Personal Finance Syndication Network

Synchrony bank rooms to go

Resolving Debt with Synchrony Bank

Many branded store, and specialty credit cards, are serviced by Synchrony Bank. If you are wondering whether you card is serviced by Synchrony, I provide a list of known businesses that use them below.

As you can see, Synchrony is not just about its flagship relationships like Amazon, and Care Credit. They do a ton of financing with fuel stations, and other auto related purchases we all need, as well as major clothing stores like Old Navy, American Eagle, and many others.

There are other credit card servicing platforms for large and small retailers, like Comenity Bank, but Synchrony is the largest. They have millions of customers.

Can’t Make Payments on a Synchrony Credit Card?

Synchrony bank rooms to goIf you miss a payment to Synchrony, they are likely going to charge a late fee. If your situation is such that you can get the payment and fee to them prior to your next billing cycle, you can avoid being reported as 30 days late on your credit reports.

If you are dealing with something more than a one month financial hiccup, you may want to call Synchrony, after already being late, and ask about any hardship repayment program they may offer to you. But be sure you are confident you can follow through with any reduced payment Synchrony offers on a continuing basis.

If your situation is one that causes you to miss more than one payment, or you have too many accounts that you are juggling, it may be time to seek out a more permanent solution.

You may have passed the point where temporary relief, or Synchrony waiving a late fee, is going to be helpful. This is often the case when you do not have enough income to meet all your bills each month. When this happens, you are typically looking at the following 3 mainstream methods for getting debt relief.

  1. Enroll in a consumer credit counseling program and get all of your credit card debts under control. Review that link for a complete understanding of how credit counseling can help you. The gist is that your interest rates are reduced through agreements the counseling agency has with Synchrony and your other lenders.
  2. Be late enough with payments to Synchrony in order for them to settle with you for less than what you owe. I often target Synchrony settlements at 40% of the balance owed (there are reasons to aim lower, or accept higher). You can sometimes split that up into 3 months if your account has not been charged off. And you will often find you are dealing with debt collection agencies and debt buyers the longer your account has gone unpaid.
  3. You could file chapter 7 bankruptcy and wipe out all unsecured debts. Be sure to review your situation with an experienced bankruptcy attorney. There are income and asset considerations for each state that can vary, and prevent you from filing.

Anything but paying Synchrony on time, all the time, is going to have an impact to your credit score, or your ability to access new credit products and loans. Be sure to review this article about how debt relief hurts your credit before you make any assumptions. The truth may surprise you.

There is usually more to think about when your settling debts with Synchrony. Most of us have more than one debt we are struggling to keep current, and Synchrony balances may be the lowest on our list. In fact, the smaller the balance (less than $1500), I will often discourage falling behind if it can be avoided.

It is also important to point out that Synchrony is one of the few lenders that will refuse to send you a written agreement, or settlement letter, outlining what you negotiated with them over the phone, until your payments are set up in the system. I typically encourage you to record the phone call where you are covering all that you are agreeing to with them. Use an old-school tape recorder on speaker phone, or download one of the free apps. Be sure to tell them you are recording that portion of the call and why (they will not release a letter). Hold that recording until your letter arrives (they do send them).

Check out this video where I cover negotiating with Synchrony in more detail:

Be sure to reach out via the get help button if you want to talk through your options with someone. I can often answer basic questions via email, and you have the option of scheduling a 15-minute free call.

Here are the more common retailers and services that provide credit cards through Synchrony. Not all of these accounts will settle the same way, or for the same amount, but most do.

  • 76 Gas
  • ABC Warehouse
  • Abt Electronics
  • Amazon
  • America’s Tire Store
  • American Eagle Outfitters
  • American Signature Furniture
  • Ariens and Gravely Get the Gear
  • Art Van
  • Ashley Furniture HomeStore
  • Athleta
  • Banana Republic
  • Bargain Outlet
  • Belk
  • Bernina
  • Big Sandy Superstore
  • Bjorn’s
  • Bomgaars
  • Boris Home Furnishings
  • BP Visa
  • Briggs & Stratton
  • Brooks Brothers MC
  • Car Care One
  • Care Credit
  • Carpet One
  • CheapOair / One Travel
  • Chevron / Texaco Visa
  • City Furniture
  • Conoco
  • Dick’s Sporting Goods MC
  • Dillard’s Amex
  • Discount Tire
  • Dream Bed
  • Drexel Heritage
  • DX Engineering
  • Ebates Visa
  • Ebay MC / Paypal MC
  • Electronics Express
  • Ethan Allen
  • eXmark
  • Field & Stream
  • Flooring America
  • Freedom to Ride
  • GAP
  • Goldsmith Store
  • Golf Galaxy
  • Google Store
  • Guitar Center
  • Haverty’s
  • HH Gregg
  • Hudson’s Furniture
  • Husqvarna
  • Hyde Park Jewelers
  • JCPenney
  • Jewelry Exchange
  • Kauffman Tire
  • Kraft Music
  • La-Z-Boy
  • Lee Michaels
  • LensCrafters
  • Levin Furniture
  • Living Spaces
  • Loves
  • Lowe’s
  • Lumber Liquidators
  • Maaco
  • Marvel
  • Massey Ferguson
  • Mattress Firm
  • McCoy’s Building Supply
  • Meineke
  • Men’s Warehouse
  • Metro Mattress
  • Midas
  • Mills Fleet Farm
  • Mohawk Flooring
  • Musician’s Friend
  • Napa EasyPay
  • Nautilus
  • Newell
  • Old Navy
  • Olejo
  • C. Richard & Son
  • Pearle Vision
  • Pep Boys
  • Phillips 66
  • QVC
  • Raheem
  • Reeds Jewelers
  • Regency Furniture
  • Rooms To Go
  • Sam Ash
  • Sam’s Club MC
  • Sewing and More
  • Shaw Floors
  • Shaw Floors
  • Shelly’s Furniture
  • Sleep Experts
  • Sleep Number
  • Sleep Train
  • Sleepy’s
  • Sony Store
  • Specialized
  • Star Lumber
  • Stash Hotel Rewards
  • Stein Mart MC
  • Summit Racing Equipment
  • Sunglass Hut
  • Sutherlands
  • Sweet water
  • System Pavers
  • Thomasville
  • Tire Pros
  • TJ Maxx
  • TJX Rewards MC
  • Toro
  • Toys R Us MC
  • US Appliance
  • Value City Furniture
  • Value City Furniture
  • Vine Live / Shop HQ
  • Walmart MC
  • Westrich Furniture & Appliances

