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Synchrony Financial is a subsidiary of GE Capital and the parent business of Synchrony Bank, an online-only bank. Synchrony Financial is a credit card provider, and the largest one in the United States. It developed from GE Capital, a company that began financing appliances for customers in 1932. The main focus of Synchrony Financial is establishing financial relationships between select sellers and buyers through a menu of products and services. Ten years before establishing the company, Synchrony Financial, they had been supplying Walmart, Amazon and other businesses with private label credit cards. Instead of using it to purchase big ticket items, the card is used to finance such purchases and future purchases as well, based on customer's available credit. Synchrony finances those purchases through Synchrony Bank. Synchrony Bank is insured through the FDIC which means that your money is protected and it's a safe bank.

 

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The Good

  • Online Help
  • High Yield Savings (HYS)
  • Certificates of Deposit (CDs)
  • Money Market Accounts

Online Help

Synchrony Financial has a very helpful website. There is relevant information on it for everyone they work with. For businesses, Synchrony offers services through their business center. Merchants can approve new applicants or access established accounts. The business center is also where lines of credit increases are processed and payment options are selected. Using data from consumer purchasing patterns, merchants can develop sales that attract their customers.

For customers with personal accounts, Synchrony has a tool that allows you to compare Synchorny's APY rates compared to dozens of other U.S. based banks. You can look at how much interest your money would make in a high-yield savings account, a money market account, or a CD. This tool allows you to see which rate will be the best the number of months you plan to have your money in the account. 

For any of Synchrony Bank's accounts, you can manage your money directly from the mobile app. 

High Yield Savings

This bank account from Synchrony Bank offers a 2.15% APY no matter the balance in your account. This is one of the best interest rates among online savings accounts. There is no minimum balance and no minimum deposit to start your account. It allows you to access your cash online, by phone, or via ATM. However, this account does not allow checking (writing checks). 

Certificates of Deposit (CDs)

CDs with Synchrony Bank require a $2,000 minimum deposit. CD terms range from 3-60 months. A three month CD will earn a 0.75% APY and the longer the CD (the more months), the higher the APY. A 60 month CD will earn 2.80% APY. Synchrony Bank's CD rates are competitive compared to other banks. After the minimum deposit of $2,000, your interest rate does not increase based on your deposit amount. Synchrony Bank also offers IRA CDs. 

Money Market Accounts

A money market account with Synchrony will earn a 1.20% APY. This account has no minimum balance, no minimum for an opening deposit, and no monthly service fees. It provides greater access to and flexibility with your money than the savings account. With this account, you can write checks and make cash withdrawals online, by phone, or via ATM. Some say a money market account is like the mix of a checking account and a savings account. A money market account is a great option for when you want to earn interest on your cash, but don't want to tie up all your money. A retirement account option, an IRA Money Market Account is also available. Due to federal regulations, you can only make six withdrawals or transfers per month from a money market account. 

The Bad

  • Issues with fraudulent activity
  • Statements
  • Customer service

Issues with Fraudulent Activity

Even though Synchrony Financial offers very attractive products to their customers, there is a pattern of reviews complaining about fraudulent activity directly following the transfer from GE to Synchrony. Some customers report that they were overcharged interest in their credit card accounts.  This usually happened to customers who were ending a purchase and had only one payment left to make. Upon making a payment or receiving a statement, they found that they were charged additional interest for the entire amount of the purchase or far more than what was owed. Other common complaints include the following:

Statements

Some customers have received inaccurate bank and credit card statements. This of course would result in an accusation that a customer owed more money than they actually did.  One review stated that he received a phone call about a "missed payment".  When he proved to them that he had made the payment, they sent him a letter in which they acknowledged the payment, but the ending balance on the letter did not show the deduction of that payment. There were scenarios in which accounts were cancelled without permission or prior notice, especially when there had been a time period of inactivity.  These accounts were not delinquent and the period of inactivity was not very long.  This happened to an unfortunate customer who went to the dentist needing emergency care, only to find out he had no coverage.

Customer Service

Synchrony Financial has many customer reviews that report poor customer service.  Common complaints include incorrect addresses and phone numbers on accounts, inability or refusal to return phone calls to resolve issues, locking customers out of their accounts, being put on hold for extensive periods of time, and no follow up after customer representative states there would be such, in order to reverse clerical errors. If you pay off your account early, Synchrony Financial may not view this as being in good standing. Instead of receiving a statement to close out the account, several customers state that they were charged additional interest fees, late fees or amounts. The effected clients experienced adverse credit scores and reports. This terrible customer service makes online banking with Synchrony a nightmare. 

