Stein Mart extends consumer credit card deal with Synchrony Financial (2024)

FAQs

What is the controversy with Synchrony Bank? ›

“Synchrony issues some of the most problematic cards in the marketplace, with deferred interest traps that wallop struggling consumers with large amounts of retroactive interest and high-cost CareCredit cards pushed in healthcare settings,” said April Kuehnhoff, senior attorney at the National Consumer Law Center.

What's the Synchrony Bank credit card credit score requirement? It depends on the credit card you are interested in. Most credit cards offered by Synchrony Bank are designed for people with fair (640 – 699), good (700 – 749) or excellent (750 – 850) credit.

Synchrony Financial's threat of distress is less than 5% at the present time. It is unlikely to undergo any financial straits in the next 24 months.

Synchrony Bank Basics. Founded in 1932 as GE Capital Retail Finance, Synchrony Bank is a division of Synchrony Financial, the largest provider of private-label credit cards in the U.S. Here's a look at its personal banking products.

Fitch Ratings - New York - 05 Apr 2024: Fitch Ratings has affirmed all of Synchrony Financial's (SYF) and subsidiaries' ratings including its Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook is Positive.

Synchrony Bank recently allowed class-action lawsuits by consumers to progress after accepting to take responsibility for long-standing complaints raised against them. Synchrony Bank's class-action lawsuit allows consumers to be paid what they are owed for the suffering and damages they incurred as their customers.

Synchrony reviews FAQs

Synchrony has an overall rating of 4.2 out of 5, based on over 2,403 reviews left anonymously by employees. 83% of employees would recommend working at Synchrony to a friend and 81% have a positive outlook for the business. This rating has decreased by 1% over the last 12 months.

Not full service: Synchrony Bank doesn't offer a checking account. Not as generous: Other banks may offer more generous ATM reimbursem*nts than Synchrony, which reimburses customers $5 per month for out-of-network ATM charges. Online only: Synchrony is an online-only bank, so there are no in-person branch locations.

Synchrony Bank may have lowered your credit limit due to late payments, inactivity on your card, or a change in your credit history. Synchrony Bank will periodically review how you're managing your current limit and may lower it if they don't think you can afford the full thing.

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

What is the future of Synchrony Financial? ›

Based on 16 Wall Street analysts offering 12 month price targets for Synchrony Financial in the last 3 months. The average price target is $51.63 with a high forecast of $62.00 and a low forecast of $37.00. The average price target represents a 1.79% change from the last price of $50.72.

Synchrony Bank is a safe place to put your money. Deposits are FDIC insured up to $250,000, just like brick-and-mortar banks.

History. Synchrony traces its roots to 1932. GE Capital Retail Bank was started during the Great Depression, providing customers with a line of credit to purchase GE appliances. The lending arm remained GE Capital Retail Bank until it was spun off from its parent company in June 2014.

Our deep industry expertise informs the comprehensive suite of financial solutions we offer – which includes private label, general purpose, dual- and co-brand credit cards, as well as promotional financing, secured lending, and short- and long-term equal payment installment products.

Both banks have a $0 minimum deposit and no monthly service fee, which maximizes earnings. But if you're looking for the best rate, Synchrony is the winner. Capital One allows customers to open multiple savings buckets to save for separate goals.

We give Synchrony Bank 4.4 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The bank scores highest for its CDs, savings account and overall experience and access. *Ratings are determined by our editorial review team.

Synchrony Bank Savings Account Review

Earn 4.75% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured. With a high rate and no fees, the Synchrony High Yield Savings Account is a great option for savers.