For background, I've never had any kind of card issued by Synchrony Bank. In general I don't like store cards and have none in my portfolio. But I need a couple of sets of new tires, and America's Tire (Discount Tire) is offering 0% interest on tire purchases if you open a Synchrony Car Care card. I got pre-qualified on their site and am considering applying.
But I've read about all the recent Synchrony card abrupt closures. I don't want that to happen to me! Would you recommend applying for a Synchrony card today? My use of the card would be pretty limited.
I'm one of the ones that had SynchB close all my accounts without warning and that was with never ever being late on any payment ever. I will never do business with them again.
We app'd for a Lowe's card 2 weeks ago, so for me, yes. That said, I wouldn't app for another one on my profile, and we probably won't get another one on DW's profile. It seems the massive shutdowns have been people with a lot of cards and exposure, so I'm not getting any more than the 2 cards I have. We have some home repairs and remodeling coming up, so getting the Lowe's card made sense.
I won't put ourselves in the position that a Sync shutdown would hurt us though, and I certainly can't blame anyone that has got shutdown for never doing business with them again.
I wouldn't open any store cards I wouldn't have any use for. That being said, I've had my share of Synchrony cards - especially during me rebuild, they were one of the few lenders that let me in - but I've whittled them down to just the few I have left. I've not had any problems with them, nor do I have a crazy amount of exposure - 3 accounts at $40k total - so opening a card with isn't going to hurt you.
That being said, you might also be able to find a 0% interest offer with a card you already have - Discover is usually good for this if you haven't gotten one in awhile - or opening a new major credit card that may be on your wish list. I find opening a new credit card rather than store card is a much better bet.
There's not much in their portfolio that I find attractive enough to risk getting burned the way I've seen happen to many people here. I almost apped for a PayPal MC but decided not to when they added foreign transaction fees.
The only card of theirs now that I might go for is the Verizon card, but solely so I could pay my phone bill with a card while enjoying the autopay discount, since that's the only credit card that qualifies. I have other stuff I'd rather get first, though.
Get that Discount Tire card - it is worth it if you have multiple vehicles, as paying off tire purchases at 0% interest over 6 months is a great deal
just keep it to that one (or two) Synchrony cards and you should be just fine
CLI every 6 months, but maybe stop after you hit $10k
i did have 5 cards closed by them, so i wont do business them again - but that doesn't mean you shouldn't if you don't already have any cards
I'm similar to you, @ridgebackpilot. Never had a Synchrony card. Dislike store cards and got rid of most of that type (included co-branded cards) except for my Costco card. While I think there is "more to the story" in some of the mass closings, I also distrust Synchrony's lending model based on how I've seen them treat other customers. (Approving large limits relative to profile and then mass shutdowns of the accounts seems irresponsible and poorly executed, IMO.)
Still, if I would benefit from a short-term offer such as two sets of tires at 0% APR, I probably wouldn't rule them out. But I would pay it off as agreed and promptly close that account at consumer request.
I believe the main cards they offer that have made me think twice have been the Lowe's card and the Verizon Visa, since I use Verizon. Lender diversity is always important to prevent any single one from having too large of an impact to our profile. Due to their history with other customers, if I ever got a long-term Synchrony card I would probably limit it to just one or two selected cards.
If you need it for the tires, just apply for Paypal credit (Seperate from the 2% MC card) and that won't be as limited as the Car Care card. It's still Syncrony thats subject to issues but you'll have more options for how to use it via paypal.
I would not open a store card, quickly they add up and become hard to manage; in addition, they provide no use other than at that specific store that offers it.
Check if your local credit union has a loan offer for you, either 0% APR or a low one. I think that is a better approach and might work better for your credit (paying an installment loan) than paying a credit card.