Synchrony banks take over of PayPal

Rayk

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Has anyone read up on this ? Can't say I'm pleased as interest rates are upped from 19.9 to 25.9-26.9 if I read right.

Late fees are up as well . I can understand how it will broaden PayPal's ability to work with currency exchange etc .
I'm not up on the benefits fully and I certainly don't know the inner banking system .

But little voice in my head says cancel account and use my Credit Union cards which has a waaaaay lower interest rate .

In a way I shouldn't worry , I always use PayPal credit and pay off the amount within the 6 month zero interest terms .

I don't know I'm getting tired of getting high late fees ,no it doesn't happen alot but once in a awhile I could have sworn I payed the bill when I didn't until I got served .lol

Every where I turn Synchrony shows up it's getting scary . Lol

Even my Lowe's card is serviced by thier clever greedy little hands . 😑
 

wileypickett

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I noticed recently than some eBay sellers are no longer accepting PayPal as a payment method. Used to be you had to accept PayPal as a condition of doing business on eBay.

No change is ever for the better, as the saying goes!
 

chazmo

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Synchrony seems like a monster lender. I haven't had any problems with them though... Our local furniture store uses them and offers promotional stuff that's been very easy to use and very clear on their statements (i.e., avoiding interest payments by knowing when your promotion runs out)... They've had good customer service too when I've need to speak with them.

Anyway, I have no thoughts on how this will affect PayPal. Frankly, my feeling about banking is that any change *is* for the better. The old school banks' executives, well -- not to get political -- these guys do NOT live in the real world.
 

richardp69

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I personally love the ease and safety that PayPal offers. I use it often but nearly always use PayPal credit where you can get 6 month to 24 month interest free financing. It's helped me pick up a lot of guitar (primarily) I might not otherwise have bought. I absolutely detest paying interest costs of any amount to anybody on the face of the planet. I make sure I have a plan to pay the item off before interest fees kick in. It's worked really well for me over the years although my buying has slowed down a bit lately and now I'm in more of a selling mode. The fact that Synchrony is now involved with PayPal doesn't bother me in the least.

Like others mentioned, the Synchrony card is used by my little local furniture and appliance store and it is also what is used at Sweetwater and often times there you can get 36 to 48 month interest free financing.

I much prefer to use other people's money as long as it doesn't cost me anything.

I've managed my credit well over the years and have never gotten in over my head but you need to have some discipline and be pretty careful because it can really bite you if you don't.
 

Guildedagain

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Synchrony's got my Discount Tire card and they've always been ok. It's Discount you need to watch, interest free promos not being honored, etc, it can get really confusing, but Synchrony has never been a problem and they keep me on even tho I haven't spent a dime there in years, except when my kid "needs tires for her birthday"...

PayPal on the other hand, the stuff of horror stories for going on a couple decades now...
 

Rayk

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Seems Pp and Synchrony have partnered for awhile now . Syncrony has been around 1932 if I read it right and thier the largest private lable credit card provider in the U.S.

And I remember the letter for last year but didn't remember the Synchrony part of it . Synchrony actually took over PayPal credit as of July 2018 .

So I guess besides the interest and late fee hike little will change .
 

richardp69

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Synchrony's got my Discount Tire card and they've always been ok. It's Discount you need to watch, interest free promos not being honored, etc, it can get really confusing, but Synchrony has never been a problem and they keep me on even tho I haven't spent a dime there in years, except when my kid "needs tires for her birthday"...

PayPal on the other hand, the stuff of horror stories for going on a couple decades now...

Can you share what PayPal horror stories you've experienced? I'm sure there are some out there but I've just never experienced them I guess.
 

fronobulax

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I noticed recently than some eBay sellers are no longer accepting PayPal as a payment method. Used to be you had to accept PayPal as a condition of doing business on eBay.

My never trustworthy memory is that when eBay spun off PayPal the "must accept PayPal" requirement was removed although it was not implemented immediately.
 

adorshki

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Can you share what PayPal horror stories you've experienced? I'm sure there are some out there but I've just never experienced them I guess.

Well having started off as a gleam in Elon Musk's eye, it was probably doomed by bad genetics from the start....(ok couldn't resist the opportunity)
:biggrin-new:
 

walrus

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Well having started off as a gleam in Elon Musk's eye, it was probably doomed by bad genetics from the start....(ok couldn't resist the opportunity)
:biggrin-new:

Al, I thought Elon was your long lost son - no? :witless:

walrus
 
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