The Synchrony Effect

[Adkins]

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@K-in-Boston wrote:

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@Credit_hawk wrote:

I'd like everyone's opinion on the language of the text. Is synch changing the promo to 6 months interest free with monthly payments and slashing the rest?

Also, it seems my interest rate is staying at 19.99% unlike, I think, Average Joe who said his was increased. Does everyone else's (who got the letter so far) letter look similar? 

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Still haven't received my letter, but thank you for posting yours.  Yes, it looks like for purchases made prior to July 2nd under the "no payments no interest" program, the terms will remain the same.  For purchases after July 2nd, it'll work the same as Amazon and Lowe's accounts (and many others, but those are the ones I have) currently work where you have a minimum payment each month, and if you pay the full promo off prior to the 6 months it is interest free, but if it is not paid you will be charged all of the deferred interest since the purchase date.  It also looks like they will offer Equal Pay plans on some purchases like they do now on their other cards.

I'll 2nd that I will be quite unhappy if it is reported as a new account opened in July rather than backdated to ~2000 when I opened it (can't remember the exact year and obviously I can't check the dates on my credit reports, but this was a BillMeLater account).

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Yes, this is really, really what I want to know also! If it backdated, ok. If not, nope, nope, nope, nope, nope, nope, nope! 

[tcbofade]

Not to be unkind, but Synchrony has been consistant on this one.

If any of you are sensitive to a new account showing up on your credit reports, you want to close your accounts NOW.  Once Synch takes over, a new account WILL be established with a NEW account open date and closing it then will be too little to late.

... I don't have a horse in this race, just warning those who do. 

[simplynoir]

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@tcbofade wrote:

Not to be unkind, but Synchrony has been consistant on this one.

If any of you are sensitive to a new account showing up on your credit reports, you want to close your accounts NOW.  Once Synch takes over, a new account WILL be established with a NEW account open date and closing it then will be too little to late.

... I don't have a horse in this race, just warning those who do. 

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I concur with this. Example is back before Synch took over the Walmart cards any upgrades would be processed with the same account/credit stats with no change to your credit profile. But ever since any processed account changes have new tradelines and that's across all products from said Walmart to JCPenney and so on. Sync might be nice and give customers the option to accept the upgrade/new account contingent upon activating the card first but who knows with them honestly.

[K-in-Boston]

Does anyone know how to cancel?  I can't find anything in my PayPal account, other than actually closing my PayPal account itself (no way, I'm Member Since 1999: pre-eBay).  If it's more likely than not that it will be added as a new account, I'd rather not take the risk as it's certain that I will app in August for the SPG Luxury if the upgrade bonus isn't great and/or YTD spending on the current SPG doesn't count toward the $75k spend for Platinum Elite status (as luck would have it, I'm actually on track to have more than $75k spend for 2018 some time in the fall).  My CL is only $1900, and I don't really have any pressing need for the account as I'm fortunate to have a lot of other options.

[Adkins]

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@K-in-Boston wrote:

Does anyone know how to cancel?  I can't find anything in my PayPal account, other than actually closing my PayPal account itself (no way, I'm Member Since 1999: pre-eBay).  If it's more likely than not that it will be added as a new account, I'd rather not take the risk as it's certain that I will app in August for the SPG Luxury if the upgrade bonus isn't great and/or YTD spending on the current SPG doesn't count toward the $75k spend for Platinum Elite status (as luck would have it, I'm actually on track to have more than $75k spend for 2018 some time in the fall).  My CL is only $1900, and I don't really have any pressing need for the account as I'm fortunate to have a lot of other options.

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Here's a customer service number:

Is there a number I can call if I have additional questions?

Yes there is. Our customer service department is available to assist you with your PayPal credit related issues. Please call us at 1-866-528-3733 and we will do our best to help.

[Adkins]

Odds are I will be cancelling my account. I do not want a new account showing up and **bleep**ing up my AAOA, especially if it's not backdated. I'd rather increase my credit limit on other synchrony cards. Since I just put a tennis shoe order on it, I have to wait and see how they fit. 🙄

[jlitnns]

I haven't seen any communication yet. They better get it over, I think I'll dump it, I have close to $5k limit here but don't want a new account, let alone Sync. I wonder if this is why they are pushing people to app for the MC they offer, maybe they're going to convert it?

