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Venmo Credit card

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Regular Contributor

Re: Venmo Credit card

I'm in the same boat as you guys, even though I'd love a 3% catch-all cashback, Synchrony isn't my first choice. Although I do have two lines with them that are just fine and not constantly down-sized in CL.
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Message 21 of 63
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Established Contributor

Re: Venmo Credit card

 

 


@Azza wrote:
I'm in the same boat as you guys, even though I'd love a 3% catch-all cashback, Synchrony isn't my first choice. Although I do have two lines with them that are just fine and not constantly down-sized in CL.

I don't know why you guys don't like Synchrony, they may have best techonology , but they pretty good when it comes to giving credit limit increases and, they don't demand you use lot of credit line. If you don't carry balance and pay off balance using the phone system then you don't have problem. I been doing business since 2012 and never had problem and my credit limits had grown over years with no problems. I started with a Wallmart store card with credit limit of 700 and last year before it was transfer to capal one it was mmastercard with credit limit of 18K. I would say the interface and app, and the rewards is much better under captal one. Who wants to live in fair of your line beeiing cut not enough use or not beeing able to get cli and you can allways talk to live person for credit review try that with capatal one. I just got a 2K increase on my JCpenney card last week from 18K to 20K. I would say if you are going for a mortage or any credit which may need manmanually review then you may not want Synchrony show up on your credit reports people do look down on people who may have Synchrony  as creditor.

 

Message 22 of 63
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Frequent Contributor

Re: Venmo Credit card


@firefox100 wrote:

 

 


@Azza wrote:
I'm in the same boat as you guys, even though I'd love a 3% catch-all cashback, Synchrony isn't my first choice. Although I do have two lines with them that are just fine and not constantly down-sized in CL.

I don't know why you guys don't like Synchrony, they may have best techonology , but they pretty good when it comes to giving credit limit increases and, they don't demand you use lot of credit line. If you don't carry balance and pay off balance using the phone system then you don't have problem. I been doing business since 2012 and never had problem and my credit limits had grown over years with no problems. I started with a Wallmart store card with credit limit of 700 and last year before it was transfer to capal one it was mmastercard with credit limit of 18K. I would say the interface and app, and the rewards is much better under captal one. Who wants to live in fair of your line beeiing cut not enough use or not beeing able to get cli and you can allways talk to live person for credit review try that with capatal one. I just got a 2K increase on my JCpenney card last week from 18K to 20K. I would say if you are going for a mortage or any credit which may need manmanually review then you may not want Synchrony show up on your credit reports people do look down on people who may have Synchrony  as creditor.

 


There are people in this very forum who have perfect payment records, low utilization, everything is just fine who've still gotten 86'ed from all their Synchrony accounts. You're welcome to educate yourself here:

https://ficoforums.myfico.com/t5/Credit-Cards/Master-Synchrony-Account-Closure-Thread/td-p/6119157

 

Just because you've had a good experience doesn't mean everyone gets one. That being said, it's a bank using algorithms to manage their business during an economic downturn, and taking it personal doesn't make much sense. Just go find different lenders if it doesn't work out for you. I get not being happy about losing credit lines and wanting a lender who isn't fickle if you want a long term keeper for an account. A subprime lender is more likely to have sharp edges you might run into, and when it comes to Synchrony, it just might make sense to make sure you don't have too many eggs in that basket.

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Message 23 of 63
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Mega Contributor

Re: Venmo Credit card


@Matt9543 wrote:

https://www.synchronycredit.com/gecrbterms/html/RewardsTerms.htm

(Apologies if this is not allowed to be linked)

This link explains what is counted as eligible purchases. It also says sending money to people via Venmo is considered an "Eligible Purchase" which will receive 1% cash back. It sounds like it will not code as a cash advance, which could help people out with sending money that way. Anything that is not under one of the topics just gets 1% back.


Also note the $10K a year limit on combined 3%/2% spend.     So if you maxed out the 3% category, you would get just a $100 a year more than on a 2% card..   Maybe enough for some to get a new card, but....

Message 24 of 63
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Community Leader
Mega Contributor

Re: Venmo Credit card


@firefox100 wrote:

 

 


@Azza wrote:
I'm in the same boat as you guys, even though I'd love a 3% catch-all cashback, Synchrony isn't my first choice. Although I do have two lines with them that are just fine and not constantly down-sized in CL.