The Bottom Line

Synchrony Bank has great interest rates on several of its accounts and multiple ways to withdraw money and contact customer service. However, it has a reputation for overcharging. Customers complain about having to deal with fraud charges. Ironically enough, Synchrony Bank customers who decide to pay their accounts of early might want to retain a lawyer, because instead of maintaining a good credit score, they in fact may be penalized with a lowered one and late fees. Synchrony Financial looks good on the surface, but is lacking in the areas where it really counts. For more information, see our Synchrony Bank reviews below. Those that use Synchrony Bank can expect the following from the service:

  1. Online and mobile banking
  2. Great interest rates
  3. Poor customer service

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All user reviews posted on Best Company are subject to screening and approval. We reserve the right to approve or deny any review posted to this site in accordance with our Review Guidelines. Best Company never suppresses user reviews—unless they are being investigated for authenticity, or if they violate our review guidelines. We encourage anyone who suspects a user review to be fraudulent or intentionally inaccurate to please notify our review moderation team.


User Reviews

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24 Reviews

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shan
August 11th, 2019 DETAILS
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Awful interface, on weblog on, on top of that billed me many times erroneously for the same service and debited my bank account twice on auto-pay a few months. Sams Club, Amazon, etc all use this under par bank for credit services. Use a reputable Bank or card service. This is a nightmare of a bank. Cant save passwords as the header is the same for all accounts and different service provided. Its IT services are done by amateurs. Cant provide a statement to see properly on their credit card sites.

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Rohinton Bhandari
August 5th, 2019 Sunnyvale, CA DETAILS
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Even though I paid a huge chunk over and above the monthly payment (say for the next 12 months) they still charge me a late fee claiming that I need to pay them every month and that my lump sum payments only amounted to reduction of principal.

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Richard
July 29th, 2019 Mentor, OH

For some reason they blocked my account due to fraudant activity, I guess. They wanted me to go through a verification process....take a pic of myself on phone, photo of credit card front and back...video of me rolling my eyes for 5 seconds,and then send a pic of my driver's license. They wouldn't verify me by my security answers or my landline. Now I have to wait 2 weeks for a letter with ANOTHER verification code even though the two they gave me on my phone wasn't good enough. I am NOT comfortable doing all of this and will most likely cancel it.

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Unhappy Cardholder
July 25th, 2019 New Braunfels, TX DETAILS
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After making a payment, my account was placed on hold for 12 days. The reason? Because I paid before my due date!!! Really!!! My payment is due on the 7th of each month and I paid on the 23rd and for that I’m penalized. This bank has some crazy rules. They get mad because you pay early. What a JOKE!!!

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Betta Bell
June 25th, 2019 Brentwood, CA DETAILS
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I can barely give a one star! The customer service is by far the worst. Rude people to deal with.

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Ronald Fuchs
June 13th, 2019 Austell, GA DETAILS
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I like the 2% rewards but that is all I like. Whenever you call it takes about 5 minutes to navigate through all the menus and get to a person. The problem that Synchrony cannot fix is a crucial issue. They don't send mail to my correct billing address. Because I take my credit score extremely seriously, I find it crucial to be able to receive statements. Ever since 10/24/2017 I have been calling to correct my billing address. The issue is I receive my mail at a BOX, NOT A PO BOX. Synchrony keeps adding the PO in front of the word BOX. The problem is it is not at a Post Office so the local post office returns the statements and other mailings back to Synchrony. I have been calling since 2017 and it is 2019 and they simply cannot correct it. Today I spoke to a supervisor and then asked for his supervisor who said he corrected it but noted he could see I have been calling since 2017 and it has not been corrected. I suggested he contact their tech department as I suspect they wrote code that always ads "PO" to any address with the word Box in in it. He disregarded that idea all together. I hate this bank!

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O.P.
June 13th, 2019 Arco, ID DETAILS
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I've waited for over 2 (TWO) hours on their "CHAT" to get someone to chat with me, and they were helpless. When I asked for a supervisor, all I got is a blank screen, and I've been waiting for over an hour again, with nobody to even respond if there's still anyone on the other side, am I in a queue, when I will get some supervisor to chat with me. NOTHING!!! The MAIN problem I have with this clueless bank is that they take money out of my account a few seconds to minutes after I use my card. That is "automatically done", and is as fast as cyberspace could be. When I pay money into my credit card, it takes them "24 to 72 hours" to "process" the payment. The money is out of my bank account or PayPal balance immediately, but it takes them this long to "process" the payment. And, there's nobody in their stupid "system" who can change or override this! We have become a society of computer/system dependent morons. There is no human touch, no human connection, no human discretion. Just a whole lot of "this is what the computer/system tells us, so this is what we do! The WORST thing that PayPal ever did is hook up with Synchrony bank. Their "system" was so much friendlier and easy to use before this move. TERRIBLE MOVE!!!