[belle6m2k]

Just curious if anyone else is going to close their account. In the mail today I recieved the new changes to the accounts and they will no longer offer the no payment /no interest for 6 months defered billing. As I only have about 200 dollars left to pay on a defered charge I think I am going to pay it off and close the account considering it is a hidden trade line and will not effect my score any. I am not a fan of Sychrony and their policies.

[Anonymous]

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@Credit_hawk wrote:

I'd like everyone's opinion on the language of the text. Is synch changing the promo to 6 months interest free with monthly payments and slashing the rest?

Also, it seems my interest rate is staying at 19.99% unlike, I think, Average Joe who said his was increased. Does everyone else's (who got the letter so far) letter look similar? 

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Hey Credit_Hawk,

First, thanks for that my friend.

And as for the rest, the way you read it is the way I'm reading it - that the old $99 deal is finished as of the 2nd of July.

I'm seriously thinking of shutting it down if it's going to be considered a revolver. If it was a loan with no new Inquiry.... I would consider keeping it. But of course they are telling us everything.

That hidden trade line was handy... Sheessh

[Anonymous]

Looking on Paypal under the investor relations tab at the bottom of the page, I had seen this posted on 04/25/2018:

Forward-looking statements

This press release contains forward-looking statements relating to, among other things, the future results of operations, financial condition, expectations and plans of PayPal Holdings, Inc. and its consolidated subsidiaries that reflect PayPal's current projections and forecasts. Forward-looking statements can be identified by words such as "may," "will," "would," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "plan," "project," "forecast" and other similar expressions. Forward-looking statements include, but are not limited to, statements regarding projected financial results for the second quarter and full year 2018, and projected future growth of PayPal's businesses. Forward-looking statements are based upon various estimates and assumptions, as well as information known to PayPal as of the date of this press release, and are inherently subject to numerous risks and uncertainties. Accordingly, actual results could differ materially from those predicted or implied by forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: changes in political, business, economic, market and trade conditions, including any regional or general economic downturn or crisis and any conditions that affect payments or e-commerce growth; fluctuations in foreign currency exchange rates; the competitive, regulatory, payment card association-related and other risks specific to the PayPal, PayPalCredit, Braintree, Venmo, Xoom and other products, especially as PayPal continues to expand geographically and introduce new products and as new laws and regulations related to payments and financial services come into effect; the impact of PayPal's customer choice initiatives, including on its funding mix and transaction expense; PayPal's ability to successfully compete in an increasingly competitive environment for its businesses, products and services, including competition for consumers and merchants and the increasing importance of mobile payments and mobile commerce; the outcome of legal and regulatory proceedings and PayPal's need and ability to manage regulatory, tax and litigation risks as its products and services are offered in more jurisdictions and applicable laws become more restrictive; changes to PayPal's capital allocation or management of operating cash; uncertainty surrounding the implementation and impact of the United Kingdom's formal notification of its intent to withdraw from the European Union; cyberattacks and security vulnerabilities in PayPal products and services that could disrupt business, reduce revenue, increase costs, harm us competitively, or lead to liability; the effect of management changes and business initiatives; any changes PayPal may make to its product offerings; the effect of any natural disasters or other business interruptions on PayPal or PayPal's customers; PayPal's ability to timely upgrade and develop its technology systems, infrastructure and customer service capabilities at reasonable cost; PayPal's ability to maintain the stability, security and performance of its Payment Platform while adding new products and features in a timely fashion; the risk that the planned transaction with Synchrony Financial will not be completed or that we may not realize the expected benefits of the transaction; risks that planned acquisitions will not be completed on contemplated terms, or at all, and that any businesses PayPal may acquire will not perform in accordance with its expectations; and PayPal's ability to profitably integrate, manage and grow businesses that have been acquired or may be acquired in the future. The forward-looking statements in this release do not include the potential impact of any acquisitions or divestitures that may be announced and/or completed after the date hereof.

Does this mean that the papers are not Fully signed yet and Sync can still back out of the deal, so hence i don't have to run and pay off Paypal Credit quite as fast?

https://investor.paypal-corp.com/releases.cfm