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Tj Maxx MasterCard

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Regular Contributor

Re: Tj Maxx MasterCard

i have a paypal card discount tire  and also this tj maxx for years always paid over the minumus never had a problem this is the 1st time they have ever done anything like this 

Message 11 of 22
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Regular Contributor

Re: Tj Maxx MasterCard

i have read blogs where poeople  have a bunch of cards they closed at one time becuaes you they dont carry a balance so whats the right answer here if you pay in full your screwed if you have a balance your screwed whats the right answer with them 

Message 12 of 22
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Frequent Contributor

Re: Tj Maxx MasterCard


@lakerfan2011 wrote:

i have read blogs where poeople  have a bunch of cards they closed at one time becuaes you they dont carry a balance so whats the right answer here if you pay in full your screwed if you have a balance your screwed whats the right answer with them 


The answer is to always PIF when you can. People that have their TLs closed for non-usage normally let them remain dormant for sometimes years at a time. Use your cards, PIF, and the general rule of thumb to keep them from closing for non-use is to make at least a minimum charge on them once every 6 months or less. You don't need to carry an ongoing balance to keep them open. I understand that you've never had this issue with your Sync cards before, but current times are different than they have been in quite some time, and Sync seems to be taking steps to mitigate everything they deem a risk. Just remember it's not personal, mearly a computer spitting out predictions based on data trends. 


FICO 8 5/20 EX 730 EQ 721 TU 734
Message 13 of 22
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Community Leader
Mega Contributor

Re: Tj Maxx MasterCard

Better to pif if can to not only avoid interest  but not allow debt to accrue. If a lender closes a card and you still have balance you still have to pay or worry how to bt it away. 

Message 14 of 22
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Mega Contributor

Re: Tj Maxx MasterCard


@AverageJoesCredit wrote:

Better to pif if can to not only avoid interest  but not allow debt to accrue. If a lender closes a card and you still have balance you still have to pay or worry how to bt it away. 


Agree.   And in this case, Sync level interest on $5K must be somewhat significant

Message 15 of 22
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Valued Contributor

Re: Tj Maxx MasterCard


@longtimelurker wrote:

@AverageJoesCredit wrote:

Better to pif if can to not only avoid interest  but not allow debt to accrue. If a lender closes a card and you still have balance you still have to pay or worry how to bt it away. 


Agree.   And in this case, Sync level interest on $5K must be somewhat significant


I got curious about the APR and it's 27% 😱

 

If people are having trouble paying off the debts they already have, banks are less willing to offer more credit. So they cut your limit to lower their risk. No secret there.  

"Paying more than minimum" depending on how much that is, may barely be covering the monthly interest on $5k at 27% -- if that. 

 

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 16 of 22
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Community Leader
Mega Contributor

Re: Tj Maxx MasterCard


@longtimelurker wrote:

@AverageJoesCredit wrote:

Better to pif if can to not only avoid interest  but not allow debt to accrue. If a lender closes a card and you still have balance you still have to pay or worry how to bt it away. 


Agree.   And in this case, Sync level interest on $5K must be somewhat significant


Yeah, this was one reason i kept my Stnc cards at 0 at all times,  not only if they close the accounts, ive seen first hand, my Dad , what interest can do , especially once it starts snowballing. Sync has some good cards but one has to recognize their apr and avoid that pitfall.

Message 17 of 22
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Community Leader
Mega Contributor

Re: Tj Maxx MasterCard


@imaximous wrote:

@longtimelurker wrote:

@AverageJoesCredit wrote:

Better to pif if can to not only avoid interest  but not allow debt to accrue. If a lender closes a card and you still have balance you still have to pay or worry how to bt it away. 


Agree.   And in this case, Sync level interest on $5K must be somewhat significant


I got curious about the APR and it's 27% 😱

 

If people are having trouble paying off the debts they already have, banks are less willing to offer more credit. So they cut your limit to lower their risk. No secret there.  

"Paying more than minimum" depending on how much that is, may barely be covering the monthly interest on $5k at 27% -- if that. 

 


Yeah worse thing when you get caught up in the interest, even if you pay abit more than minimum,  you will never really pay it down since most of that payment goes toward the interest.

Message 18 of 22
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Valued Contributor

Re: Tj Maxx MasterCard


@AverageJoesCredit wrote:

@imaximous wrote:

@longtimelurker wrote:

@AverageJoesCredit wrote:

Better to pif if can to not only avoid interest  but not allow debt to accrue. If a lender closes a card and you still have balance you still have to pay or worry how to bt it away. 


Agree.   And in this case, Sync level interest on $5K must be somewhat significant


I got curious about the APR and it's 27% 😱

 

If people are having trouble paying off the debts they already have, banks are less willing to offer more credit. So they cut your limit to lower their risk. No secret there.  

"Paying more than minimum" depending on how much that is, may barely be covering the monthly interest on $5k at 27% -- if that. 

 


Yeah worse thing when you get caught up in the interest, even if you pay abit more than minimum,  you will never really pay it down since most of that payment goes toward the interest.


Right. That's more than $100 a month in interest alone. All of a sudden, those discounted brand name products end up costing more than at the actual brand retail store at full price. 

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 19 of 22
Highlighted
Valued Contributor

Re: Tj Maxx MasterCard


@AverageJoesCredit wrote:

@longtimelurker wrote:

@AverageJoesCredit wrote:

Better to pif if can to not only avoid interest  but not allow debt to accrue. If a lender closes a card and you still have balance you still have to pay or worry how to bt it away. 


Agree.   And in this case, Sync level interest on $5K must be somewhat significant


Yeah, this was one reason i kept my Stnc cards at 0 at all times,  not only if they close the accounts, ive seen first hand, my Dad , what interest can do , especially once it starts snowballing. Sync has some good cards but one has to recognize their apr and avoid that pitfall.


@AverageJoesCredit I don't pay interest, son. Smiley Very Happy


Message 20 of 22
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