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Jose palomino
May 22nd, 2019 Cementon, PA DETAILS
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Totally disappointed. They give 12 months 0% interest and I almost paid off everything. So I end it up own then only $1400 and after the 12 months 0% expires I was expecting that they will charge me interest for the amount I own actually. But that was Absolutely not. They charge me interest from the total amount I lend. I was totally disappointed and I’m going to take legal action about this. If someone has same situation please feel free to join me.

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Stuart Dubin
March 26th, 2019 Owings Mills, MD DETAILS
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They sold my account, while never sending me a bill, once paid the collection agency, they refused to acknowledge the account as paid though I had a letter from the collection agency that it was paid. All I wanted was it to reflect that the account as of February, the account is no longer negative. Besides that, they refused to return my calls, lied to the moderator from the AG's office, told me that when I told them that 2 of the 3 major credit bureaus told me that they are the only ones who can update that information or at least put a comment on the report stating it was paid to the collection agency in full, they refused to do that and told me they cannot do that. They were extremely dismissive, rude, unhelpful, had the wrong information on the letters sent to me, and refused to take the dispute seriously. Now I am sitting there after a background check having a negative blemish on my record that may not have been updated since 2013, but still reflects negative as of now which is incorrect on my report. I have sent them the release letter from the collection agency and they refused to acknowledge that information as meaning the account is paid since they did not get that money. I was never given an opretunity to pay them since they got my billing address wrong and never notified me regarding it. Worst thing is now, thanks to this, I cannot get credit cards, loans, an appartment, background checks may come back as a negative on me, etc... this company has screwed me and my credit.

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JP
December 20th, 2018 Cypress, CA

I applied for a credit card to buy roof materials from Lowes. They gave me $4000 without any verification but refused to increase to $8000. Chase gave me $20K and 65000 miles that is free 5 one way tickets on United. Synchrony may reconsider the efficiency of their credit verification division. It is poor.

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Tanner Cook
December 17th, 2018 Gilbert, AZ DETAILS
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Synchrony bank website is unclear and can be misleading. If you ever have to cancel a payment, they can’t return the money to your bank and it Hass to be mailed back out to you, which can take up to two weeks very very inconvenient.

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Kim
October 10th, 2018 Kinston, NC DETAILS
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Got a synchrony bank card from Qvc. First time I got cats they lowered my credit for no reason. All purchases made on time. Then it put at my credit limit. Now I went to make my payment and I could not connect they Qvc. I found another entry and paid my 35. Dollar payment. I saw the email came thru for the payment t but did not look closely til today when they took the entire amount owed 297. And had dropped my credit limit to 0 with no warning. I have other accounts with synchrony. And not sure why with Qvc they are so ruthless. Funny though I had just paid off a no interest loan with them thru lumber liquidators. Crazy. And poor customer service and fraudulent.

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Audrey Jane Budzynski
September 4th, 2018 Carbondale, CO DETAILS
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The first time I even heard of Synchrony Bank -- we bought a Bed from a Mattress Business in Glenwood Springs. Oh it was great until they got to the point where you could send your payment in time and they would never get it in time and would start adding more charges on to your account. Then we went to Lowes, same thing Synchrony Bank on every thing at Lowes. Then I went to Sam's Club and had no idea that they had taken over Sam's Club. Just got a call about Synchrony Bank on the phone and found out that they not only had the wrong name, the Bill I was sent was returned by the Post Office and of course there were interest fees. Good Grief is the the Bank of the Future? So my advice don't charge anything to any place unless you know what Bank they are using. This Synchrony Bank has taken over everything. I have been a Traveling Notary and my advice don't do business through them as you get the same person Who doesn't speak good English. I almost Crapped when I heard this same lady say I am calling about your missing a payment from Synchrony Bank for shopping at Sam's Club. I had no idea. Won't use that card any more, sticking to Discover Card. Same Lady gets on there and says the Bill came back to our Company. I have been here for 55 years in the same location, if it came back you had to have something wrong with the address. It was in a Name from a Previous Marriage. I hate that name . They want you to pay over the phone. They want you to send the Bill back the same day as you get it so if it takes the mail awhile they don't care they just don't care about the mail. Well I do care about the mail and when you get my payment you can see the post marked date. So stop acting like your going to keep adding more money on to the Bill..... I can't help it. I do not pay on line for anything except the Discover Card.

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CHRISTOPHER LANE
August 8th, 2018 Simpsonville, SC DETAILS
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Our overall experience with Synchrony has been excellent. We both have credit ratings of over 800, but we sometimes use their card to purchase a quickly needed item and simply pay it off over a short amount of time without incurring the finance charges, simply because a smaller payment for a short period of time may fit our budget more conveniently than taking it all out at once from our checking account. We also have an excellent savings account with them that pays a far higher return than the big brick and mortar banks. Our online experience with all our Synchrony accounts have been excellent and seamless to work with.

