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Synchrony Help!

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Valued Contributor

Re: Synchrony Help!


@oldman87 wrote:

Even though the late fee was waived, look out for penalty APR being applied.

 

Time to setup autopay for all your cards, if not for the full statement balance (if you're a transactor) at least for the minimum (if you're carrying balance), you can still make manual payments or edit the autopay if you need to. If it happened here, it's just a matter of time it happens again if you're managing everything manually, life can be unpredictable.


Yep, this is a life savor in situations like this.  What is interesting is that I don't think as many people use it as you would think.  I'm not sure if it's the flexibility one would think they have by controlling when to pay, or what it is.

                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 21 of 24
Valued Contributor

Re: Synchrony Help!


@RonM21 wrote:

@oldman87 wrote:

Even though the late fee was waived, look out for penalty APR being applied.

 

Time to setup autopay for all your cards, if not for the full statement balance (if you're a transactor) at least for the minimum (if you're carrying balance), you can still make manual payments or edit the autopay if you need to. If it happened here, it's just a matter of time it happens again if you're managing everything manually, life can be unpredictable.


Yep, this is a life savor in situations like this.  What is interesting is that I don't think as many people use it as you would think.  I'm not sure if it's the flexibility one would think they have by controlling when to pay, or what it is.


That's why stories like this continues to pop up.  Smiley Frustrated

Message 22 of 24
Highlighted
Regular Contributor

Re: Synchrony Help!

My experience with autopay is not so good. When I was paying down a bunch of debt and had a ton of accounts to pay, sometimes my checking account was a little lean. I also wasn’t making as much either so I had to pick and choose which to pay even the minimum payment. My banker suggested autopay and so I did. 1 bounced check led to many more and the overdraft fees were horrendous. It took me 2 weeks pay just to get it balanced out. Now once you get everything paid down then yes it does make sense. I had a lot of growing up and learning about money on the rough road to rebuilding credit and finances. Crazy thing is I came from a wealthy family. I was never taught about money nor was I taught the value of a dollar until I was a father myself at the age of 23.
Message 23 of 24
Valued Contributor

Re: Synchrony Help!

Obviously if you're having trouble funding the payment account even for minimum payments, you shouldn't be using autopay to begin with. Smiley Tongue

Message 24 of 24
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