Synchrony Bank Pre-Selected Preferred MasterCard Offer!

[MP80]

Sync Bank's pre-selected preferred MasterCard was sent to my inbox via snail mail from the pre-screened offers.

 

No mention of any SUB offer
No intro of 0% APR 
No cash back or designating of any perks 
APR- 24.24%

 

It is worsened than average ho-hum credit cards to be accepted, damn! A borderline subprime offer. 

 

Sync probably thought I was an excessive credit seeker and knowingly knew I wouldn't default on any credit accounts.

 

 

 

 

[binaryhermit]

Eh, if it wasn't for Synchrony's history of closing accounts if someone farts in China, it seems like it's potentially slightly better in some ways than the Capital One Platinum Mastercard, which I maintain you could do worse than if your credit is bad.

 

Though at least Capital One usually lets you PC to a Quicksilver or Venture after about 3 months.

[hegemony]

I got that same turd offer

 

SAD!!!

[MP80]

10 hours ago, binaryhermit said:

Eh, if it wasn't for Synchrony's history of closing accounts if someone farts in China, it seems like it's potentially slightly better in some ways than the Capital One Platinum Mastercard, which I maintain you could do worse than if your credit is bad.

 

Though at least Capital One usually lets you PC to a Quicksilver or Venture after about 3 months.

Yeah, your assessment of the Synch card in relation to the Capital One Platinum feature is correct.

 

Initially, most people had a positive impression of Capital One's lending policies, until the newly adjusted aggressive credit limit reduction policy to lower its excellent credit customers policy made Capital One's good image become nasty and distasteful. It made you need to pay close attention to their credit card accounts.

 

I've held a Capital One Venture card ($30K credit line) for over 7 years, and everything was fine until it reminded you every minute that a CLD could happen anytime, and you might as well plan to close the account if it goes through.

 

Some members of the CB had a crystal ball into the foreseeable future of Capital One and closed their $80K credit line before a potential CLD started.

 

It goes without saying that banks like Synch and Comenity or Capital One are better than Credit One up the ladder, and Credit One becomes a better choice than those issuer like Continental Financials.

 

If I closed the Capital One account it's merely a few percent loss of my aggregate credit limit, it won't dent any FICO score moving forward, will see and anticipate what Capital One do next.

[hdporter]

2 hours ago, MP80 said:

I've held a Capital One Venture card ($30K credit line) for over 7 years, and everything was fine until it reminded you every minute that a CLD could happen anytime, and you might as well plan to close the account if it goes through.

 

Some members of the CB had a crystal ball into the foreseeable future of Capital One and closed their $80K credit line before a potential CLD started.

 

 

I'll preface this reply by saying that C1 never worked for me so I never sought out a credit line for active use with them.   The totally screwed the pooch with me when I sought to make the move from "rebuilder" to "prime" at a 720+ FICO.  (I'll save the story.)  Bottom line, I never saw anything that made a C1 card compelling over other options (I know the experience of the likes of @PotO ran counter to this, so I'm willing to fess up to it being "my problem")

 

With that off my chest, unless you've cycling $10k+ through the card each month, why does a potential CLD pose such a troublesome prospect?  I'm not challenging the position .... just looking to better understand.

 

Again, I'm sure that it's my own perspective that is blinding me.  I typically lay off the "luv" button once I get a line to about $30k-$40k.   That 's sufficient for me to carry $10k in bt without more than a smidgen of FICO impact.  That serves my needs well.  I only rarely put through more than $4k in monthly PIF transactions, so I'm good on that count as well.

 

So, broaden my horizons, please.   My bottom line is if a given card were of value to me for use, I'd continue to use it even in light of a potential CLD.  If the CLD should happen and it rendered my card undesirable for use, I'd just stop using it (closing only if there were an annual fee).  Is it desirable to have the higher former CL appear on the closed tradeline??  (Why?)

[MP80]

Hey, HD! Thanks for replying!  

 

I can assure you that if Capital One never had this crazy credit limit reduction policy that threaten loyal cardholders with great credit profiles, we wouldn't be talking about their crappy complicated policies.

 

Over the past 7 years, I've spent more on the Capital One Venture card than any other card in my toolbox. Expenditures are mainly travel and vacation, air tickets, car rental, luxury hotels, and travel miscellaneous expenses. In some cases the purchases made with the credit card did not stop, a few days ten thousand dollars, which is the main reason I like this card, because no transactions were declined or declined before a verification call from the issuer, Capital One.

 

Some banks get skittish and care about how much you charge because other banks, especially Amex, watch your spending like a hawk every step of the way. If it was just a misunderstanding, Amex would immediately freeze your spending or send a confirmation call to your phone, OTOH, as long as they paid in full, Capital One wouldn't bother you with this nonsense. Best of all, the cash advance limit is 50% of the card's credit limit.

 

My summary of Capital One is actually similar to @PotO experience, everything is "okey-dokey!" But for me, there's only a caveat, if it doesn't involve the threat of CLD. 

