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Synchrony introduces the Synchrony Plus World Mastercard


Sidewinder
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It's not like I don't already know the answer to this, but what's the low-down on this card from the CB hive?  I've gotten a pre-approval offer in the mail and it's headed to the circular file.

 

I just wonder if anyone's got any dish on this card.  Synchrony is new to the bank (i.e., non-store) card game, amirite?  I'm gonna go ahead and doubt that we're looking at 5-digit credit lines...

 

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5 hours ago, Sidewinder said:

It's not like I don't already know the answer to this, but what's the low-down on this card from the CB hive?  I've gotten a pre-approval offer in the mail and it's headed to the circular file.

 

I just wonder if anyone's got any dish on this card.  Synchrony is new to the bank (i.e., non-store) card game, amirite?  I'm gonna go ahead and doubt that we're looking at 5-digit credit lines...

 

To me, it seems like Synchrony is pivoting away from store cards. They lost the Walmart portfolio, then Old Navy/Gap, etc, and I think more are to come. When they launched the Walgreens credit card recently, it seemed just a little ridiculous and desperate, because it is such a niche product. But they have recently created the Verizon Visa, Venmo Visa, relaunched the PayPal Mastercard, and are sending out pre-approvals for these Synchrony branded cash back cards. I think they are using the data they have on previous account holders to target them for these products in an effort to maybe shift their business away from subprime store cards and to earn more profits by cutting out the stores from the process and to get more swipe fees and interest on general Visa/Mastercard spending. Synchrony is kind of an unusual entity, IMO, so this plan may or may not work out for them. Most people outside of CB/MyFico/Reddit don't know who Synchrony is, so why would they seek out a Synchrony branded credit card?

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13 hours ago, Sidewinder said:

It's not like I don't already know the answer to this, but what's the low-down on this card from the CB hive?  I've gotten a pre-approval offer in the mail and it's headed to the circular file.

 

I just wonder if anyone's got any dish on this card.  Synchrony is new to the bank (i.e., non-store) card game, amirite?  I'm gonna go ahead and doubt that we're looking at 5-digit credit lines...

 

I must warn you, Sidewinder, be careful of your wishes!  :wave:

 

I have never opened a credit account with them and will never apply for any products through them. If you take a significant risk to them, they will ruin your credit report!

 

After some unprecedented credit practices in the lending industry, I know myself as a credit addict and will never give them any leeway to become a trusted lender again! End the rant!

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1 hour ago, MP80 said:

I must warn you, Sidewinder, be careful of your wishes!  :wave:

 

I have never opened a credit account with them and will never apply for any products through them. If you take a significant risk to them, they will ruin your credit report!

 

After some unprecedented credit practices in the lending industry, I know myself as a credit addict and will never give them any leeway to become a trusted lender again! End the rant!

 

No, begin the rant; because I really don't know where you're coming from  - even starting with "be careful of your wishes."

 

What does "take a significant risk to them" mean?

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4 hours ago, Sidewinder said:

 

No, begin the rant; because I really don't know where you're coming from  - even starting with "be careful of your wishes."

 

What does "take a significant risk to them" mean?

I'm really sorry because it's infuriating that you feel the way I mentioned Synch, Synch is a weirdo! Do you also have a lot of Comenity cards or high limits? They are Synch's evil twin.  

 

They often "underwrite" their credit decisions and shut folks down. they will close all accounts that they are the issuer of. I think it's like 70K or more, but if you have a $35K Lowes card and a few others, it's easy to hit their freak-out button. Going forward I'm trying to warn you not to apply for cards administered by Synch in the above thread.


I had no idea that Synch routinely shuts down all of a person's accounts, for no apparent reason. It's terrible how they do things, I hope this helps whether you decide to apply for the card or not!

 

ETA - Did you ask?
What does "take a significant risk to them" mean?
This means your credit limit exposure is too high according to considered by Synch. 

