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Paypal Credit to be Acquired by Synchrony Financial

Valued Contributor

Paypal Credit to be Acquired by Synchrony Financial

This was just released yesterday, thanks to MASTERNC for giving the heads up in another thread.

 

https://www.paypal.com/stories/us/expanding-our-relationship-with-synchrony-financial

 

In a way it has never made sense to me why two banks have issued their different credit products.  Synchrony has already issued their Mastercard for years, but Comenity has backed the account credit line (formerly bill me later). Looks like they are consolidating through one financial institution going forward.

 

I wonder how this will affect those of us that have enjoyed this hidden little tradeline.  I wonder what might change.

 

The transaction is expected to be finalized in Q3 of 2018



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8 REPLIES 8
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Established Contributor

Re: Paypal Credit to be Acquired by Synchrony Financial

I'm not happy about this.

This will bring me up to four Synchrony accounts. Which worries me. In addition the customer service with PayPal credit/ commenity has been awesome. When I can find Synchrony to be lacking at times.
AAOA 15 months Fico 08's 714 717 678 11% Utilization
Message 2 of 9
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Super Contributor

Re: Paypal Credit to be Acquired by Synchrony Financial

 

This could open the door to people who have a relationship with Synchrony already to get a PayPal account which is great as a non reporting credit line.  IMHO I don't see any effect happening unless you ran a foul of Synchrony before.

2/11/2020: FICO 843 EQ 848 TU 850 EX
Message 3 of 9
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Senior Contributor

Re: Paypal Credit to be Acquired by Synchrony Financial


@TheCreditGame wrote:

This was just released yesterday, thanks to MASTERNC for giving the heads up in another thread.

 

https://www.paypal.com/stories/us/expanding-our-relationship-with-synchrony-financial

 

In a way it has never made sense to me why two banks have issued their different credit products.  Synchrony has already issued their Mastercard for years, but Comenity has backed the account credit line (formerly bill me later). Looks like they are consolidating through one financial institution going forward.

 

I wonder how this will affect those of us that have enjoyed this hidden little tradeline.  I wonder what might change.

 

The transaction is expected to be finalized in Q3 of 2018


I wonder how this will affect those of us who have both PayPal Credit and PayPal Cashback Mastercard? Synchrony has always just allowed one PayPal credit card. And how it will affect those of us who have multiple Synchrony accounts? I have Walmart & Lowes store cards + PP Cashback MC, so this would make a 4th Synch account.

 

And I've never cared for the hidden tradeline. I've never charged a huge amount on PP Credit that it would affect my utilization if reported, and PP Credit would be my oldest tradeline by far if it ever reported - opened in 2007 as Bill Me Later.


Message 4 of 9
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Moderator

Re: Paypal Credit to be Acquired by Synchrony Financial

oh shiz. is this no longer going to be hidden as part of the deal?  Guess i will pay off my 0 percent promos prior to the acquition and if it isnt hidden it is of no use to me any longer.. They better also backdate it if it become unhidden and not as a new account

Message 5 of 9
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Moderator Emeritus

Re: Paypal Credit to be Acquired by Synchrony Financial


@CreditCuriousity wrote:

oh shiz. is this no longer going to be hidden as part of the deal?  Guess i will pay off my 0 percent promos prior to the acquition and if it isnt hidden it is of no use to me any longer.. They better also backdate it if it become unhidden and not as a new account


This really sucks if it’s no longer hidden.  Like you I just won’t use the card even though they just raised my limit to $7500.  I hate this change.

Message 6 of 9
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Valued Contributor

Re: Paypal Credit to be Acquired by Synchrony Financial

not the only bad news Final visa also closing all accounts in 2018 just broke the bad news sorry for that and my PP credit is now 10700$ limit with 10k balance darn .......

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Message 7 of 9
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New Contributor

Re: Paypal Credit to be Acquired by Synchrony Financial

Sorry to bump old thread, but it appears that the transaction of Comenity to Synchrony is finalized. Today I got a letter from Comenity, starting July 2 Paypal Credit will be taken over by Synchrony, with a huge raise on APR from 19.99 to 25.49 percent.

 

I don't like it, maybe I will pay off the entire line and close it. I already have four Synchrony cards and a fifth one doesn't sound right.

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Store Cards:

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Gardening until Jan. 2020!
Message 8 of 9
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Frequent Contributor

Re: Paypal Credit to be Acquired by Synchrony Financial

My payment posted this morning, and I’ve closed out the account. Good riddance.

Message 9 of 9
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