Synchrony Card Promotional Interest Rate

[ayeecorreia]

Hello all,

I goofed up. My promotional rate (1 year) expired May 9th and my statement cut the 13th. I was hit with an interest charge of a little over $400 from the beginning of the purchase. 

I mislabeled the date in my bills, I am prepared to deal with the consequences, however I wanted to see if anyone has had luck with reaching out to them via phone to pay in full after statement cuts and get forgiveness on the interest? I'd pay in full tomorrow when I call if there's any chance,

Also, has anyone seen any recent forgiveness due to COVID-19 with Synch?

thanks

[Jnbmom]

Unfortunately I don't think they will budge on it😞

[revjamesl]

I would hope they extend grace during this pandemic. I would acknowledge that fact with them too.

Best of luck!

[K-in-Boston]

Ouch.  That really is a painful lesson.  I don't think they will as it's one of the primary ways the card is profitable for them.  If you are able to get them to offer something, please let the community know.

I know it doesn't help your current situation, but for anyone taking advantage of Synchrony 0% for xx months promotions, one thing they do exceptionally well on their website is making clear the remaining balance, accrued (but deferred) interest so far, and expiration on all promotional purchases.

[ayeecorreia]

Update:

I called tonight (i thought they were closed) and informed the rep that I needed relief due to COVID-19 and my wife being out of work (which is actually true) and wanted to see if I could make the payment over the phone. She was helpful and waived all interest fees as long as I paid the full remaining balance. Paid almost $1000, however much rather do that then pay over $400 in additional fees. Also, now that card is paid off  

[Anonymous]

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@ayeecorreia wrote:

Update:

I called tonight (i thought they were closed) and informed the rep that I needed relief due to COVID-19 and my wife being out of work (which is actually true) and wanted to see if I could make the payment over the phone. She was helpful and waived all interest fees as long as I paid the full remaining balance. Paid almost $1000, however much rather do that then pay over $400 in additional fees. Also, now that card is paid off  

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A case in point why I think deferred interest is a horrible idea esp at sync sub-prime near 30% rates. 

Quite surprising for sync actually to do this. I think they probably figured may as well try to get money now before the account could possibly become something they charged off due you saying screw it. 

With that said tho hopefully you don't have AA on the account now requestining relief...

[ayeecorreia]

AA on the account? I'm not sure what you mean.

Also, I do not think they even applied relief, because then they would defer payments/reduce. They merely refunded the interest because I made the payment.

[K-in-Boston]

That is an awesome outcome!  Thank you for updating us.

[Anonymous]

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@ayeecorreia wrote:

AA on the account? I'm not sure what you mean.

Also, I do not think they even applied relief, because then they would defer payments/reduce. They merely refunded the interest because I made the payment.

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Hum.. Yeah it could have been just that. 

As for AA sync has been shutting down accounts due to the pandmic around here and slashing limits for various reasons. Sounds like that wont happen to you here then hopefully... 

[ayeecorreia]

Ah! got it thanks for the info. No there was no talk of closing fortunately.