Synchrony sent me a CareCredit MasterCard

[FinStar]

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@Anonymous wrote:

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@FinStar wrote:

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@Anonymous wrote:

Unless you requested an upgrade, if it doesn't say anything about product change/upgrade you can assume that it will count as a new account. 

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@Anonymous  - It's been recently reported by a number of members that point to SYNCB recently changing their reporting methodology for V/MC upgrades. It appears as of last month, they no longer report as "new" tradelines and inherit the history from the predecessor store card.

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Ha, new to me then! Thanks for letting me know! You'd think that they would at least let you know, haha!

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Anytime!

It's actually news to all of us and a step in the right direction after all these years! But, yeah they definitely did not send us a Memo!

A variety of members noticed these changes on their CRs and that's how we were able to confirm those findings.

[NoMoreE46]

Seeing how the MII number is different looks like it will be reported as a new account.

For instance,

3###  = Amex

4### = Visa

5### = MC

6### typically is Discover but obviously used for store type cards too.

[FinStar]

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@NoMoreE46 wrote:

Seeing how the first set of numbers is different looks like it will be reported as a  new account.

Leading PAN 

3###  = Amex

4### = Visa

5### = MC

6### typically is Discover but obviously used for store type cards too.

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I disagree.  Plenty of store cards (non-SYNCB) have non-binned series and have not reported as new accounts.  Not to belabor the point, but recent SYNCB upgrades by other members have indicated that as well.

Other examples include, Nordstrom store > Norstrom Visa. Target Redcard > Target MC. [Capital One PLCC] Saks 5th Ave store > Saks 5th Ave MC. [Comenity] Ann Taylor store card > Ann Talyor MC.  None of the latter reported as new accounts by members who posted their DPs.

[SoCalGardener]

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@FinStar wrote:

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@Anonymous  - It's been recently reported by a number of members that point to SYNCB recently changing their reporting methodology for V/MC upgrades. It appears as of last month, they no longer report as "new" tradelines and inherit the history from the predecessor store card.

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But based on what the OP has said, this was not an upgrade. Among other things they said: "To clarify, I have a CareCredit account with a $4000 CL and Synchrony sent me an unsolicited CareCredit MC with the same $4000 CL... I have until March 31, 2022, to decide if I want to activate it."  They also noted the two cards have different numbers. When a store card gets upgraded to MC or V, the store card gets closed, right? That's not the case here.

[FinStar]

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@SoCalGardener wrote:

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@FinStar wrote:

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@Anonymous  - It's been recently reported by a number of members that point to SYNCB recently changing their reporting methodology for V/MC upgrades. It appears as of last month, they no longer report as "new" tradelines and inherit the history from the predecessor store card.

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But based on what the OP has said, this was not an upgrade. Among other things they said: "To clarify, I have a CareCredit account with a $4000 CL and Synchrony sent me an unsolicited CareCredit MC with the same $4000 CL... I have until March 31, 2022, to decide if I want to activate it."  They also noted the two cards have different numbers. When a store card gets upgraded to MC or V, the store card gets closed, right? That's not the case here.

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It is an upgrade if the OP decides to take the offer. I believe @Medic981 can clarify on whether they have decided to hold off or take the upgrade. So, yes, it is an offer to upgrade if the OP accepts. If the OP declines the offer, nothing happens -- OP keeps their original store account as is.  If the upgrade is accepted, SYNCB simply transfers any pending transactions from the store version to the upgraded MC. Often times, the upgraded MC/V typically comes with a higher limit than its predecessor. The switch is pretty much automatic and everything else is done behind the scenes.

Of the most recent reports, switching/upgrading/accepting the offer has resulted in no new account reporting. SYNCB simply replaces the store account number with the MC/V on CRs

[NoMoreE46]

Indeed- so I will take a step back and defer to @FinStar's insight on this. 

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@FinStar wrote:I disagree.  Plenty of store cards (non-SYNCB) have non-binned series and have not reported as new accounts.  Not to belabor the point, but recent SYNCB upgrades by other members have indicated that as well. Other examples include, Nordstrom store > Norstrom Visa. Target Redcard > Target MC. [Capital One PLCC] Saks 5th Ave store > Saks 5th Ave MC. [Comenity] Ann Taylor store card > Ann Talyor MC.  None of the latter reported as new accounts by members who posted their DPs.

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[Medic981]

@FinStar I am going to wait to accept Synchrony's and let my credit file cool off a bit. I went ahead and applied the Chase Freedom Unlimited that I have been eyeing before I went over my 5/24. I was approved for $12,300 so I am happy as a clam. As I do not want Chase to claw back my card, I am going to wait until my quarterly credit building day in March to decide to accept the offer or not. 

[Medic981]

My Synchrony CareCare card can be used at any gas pump that accepts Discover and it too starts with a 6000 series number as well.

[SoCalGardener]

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@FinStar wrote:

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It is an upgrade if the OP decides to take the offer. I believe @Medic981 can clarify on whether they have decided to hold off or take the upgrade. So, yes, it is an offer to upgrade if the OP accepts. If the OP declines the offer, nothing happens -- OP keeps their original store account as is.  If the upgrade is accepted, SYNCB simply transfers any pending transactions from the store version to the upgraded MC. Often times, the upgraded MC/V typically comes with a higher limit than its predecessor. The switch is pretty much automatic and everything else is done behind the scenes.

Of the most recent reports, switching/upgrading/accepting the offer has resulted in no new account reporting. SYNCB simply replaces the store account number with the MC/V on CRs

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I guess we'll wait and see what the OP ultimately reports.

Speaking strictly from my own experience, I've never had a store card that upgraded to a V/MC without my being informed/asked about it. IOW, I've always received notice that my store card was eligible for an upgrade, or was being upgraded, to a MC/V. In some cases I could accept, and then lose the store card, in others the transfer happened automatically--but never without prior notice. I mean I never had an 'upgrade' card show up in my mail without previously being notified of the upgrade.

[FinStar]

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@Medic981 wrote:

@FinStar I am going to wait to accept Synchrony's and let my credit file cool off a bit. I went ahead and applied the Chase Freedom Unlimited that I have been eyeing before I went over my 5/24. I was approved for $12,300 so I am happy as a clam. As I do not want Chase to claw back my card, I am going to wait until my quarterly credit building day in March to decide to accept the offer or not. 

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Thanks for the update @Medic981.  SYNCB has been doing some very interesting things as of late 🥸 

For the benefit of the community, would you be able to post an image of the letter you received accompanying the CareCredit MC? (you can mask or block out any personal information to ensure privacy). 

In the past, SYNCB would notify targeted individuals of the upgrade without sending a card until the upgrade was accepted. Granted, in your case, they've sent it out as an interesting marketing technique. On the upside, you were given the option and timeframe to accept the offer or leave things be (like you did) without changing anything.

And, congrats on your CFU approval btw!