Edited by MP80
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1 hour ago, MP80 said:

They often "underwrite" their credit decisions and shut folks down.

 

Sorry, when you say "underwrite," is that shorthand for a credit firm acquiring a new credit portfolio and starting things out by slashing credit?

 

I ask because "underwrite," to my mind, represents the assumption of risk, not the reduction of it.  However, I understand that, in the year 2022, words often mean what corporations choose them to mean and this could be another such example.

 

 

 

 

 

 

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1 hour ago, Flashman said:

 

Sorry, when you say "underwrite," is that shorthand for a credit firm acquiring a new credit portfolio and starting things out by slashing credit?

 

I ask because "underwrite," to my mind, represents the assumption of risk, not the reduction of it.  However, I understand that, in the year 2022, words often mean what corporations choose them to mean and this could be another such example.

 

 

 

 

 

 

"Underwrite" here point to Synch's undertakes liability of risk!

 

For example,
if you have a high balance on just one card or a late or returned payment, they will close all of their accounts as the issuer.

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1 hour ago, MP80 said:

For example,
if you have a high balance on just one card or a late or returned payment, they will close all of their accounts as the issuer.

 

Ah, thank you for enlarging upon the point.  I understand now.

 

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8 hours ago, MP80 said:

"Underwrite" here point to Synch's undertakes liability of risk!

 

For example,
if you have a high balance on just one card or a late or returned payment, they will close all of their accounts as the issuer.

 

I don't view dealing with Synchrony to be quite the minefield that you appear to.  I'm willing to concede that they are more risk averse than typical credit card issuers.  However, I've seen few accounts of Synch adverse action for which a valid reason wasn't relatively apparent.  (It's not nearly the same situation as observed with BA in 2009/2010.)

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8 hours ago, hdporter said:

 

I don't view dealing with Synchrony to be quite the minefield that you appear to.  I'm willing to concede that they are more risk averse than typical credit card issuers.  However, I've seen few accounts of Synch adverse action for which a valid reason wasn't relatively apparent.  (It's not nearly the same situation as observed with BA in 2009/2010.)

Policy-wise was normal when Synch was formerly GE as other issuers were in business until it became Synch's name brand, but I believe the credit card portfolio still belongs to GE. I think Synch is a subsidiary of GE and it is the parent company.

 

Now, 6-8 years ago, people gave Synch a good reputation as their credit rebuilding lender for newly bankruptcy discharge candidates, because Synch had a division called "Credit Solutions" for increasing their credit card limits, it is said Such a department can instantly turn your toy limit card into a 5-digit line of credit. Hahaha! Anecdotes like these circulated on these and other credit forums, sending a flood of credit builders flocking to Synch.

 

There is a feeling that these mediocre profiles are in debt and they need to be filled or padded, who better than Synch an intermediary solution to the usage problem, just three to five Synch credit cards can get you around $50K to $80K's credit limit. I believe this is the culprit behind Synch's revised loan policy.
 
Relying on Synch for help has also been a disaster so far, because when they close all your accounts as the issuer, they take all $60k of credit, which can lead to a huge drop in your credit score, If your utilization is 30% to 40%, it's even worse.

 

Bank of America is also brutal in a way. There is a person with a total credit limit of $700,000, and his 20% utilization causes Bank of America to close all 3 credit cards as an issuer.

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Personally, my beef with Synchrony has been a few things. I still have an Amazon store card for utilization padding purposes, but that is my only remaining Sync account. I really would prefer not to deal with them again if I can avoid it. 

 

1. They closed my B&H Payboo card with an $18k limit because Synchrony didn’t transfer the accounts over to the new credit provider for B&H. Not sure whose fault this was, Synchrony or the store, but they should have at least offered me another card of some type so I could keep the history of the account. I just quit shopping at B&H because I don’t want to apply for another account.