Edited April 9, 2023 by MP80

[Ace_TX]

why is it called "preferred"  😅

 

i got the premiere card a couple years ago just because and its 2%  😉  i looked this up and its a measley 1%...   the walgreens mc would be way better if anyone is going for a pif synchrony card  with perks at least

 

it def wouldnt hurt to give an intro offer at least or something to entice potential customers 

[MP80]

1 hour ago, Ace_TX said:

why is it called "preferred"  😅

 

i got the premiere card a couple years ago just because and its 2%  😉  i looked this up and its a measley 1%...   the walgreens mc would be way better if anyone is going for a pif synchrony card  with perks at least

I think it's Synch's preference rather than a potential customer's preferred choice of card.

 

There's nothing, not even a 1%! like you've suggested alluding to applying to their Walgreen card that welcomes 1%, 3%, 5%, and 10% cash back depending on what items you'd like to make a purchase on.

 

Sometimes a design of an image can make a significant difference, but the Walgreen card just doesn't cut with the ugly look as advertised. 

[binaryhermit]

4 hours ago, Ace_TX said:

why is it called "preferred"  😅

I think it's because the credit card companies would prefer to not pay rewards if they didn't have to.

 

Also, an ill informed consumer might see "preferred" and think it's fancy and apply.

[MP80]

9 hours ago, binaryhermit said:

an ill informed consumer might see "preferred" and think it's fancy and apply.

The crap offers can't be cogent through our CB members right now, most people here need a credit card that offers rewards and perks before they are willing to accept, and this card doesn't have enough positive convincing to penetrate our craving to apply.

[hdporter]

Just ventured out to the mailbox a short while ago for the first time since Thu.  Indeed this "scarlet letter" was waiting for me as well.

 

btw, speaking of C1, did everyone here receive $0 balance statements on their Cap 1 accounts, with the notation "Renewal Notice" (and a blurb that essentially directs one to refer to the statement for current rates and explanation of charge calculations)?

 

4 of these hit my mailbox over the last few days (C1 Quicksilver, Walmart, Pottery Barn, West Elm)

 

[MP80]

I have been receiving BT offers from Capital One weekly since last year. I've no idea what's going on, I've no debt to transfer, and the reason they're sending these offers through email weekly and some via snail mail along with checks are difficult to comprehend.

 

The only reason I can think of is that Capital One might think I have business credit accounts and need BT to lower my rate.

 

Here are the offers...

 

 

 

 

 

[FoxSamual]

On 4/9/2023 at 12:30 AM, MP80 said:

In some cases the purchases made with the credit card did not stop, a few days ten thousand dollars, which is the main reason I like this card, because no transactions were declined or declined before a verification call from the issuer, Capital One.

 

I loathe C1, however, this is one thing I will +1 them on.  I have never had a transaction declined by them.  If their spidery sense detects fraud I get an e-mail to confirm the transaction after the fact.  Never a decline at POS.

 

I suspect if I ignored the e-mail long enough they'd freeze the card but I've never had reason to test this theory.  I've run a few transactions through after receiving such an e-mail, prior to seeing it and responding, all approved without issue, so they give you at least a business day to respond.  One actual fraudulent transaction I confirmed as such, that did get the card shut off, obviously, but it was pretty painless, just wait for the new one to show up.  Didn't have to call them or do anything except click the "Not mine" link in the e-mail they sent.

 

Discover seems to work the same way.  I've tripped fraud alerts with them but never gotten declined at POS.  Just an e-mail to confirm/dispute the transactions they don't like.  Discover also gets bonus points for proactively overnighting a replacement card free of charge after confirmed fraud and for continuing to honor recurring transactions (bills) going against the old cancelled card number.  Not sure if C1 would have done the free overnight, I didn't think to ask them, hopefully?

 

Synch, by contrast, not only do they decline you at POS, their technology sucks and you have no idea why you got declined until you call them.  No SMS, no e-mail, no push notification in their lousy app, just a decline at POS, and you're clueless until you waste an hour of your life on the phone with their off-shored customer disservice.

 

Of my countless (at least two dozen in three years of having this turd of a card) fraud alerts with them, all were false positives, including some truly silly ones like a $10 card present chipped transaction at Home Depot in my own city.  Really?  That's the one your algorithm thought was suspect?

 

More fun, the one time actual fraud happened with my Synch card, they let it go through. 🤦🏻‍♂️

 

Because it's Synchrony, I had to file the chargeback/fraud report via pen and paper, literally, download this form and fill it out, then scan and upload.  That would have been a few mouse clicks with C1 or Discover and less than a minute of time.  Not with Synchrony!  I half expected to be told to mail it to them, lol, they did at least allow me to upload it via secure messaging on their webpage.  Hooray, you've caught up with the late 90s on technology Synchrony. 

 

P.S., I only came into the Synchrony family because of Verizon Wireless.  Thanks for picking the worst possible partner for your branded card Verizon.  Was First Premier not interested in the business?