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Fred Johnson
July 25th, 2018 Port Royal, SC DETAILS
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This bank has some of the highest rates I ever saw in Amazon. I will use my other credit card for purchases from Amazon and will never use this bank again. Piss poor customer relations. Unclear billing practices.

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Roman Robb
July 12th, 2018 Castro Valley, CA DETAILS
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Absolutely terrible! I was a loyal customer since 2010 but noticed how they recently changed their rules and began enforcing crazy fees. My statement last month was $32 and the minimum payment due was $29. More than 90% of the balance. I spoke to their customer service and was told "thats our rules now". So i stopped using the card and decided i would pay the $32 on the due date and not use them anymore. I log in to pay my bill on the due date and am shocked when i see the bill is now $81. Synchrony added a late fee plus interest charge which equaled to an additional $49. My statement was for $32. I contacted their customer service and got ZERO help. Every agent i spoke with both over the phone or online via chat didn't know anything. I was told "thats the way it is" . I then told the agent to close my account and there was no retention whatsoever. They didn't care. Terrible company and i wold NEVER recommend them to anybody unless you want to lose money. These guys are crooks. I'll take my business elsewhere.

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Natasha
December 19th, 2017 Salt Lake City, UT DETAILS
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I have a loan through them. The interest rates are pretty good. I haven't had any problems with them. The customer service is good.

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Charles Dickson
August 11th, 2017 Sweeny, TX

A very shady company, the change your account with no notice. I am closing all my accounts and will never use them again. I suggest anyone find other means, rather then use these people.

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Debbie Stancliff
April 7th, 2017 Flowery Branch, GA

This is by far the worst company I have ever dealt with thru QVC. I called and ask what my interest rate was and was told I did not have a percentage rate that it was a daily rate. Then I was told everyone who has a Q card has a 26% rate. I called to get my balance and complained about the rate and was speaking to a supervisor and after giving me my balance he told me he was with Walmart not QVC he pretended to transfer me and of course I was hung up on. I will never shop with QVC again if this is how they choose to do business.

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Heather Hale
February 27th, 2017 Tampa, FL

After they bought CitiHealth, they failed to actually test the system to ensure that you can get registered. No matter what you enter, they find your Citi account, but you can't register. The page refreshes over & over without any errors or registration. My payment is now late because they shut down payments on the Citi site before the actual buyout too.

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Cheryl Sagalow
August 20th, 2016 Chicago, IL

This is by far the worst company I have ever dealt with. They try to use only automation. Pulling my own teeth would be easier than getting answers from this company. DO NOT USE them unless you have the time to spend 8 hours on the phone. Their website continues to tell me I do not know my login, then it tells me I do not know my password. Every month I call customer service, use the same login, same password and they finally give me the balance of the account. It is scarey to have this bank working with my finances.

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Tracy Morrison Profit
June 13th, 2016 Caldwell, ID

I never complain, but today I have had enough. Since Synchrony Bank has taken over my Old Navy, JcPenny and Walmart credit cards (they use to be with GECapital), they have lowered my credit limit on all of them, not because I'm late, not because I'm over my limit, and NOW just here in the last 2 weeks they lowered my Old Navy account AGAIN....I know, you're asking Why? If I could answer that question, I would, but I can't, because I have no idea. They don't return calls. I rate them the worse company to deal with and now I will make a strategic plan to pay them off and cut them up!

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carol
April 7th, 2016 Philadelphia, PA

Synchrony bank/care credit is Horrible! I have been making regular monthly payment much more than the minimum payment due and several months I paid 2 or 3 payments in one month to help get the balance lower. Well I have been punished by making more payment prior to my due date! Yes that is 100% correct. I paid 2 payments in February one on the 1st and one on the 14th of February but my due date for February was the 20th so Synchrony bank posted my 2 payments in February 1 and 14th to January and hit me with a no payment being made in February, late fee and additional interest. WHAT? this is the crazy 110% ! truth about this company. You try to pay your loan down but they will suck every last penny from you in every unethical way possible. I have filed complaints with the OCC, FTC and the CFPB (consumer federal protection bureau). I am also going to look into a class action suit against the company. Everyone who reads this post and has been ripped off by these very ugly people keep a lookout in the mail to be a part of the law suit.

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ash
September 21st, 2015 Bethesda, MD

Synchrony Bank handles charges for QVC. I have done business with QVC for years and pay my charges IN FULL each month. However, in August I was exceptionally busy and the bill was misplaced on my desk. I received a very harsh notice from Synchrony Bank and a further email referencing "debt collection." I have contacted QVC and substituted my own credit card so as not to have to deal with Synchrony in the future. They do not differentiate between those who pay regularly and those who are regularly/frequently deliquent. Miss one payment and you are treated like a common criminal.