 

2. I had a PayPal Mastercard for a couple of years. It was opened with a limit of $300. Even after heavy usage and PIF as well as improvements to my credit profile, they wouldn’t budge on increasing the limit. I ended up closing it and devoting my efforts to other cards with better rewards and CLIs, which ended being a great decision.

 

3. I am interested in the Venmo Visa for the 3% cash back category. I keep getting denied for it. They say my credit is frozen even when everything is thawed. There’s some kind of technical glitch, but I am just tired of wasting my time trying to get this card. They also have been super anointing on the business side of things as far as making it difficult to open an account with Lowe’s….

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19 hours ago, RehabbingANDBlabbing said:

Personally, my beef with Synchrony has been a few things. I still have an Amazon store card for utilization padding purposes, but that is my only remaining Sync account. I really would prefer not to deal with them again if I can avoid it. 

 

1. They closed my B&H Payboo card with an $18k limit because Synchrony didn’t transfer the accounts over to the new credit provider for B&H. Not sure whose fault this was, Synchrony or the store, but they should have at least offered me another card of some type so I could keep the history of the account. I just quit shopping at B&H because I don’t want to apply for another account.

 

2. I had a PayPal Mastercard for a couple of years. It was opened with a limit of $300. Even after heavy usage and PIF as well as improvements to my credit profile, they wouldn’t budge on increasing the limit. I ended up closing it and devoting my efforts to other cards with better rewards and CLIs, which ended being a great decision.

 

3. I am interested in the Venmo Visa for the 3% cash back category. I keep getting denied for it. They say my credit is frozen even when everything is thawed. There’s some kind of technical glitch, but I am just tired of wasting my time trying to get this card. They also have been super anointing on the business side of things as far as making it difficult to open an account with Lowe’s….

Synch Bank issues many credit cards. I love applying to them for some cards, but I don't like Synch's policy of closing customer accounts for no reason, I just don't like the hassle of constantly reminding myself in my head that Synch might close my account!

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1 hour ago, MP80 said:

Synch Bank issues many credit cards. I love applying to them for some cards, but I don't like Synch's policy of closing customer accounts for no reason, I just don't like the hassle of constantly reminding myself in my head that Synch might close my account! I don't blame you.

 

Edited by StarkRaven$
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1 hour ago, StarkRaven$ said:

I don't blame you.

Well, so are you. Hahaha!!! :wave:

 

I like to apply for a co-branded Visa card issued by Synch or Comenity, the card name Farmer Insurance. I really wish another bank took the helm and snatch this cobranded card away from these evil twins so I could apply! Hahaha!!!  :D

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On 6/20/2022 at 8:08 PM, MP80 said:

Well, so are you. Hahaha!!! :wave:

 

I like to apply for a co-branded Visa card issued by Synch or Comenity, the card name Farmer Insurance. I really wish another bank took the helm and snatch this cobranded card away from these evil twins so I could apply! Hahaha!!!  :D

My Barclay's card was taken over by Comenity. I am leary of them but the good news is I don't spend much on that card but $20 or $30 a month. The first time I ever called Comenity to discuss online access, etc., the real friendly rep asked me for my complete social security number over the phone. I thought that was kind of alarming. Usually I am asked only for the last four digits.

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11 hours ago, StarkRaven$ said:

My Barclay's card was taken over by Comenity. I am leary of them but the good news is I don't spend much on that card but $20 or $30 a month. The first time I ever called Comenity to discuss online access, etc., the real friendly rep asked me for my complete social security number over the phone. I thought that was kind of alarming. Usually I am asked only for the last four digits.

Hahahahaha!!!!!  :wave:  Barclays is like Sync, but unlike their brutal tactical model, they have a balanced chase and aggressive CLD on their customers' credit accounts if they want to.

 

Good Lord! Comenity bank-issued approximately 93 cards, mainly Visa, Mastercard cards, and store credit cards. I like a few of their cards because I love the design of their primary VM credit cards.

