Reddit threads on Synchrony Bank reveal a complex web of customer experiences, reflecting both the positive and negative aspects of banking with them.
This article sheds light on the diverse perspectives that shape the bank's reputation online, offering a nuanced understanding of what it means to be a Synchrony customer.
Is Synchrony a Good Bank According to Reddit Users?
Reddit users' perception of Synchrony Bank is predominantly negative, though some users do appreciate certain aspects of the bank.
The most common complaints center around sudden account closures, poor customer service, and confusing terms and conditions, while some users acknowledge the bank's competitive promotional offers.
On the positive side, Redditors appreciate Synchrony's competitive savings rates and consider the bank's attractive credit card promotional deals and credit products.
Let's see what Redditors discuss in the most popular threads:
-
Redditors Highlight Synchrony's Generous Credit Offers
Despite the negative aspects, some Reddit users acknowledge the generous credit card offers provided by Synchrony Bank, though they caution others to be aware of the potential downsides.
In the thread “Is Synchrony Bank reputable?,” Econ0mist mentions that Synchrony's PayPal 2% card might be one of their best offerings, placing them “a notch above the sub-prime companies.” This comment received 15 upvotes and highlights that some users find value in Synchrony's credit products.
In another thread, “Can I get a TLDR on why everyone seems to dislike Synchrony?,” leehwan points out that while many users have complaints, there are “thousands of other cardholders” without issues. With 11 upvotes, this comment suggests that Synchrony offers reliable services for some, provided they navigate the bank's terms carefully.
-
Redditors Discuss Unwarranted Account Closures
Many Reddit users express concern about Synchrony Bank's practice of closing accounts`, a topic that resonates across multiple threads. Customers frequently cite Synchrony's tendency to label customers as high risk without clear justification.
The notion that Synchrony is known for closing all accounts if they detect any risk, as mentioned by JigglyJello1 in the thread “Can I get a TLDR on why everyone seems to dislike Synchrony?,” resonates with many users, gathering significant attention with 16 upvotes.
In the thread “Synchrony Bank closed card, forfeiting $1,900 in rewards: any recourse?,” oowm discusses the lack of transparency in Synchrony's policies regarding account closures, arguing that “those terms are BS” due to the absence of clear warnings, a comment that received 42 upvotes.
Another user, Topher9425, in the thread “Is Synchrony Bank reputable?,” mentions having $48k in revolving credit canceled by Synchrony due to being labeled “high risk.” This comment earned 8 upvotes.
-
Redditors See a Pattern of Sudden Credit Limit Reductions
A recurring theme among Reddit discussions is Synchrony Bank's tendency to reduce credit limits unexpectedly, affecting users' credit scores and financial planning. drboofmaster in the thread “Just got screwed by Synchrony Bank” explains how a sudden credit limit reduction led to a significant drop in their credit score, garnering 127 upvotes.
Another user, MortgageIntrepid9274, in the same thread, explains that Synchrony “looks at all accounts you have with them for utilization, not just individually,” contributing to sudden account closures and credit limit reductions.
This comment, with 78 upvotes, highlights the frustration users feel when their accounts are negatively impacted without apparent reason.
Similarly, SpectralFire10 from “What is everyone's ick with Synchrony Bank?” shares their experience of having their credit limit slashed without clear reasons, earning 26 upvotes.
The unpredictability of credit limit adjustments can undermine users' trust in Synchrony Bank, as these actions may not only affect their credit scores but also their financial planning and security.
-
Redditors Appreciate Synchrony's High Savings Rates
One of the most praised aspects of Synchrony’s savings accounts is the competitive interest rates they offer.
In the thread “Synchrony High Yield Savings Review,” user savingmoney9000 highlights the benefit of Synchrony's high-yield savings accounts, noting that they have “some of the best interest rates in the market.”
This comment, which received 89 upvotes, indicates that many users are attracted to Synchrony’s savings accounts primarily because of the potential for higher returns compared to traditional banks.
MoneyGeek123, in the same thread, mentions that the “interest rate is a huge plus,” especially for those looking to maximize their savings (42 upvotes).
-
Redditors Praise Synchrony's Promotional Offers but Warn of Pitfalls
Many Reddit users find Synchrony Bank's credit card promotional offers attractive, such as 0% intro APR on balance transfers or purchases for extended periods, though they caution about potential pitfalls.
One of the most discussed aspects of Synchrony’s promotional offers is the complexity and potential for unexpected interest charges. In the thread “Warning about Synchrony Bank financing (Sweetwater, and others), user mathmatt describes their frustration with a $1,500 interest charge after failing to pay off promotional purchases in time.
The user emphasizes that Synchrony distributes payments across all promotional purchases equally, rather than applying them to the oldest balances first.
However, this is a common practice among credit card issuers and not related only to Synchrony.
As a comment in the same thread,” selldivide stresses the importance of reading the terms, stating that many see 0% promotional on credit card as “free money” without understanding the implications, which garnered 46 upvotes.
-
Redditors Think Customer Service Can Be Better
Reddit users frequently discuss issues with Synchrony Bank's customer service, pointing out difficulties in resolving problems and a lack of effective support.
SpectralFire10 shared a similar experience in the thread “What is everyone's ick with Synchrony Bank?,” detailing how customer support was “non-existent” when attempting to resolve a credit limit issue, gathering 26 upvotes.
Similarly, in the thread “Synchrony bank credit card scam,” Impossible_Ad_7709 describes a situation where they were charged a security credit card fee on their Amazon store card and faced challenges getting a resolution.
They mention that customer service was “stonewalling” them, and they ultimately had to file a complaint with the CFPB. This post received 27 upvotes and highlights the difficulty users face in obtaining help for billing issues.
SDMarik in the thread “Synchrony bank credit card scam” describes Synchrony as a “trash bank” with “horror stories” that seem never-ending, receiving 27 upvotes.
-
Redditors Acknowledge Positive Experiences - But Remain Cautious
While many Reddit users criticize Synchrony Bank, a few share positive experiences, highlighting some favorable aspects.
lagunajim1, in the thread “Can I get a TLDR on why everyone seems to dislike Synchrony?” mentions having three accounts with Synchrony without any problems, though their comment received 4 upvotes.
amysteriousperson001 in the thread “Is Synchrony Bank reputable?” highlights the Venmo card as a positive offering, noting no issues since obtaining it, with their comment earning 7 upvotes.
These users provide a counter-narrative to the predominantly negative perception, suggesting that Synchrony can offer reliable services under certain conditions.
