_Spilner]

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@privacyadvocate69 wrote:

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@Brian_Earl_Spilner wrote:

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@privacyadvocate69 wrote:

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Having more than 3 cards from one bank with high limits puts you in the red zone. 

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Maybe, for a crappy company like Synchrony.

I've had three accounts with Citi with a total limit of > $82K, for YEARS, with no issues.  I only actively use one of them too.

I've got 4 accounts with Chase, with a total limit of > $100K, no isues. They just approved me for a card last month.

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Hopefully nothing changes for you financially because both of those lenders will take AA swiftly. Citi will do it so fast your head will spin and they can be extreme. Best case scenario is they only balance chase you to a certain amount. And Citi has no problem telling you to your face you're just a number on their spreadsheet. 

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What do you mean, "balance chase" ?

I fully expect ANY company to tell me I'm just a number to them. What else would I be?

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As you pay down your balance they'll lower your limit to just above the new balance keeping it maxed out. They may do it to a point and then stop when the limit gets to something they're comfortable with or they may do it until it's basically paid off and close the card. I've personally experienced this with citi. Reason was I didn't pay it down fast enough for them. The timeline was 2 statements. The first with the new balance and a month later. 

As for calling you just a number, most companies say you're a valued customer. Citi, on the other hand, will tell you point blank they don't care about circumstances, all they care about are the raw numbers. Once you get past customer service, that is.