 

The cards that interest me are Sportman Guide, Camping World, and Farmer Insurance. Although some are popular cards that are Visa and Mastercard cards,  like Williams Sonoma, WayFair, and BJ, the lending policy is tantamount to a Synch pattern tactic, so apply at your own risk of future accounts closure! Your prerogative discretion!  :)

 

In general, it’s fairly easy to get approved for a Comenity Bank-backed card. Each retailer may be slightly different in applying the shopping cart strategy, but many cardholders have reported approval with a credit score in the fair range.

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3 hours ago, MP80 said:

Hahahahaha!!!!!  :wave:  Barclays is like Sync, but unlike their brutal tactical model, they have a balanced chase and aggressive CLD on their customers' credit accounts if they want to.

 

Good Lord! Comenity bank-issued approximately 93 cards, mainly Visa, Mastercard cards, and store credit cards. I like a few of their cards because I love the design of their primary VM credit cards.

 

The cards that interest me are Sportman Guide, Camping World, and Farmer Insurance. Although some are popular cards that are Visa and Mastercard cards,  like Williams Sonoma, WayFair, and BJ, the lending policy is tantamount to a Synch pattern tactic, so apply at your own risk of future accounts closure! Your prerogative discretion!  :)

 

In general, it’s fairly easy to get approved for a Comenity Bank-backed card. Each retailer may be slightly different in applying the shopping cart strategy, but many cardholders have reported approval with a credit score in the fair range.

 

Comenity doesn't do Williams-Sonoma anymore; CapitalOne has it.

 

I think C1 also now has Wayfair, Pottery Barn, and some of the other trophy-wife magnets.

 

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5 hours ago, Sidewinder said:

 

Comenity doesn't do Williams-Sonoma anymore; CapitalOne has it.

 

I think C1 also now has Wayfair, Pottery Barn, and some of the other trophy-wife magnets.

 

You are correct about the Williams Sonoma card issued by Capital One. Wayfair is issued by Citibank NA and BJ store cards, and BJ Mastercard is issued by Comenity Capital Bank.

 

It appears that Capital One is gobbling up a growing portfolio of credit cards from different issuers. Maybe, they continue to cut our credit line in half, so they need backup funds for all these acquisitions. Just speculation!

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I had a salesman from Lowes over to give me a price on installing some fences on my property. The bid was reasonable but I don't want to commit that much cash at this moment (I am also building a garage and some other improvements and I don't want to spread my cash too thin. Salesman got past the price and asked if I wanted to app for the Lowes Card. I asked which bank issued it. His answer was Comenity. That killed not just the app but the fence. I'll wait until next year and simply pay cash. There are some banks I simply will never do business with, and Comenity and Crap1 are two of them. My Amazon card is till with Chase (and has a $6 balance on it). The second Comenity takes it over I pay it off and close it.

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1 hour ago, Flyingifr said:

My Amazon card is till with Chase (and has a $6 balance on it). The second Comenity takes it over I pay it off and close it.

 

You may, perhaps, want to consider keeping it open.

 

What I mean is: by keeping the account open, and using it to invest in a pack of gum every six months, you may be able to tie up that tradeline and Comenity cannot make that credit available to anyone else. 

 

Close it, however, and it frees it all up for them.  Where is the fun in that?

 

I am not seeking to talk you into maintaining a card you do not like.  Rather, I am suggesting that, by keeping the account open, you are playing a game of "keep away" with them potentially worth thousands, perhaps tens of thousands, of dollars.

 

(It is the sort of thing a perfectly awful person would do.  Should anyone ever ask, you did not hear it from me.)

 

 

 

 

 

Edited by Flashman
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4 hours ago, Flyingifr said:

Salesman got past the price and asked if I wanted to app for the Lowes Card. I asked which bank issued it. His answer was Comenity.

I think Lowe's salesman should be fired for misleading potential Lowe's customers.

 

I can assure you that the issuer is not Comenity Capital Bank, but Synchrony Bank! However, they are evil twins. To be clear, they are notorious for closing customers' credit accounts!

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