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cj123

PayPal becomes- synchrony

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Ugh Ive had this hidden account for years.. I wonder will it report now since the change would be ashame... guess I gotta pay and close if it does!

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Is it 0% interest? Hidden TLs are only useful for the intro 0% period. Or for large purchases that you don't want to have to pay before the statement cuts.

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HTLs can be a helpful tool, closing doesn't offer any benefit, if they eventually report.

Yeah I liked it better didnt ding my score if I held a balance

Is it 0% interest? Hidden TLs are only useful for the intro 0% period. Or for large purchases that you don't want to have to pay before the statement cuts.

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Its 0% first 6 months but it holds onto the interest if you dont pay but also shows you so thats helpful! I liked that its hidden hopefully stays that way!

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Unless I have missed an email, there are still two versions of PayPal credit, one of which has and should remain hidden. The other is the Smart Connect or whatever they call it that is managed by Synchrony.

 

The regular PPC is great by virtue of being hidden and that they typically have a 0% with no payments for six months on MOST purchases over a set amount. I typically stick an airline ticket on there about every eight or nine months just to keep it active.

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I don't have any notice that my PayPal credit is converting... where did you see this?

I received notice in the mail that the PayPal will now be owned by synchrony, Im not sure how to add a link but u can google it!

Edited by cj123

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I hope so, cause it's the only account I have maxed out right now since it's hidden .. If they give me 3-4 months it will get paid off in full..

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I received official notification (a letter in the mail) today that my PayPal credit account would be switched from Comenity Capital over to Synchrony. Letter states this will be effective July 2 and includes a new privacy policy. Just an FYI for others who may have this account. Loved this account as it was hidden but unsure if itll stay as such; will pay off just in case.

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For anyone still carrying a balance, did you get a notice that minimum monthly payments would now be required to retain the 6 months no interest?

I’m curious as to why Synchrony is able to convert 6 months no payments no interest  to 6 months no interest only and demand monthly payments.  The way it’s worded, it appears if you miss a monthly payment, all the interest comes due.  Additionally, they ratejacked everyone from around 19% to around 25%.

PayPal credit used to be a good tool.  It appears it is becoming far riskier under Synchrony.  

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I just went and signed in - I got a popup notice that a monthly payment will now be required for the 6 months no interest balances.  It doesn't really affect me tho b/c I always divide up the balance and pay ⅙ of it anyway.  I hope it continues to remain hidden tho - my util on it is over 50%!  If it starts to report, I'll have to pay most of it off to get it under 10%.  

 

We’ve changed how PayPal Credit works

You still get No Interest if paid in full in 6 months on purchases of $99 or more. What changed? A minimum monthly payment now applies to all purchases.

This is included in your minimum payment due.

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1 hour ago, IOwe-IOwe said:

Additionally, they ratejacked everyone from around 19% to around 25%.

 

They may have unfortunately ratejacked you, but they didn't ratejack me.  I'm still at 19.99%.

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