I don't know why you guys don't like Synchrony, they may have best techonology , but they pretty good when it comes to giving credit limit increases and, they don't demand you use lot of credit line. If you don't carry balance and pay off balance using the phone system then you don't have problem. I been doing business since 2012 and never had problem and my credit limits had grown over years with no problems. I started with a Wallmart store card with credit limit of 700 and last year before it was transfer to capal one it was mmastercard with credit limit of 18K. I would say the interface and app, and the rewards is much better under captal one. Who wants to live in fair of your line beeiing cut not enough use or not beeing able to get cli and you can allways talk to live person for credit review try that with capatal one. I just got a 2K increase on my JCpenney card last week from 18K to 20K. I would say if you are going for a mortage or any credit which may need manmanually review then you may not want Synchrony show up on your credit reports people do look down on people who may have Synchrony  as creditor.

 


Why would they look down on me for having Sync as a lender? A bank card is a bank card regardless of lender and we shouldnt try and pick lenders based on what " some  underwriter"  might think especially given   that banks only care about their money being paid.  For record i like Sync , all my payments post fast and ive been given adequate limits for my pay/ spend. If they close them all, ill use another cc. Smiley Wink

Message 25 of 63
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Regular Contributor

Re: Venmo Credit card


@firefox100 wrote:

 

 


@Azza wrote:
I'm in the same boat as you guys, even though I'd love a 3% catch-all cashback, Synchrony isn't my first choice. Although I do have two lines with them that are just fine and not constantly down-sized in CL.

I don't know why you guys don't like Synchrony, they may have best techonology , but they pretty good when it comes to giving credit limit increases and, they don't demand you use lot of credit line. If you don't carry balance and pay off balance using the phone system then you don't have problem. I been doing business since 2012 and never had problem and my credit limits had grown over years with no problems. I started with a Wallmart store card with credit limit of 700 and last year before it was transfer to capal one it was mmastercard with credit limit of 18K. I would say the interface and app, and the rewards is much better under captal one. Who wants to live in fair of your line beeiing cut not enough use or not beeing able to get cli and you can allways talk to live person for credit review try that with capatal one. I just got a 2K increase on my JCpenney card last week from 18K to 20K. I would say if you are going for a mortage or any credit which may need manmanually review then you may not want Synchrony show up on your credit reports people do look down on people who may have Synchrony  as creditor.

 


I assume a lot of people are furious when Syncrhony closed a lot of their credit cards. It was often too with people that had excellent credit history, excellent credit scores, very high credit limits like 25k - 50k limits, so I can imagine those people have basically turned against Sychrony now after they did this to them.

 

Though I will say that's not a good enough reasons if so people are telling people to stay away or say they're bad in the similar sense of Well's Fargo in how they handle business.





Message 26 of 63
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Regular Contributor

Re: Venmo Credit card

This sounds good, but I am not a huge fan of letting the computer choose my categories only because it also decides what those categories are. What if they decide later that Cable/Internet should get it's own category seperate from Bills/Utilities (After you already paid your cable bill)? What is the difference between  "travel"  and "transportation"? What's the difference between "Dining/Nightlife" and "Entertainment"? What's stopping them from tinkering with stuff when they have categories that are so close together to make sure you don't get 3%? 

 

I don't see the big hassle in picking your categories a few times a year, especially since it is done in the same place you pay your bill.

Message 27 of 63
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Established Contributor

Re: Venmo Credit card

I am not going to defend Synchrony bank but even non sub prime lenders and credit card companies have pull the same crap. American Express back in 2008 Closed some of there best accounts because some of there card holders all of sudden started shopshopping at Walmart, some bright eyed Kid with a ms said if you started shopping at Walmart and you never had put Walmart charge on your Amex card before then you must have financial problems. They had lot of bad press over that move.

 

Just for infoinsurance score models don't like department store credit cards and if you are going for certain jobs could hurt you if sub prime lender shows up on your credit reports.

Message 28 of 63
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Community Leader
Mega Contributor

Re: Venmo Credit card


@vic6string wrote:

This sounds good, but I am not a huge fan of letting the computer choose my categories only because it also decides what those categories are. What if they decide later that Cable/Internet should get it's own category seperate from Bills/Utilities (After you already paid your cable bill)? What is the difference between  "travel"  and "transportation"? What's the difference between "Dining/Nightlife" and "Entertainment"? What's stopping them from tinkering with stuff when they have categories that are so close together to make sure you don't get 3%? 

 

I don't see the big hassle in picking your categories a few times a year, especially since it is done in the same place you pay your bill.


What are you talking about? It picks the best category based on what you spent your money on. On another card, if you choose dining and end up putting way more from utilities on the card, you're sol, but this card will choose utilities because that's where you spent the most money. It automatically gives you the best category to maximize your rewards.

 

As for modifying the categories, you act like disco, us bank, and chase have never done it. What's to stop them from modifying what counts for a category after you've chosen it?







Message 29 of 63
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Moderator Emeritus

Re: Venmo Credit card

I don't have a Venmo CC offer.  Yet.  And yes, even after my massive Sync purge, I'd consider it.  



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