This article by Consumer Recovery Network first appeared here and was distributed by the Personal Finance Syndication Network.

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Using Synchrony (GEMB/GE Capital) Accounts with Mint/Quicken (Intuit)

Synchrony bank rooms to go

Synchrony bank rooms to go

Are you one of the many frustrated Mint/Quicken (Intuit) users that has accounts with Synchrony (formally GE Money Bank [GEMB] / GE Capital) that you cannot access with the service? This has been going on for 5+ years now. Many of us have been asking for updates from both sides and we either get no response or a canned response. Some examples are this "canned response" from Synchrony:

"At GE, it is our priority to protect your personal information. At this time, does not currently meet GE's security standards and protocols. For this reason, we do not support direct interaction with that website. Please be assured that we are working with several companies to design a secure process to ensure you have uninterrupted, convenient access to your billing information. It is our pleasure to offer you paperless statements and electronic payment options at no cost on our credit website."

This has been observed in many threads as the exact same response to all users. Also here are some responses from Intuit:

"Trayceeover 4 years ago

I wanted to post a quick update to let you know we are still working to resolve the issues with GEMB. Thank you for your patience - we look forward to being able to updated you with good news regarding this issue soon!

and most recently:

There has not been any progress and both parties state that they are working on solutions or processes. With today's technology, it does not take 4+ years to work this out.

The premise behind this petition is to voice your support for having aggregated data access from your GE Capital account data to Intuit. We are asking that both parties come to the table and work out a solution immediately so that people have the ability to better manage their credit and money.

Furthermore, if one party is refusing to work with the other, then the party being refused support shall present tangible data and evidence to support that to the community of users to gather much needed support. From an outside looking in perspective, no one can tell who is or is not working on this. The appearance is that neither party is actually working on it or have any interest to do so.

If you are in agreement with this petition and would like to see both GE Capital and Intuit come to the table and work this out, please sign this petition to support sending a message to both parties involved.

Update 2015-03-22: In the last two months we have received as many signatures as in the first 8-10. If everyone were to share this on Twitter and Facebook, we could get to a large number of people quickly. So, please be sure to share this petition on Facebook, Twitter, by email, or on a blog by using the "Spread the word" tools to the right. The goal to get a lot of support is quite high, although with the number of Mint users and GE Card holders it is achievable, and we need to get the word out. Only then can we really make a difference.

Update 2015-04-13:There is some new traction starting to take place, more names and comments per day than before. The word is spreading. Help us spread that word!

Update 2015-06-08: Today we hit 2500 signatures, 10% of the goal. This great! Thanks to those that have signed. At the same time, we should be able to get 25,000+ signatures quickly, it will require this to be shared by everyone. It appears that the number of shares from the site is actually only 24, that is less than 1%. If we want to get some traction, we need to share this anywhere and everywhere we can. There are a lot of people that are Mint users and Synchrony customers who are not aware that they cannot use those cards until they try to and then they have now idea that there is a lot of others that are also frustrated. I would ask that everyone share this on Twitter, Facebook, email, etc to get the message out there.

IMPORTANT UPDATE 2015-08-25: As of today at around 3pm ET, this has been resolved and is working. Here is a the post in the Intuit Community site:

Resolved: Our engineers have confirmed that the connection for GE Capital Bank and Synchrony has been reestablished and users are now able to reconnect these accounts to Mint. If you are still experiencing any errors when trying to reconnect your GE Capital Bank or Synchrony accounts to Mint please contact our Mint Chat Support for further assistance.

This is very exciting and everyone should be delighted with the outcome. I have tested my accounts and they are all now working.

Thank you for all your support. I'm sure that people here and at other locations have helped to get this resolved. I will be closing this petition at this time.