Increased Interest Rate With Changeover to Synchrony!!

rohnnyb
Contributor
Contributor

Looks like Synchrony is taking over PayPal Credit from Comenity Capital Bank as of July 2, 2018. In the notice I just received, it said my new interest rate would be the variable rate of 25.49%, rather than my current rate of 19.99%. I have a credit rating of over 800. What the hell is going on? Enlighten me please!!!

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PayPal_Michelle
Moderator
Moderator

Hello everyone!

 

I know that there has been many conversations concerning the transition of PayPal Credit from Comenity Bank to Synchrony Bank, and I want to help bring some clarity to the changes.

 

In November 2017, PayPal made the decision to sell its North American Credit Portfolio to Synchrony Financial. PayPal has had a long, successful history with Synchrony for many of our Co-branded PayPal MasterCard products. They are one of the nation's premier consumer financial services companies; their roots in consumer finance trace back to 1932. Today, they are the largest provider of private label credit cards in the United States.

Synchrony will assume control of the PayPal Credit portfolio in North America in July 2018, so letters and emails are currently being sent to notify customers of the upcoming changes and their options going forward.

 

Please, if you have any questions at all regarding this, contact our credit support by following the Help & Contact link at the bottom of the page to the Message Center. We’re here to help in any way we can, and appreciate all your feedback.

 

Thank you,

Michelle

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52 REPLIES 52

darksting
Contributor
Contributor

if my payment goes up alot then ill not pay it - that i have a decision to do - and thats my change - dont bother me a bit to stop paying them - the hogs cant bleed this,

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rohnnyb
Contributor
Contributor

 


@darksting wrote:

if my payment goes up alot then ill not pay it - that i have a decision to do - and thats my change - dont bother me a bit to stop paying them - the hogs cant bleed this,


I am really serious about this. Please, need some real answers, probably from PayPal Credit. Thanks for venting though...

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Solved

PayPal_Michelle
Moderator
Moderator

Hello everyone!

 

I know that there has been many conversations concerning the transition of PayPal Credit from Comenity Bank to Synchrony Bank, and I want to help bring some clarity to the changes.

 

In November 2017, PayPal made the decision to sell its North American Credit Portfolio to Synchrony Financial. PayPal has had a long, successful history with Synchrony for many of our Co-branded PayPal MasterCard products. They are one of the nation's premier consumer financial services companies; their roots in consumer finance trace back to 1932. Today, they are the largest provider of private label credit cards in the United States.

Synchrony will assume control of the PayPal Credit portfolio in North America in July 2018, so letters and emails are currently being sent to notify customers of the upcoming changes and their options going forward.

 

Please, if you have any questions at all regarding this, contact our credit support by following the Help & Contact link at the bottom of the page to the Message Center. We’re here to help in any way we can, and appreciate all your feedback.

 

Thank you,

Michelle

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sajin7
Contributor
Contributor

Unacceptable will reconsider using this service once paid in full. It's like unnecessarily penalizing the customers by raising these rates and changing the terms. Makes it easier to exploit the consumer. I want no part of it. 

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JackieZ74
Contributor
Contributor


They claim for any purchases prior to July you will only be billed the 19.99% any purchases after that will be billed at 25.49%

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l0rd0ct0d0rk
Contributor
Contributor

I'm currently out of town for a while, and my mother got my mail for me. She said I had a letter from Paypal stating that in June, my credit interest rate was going to go up. Normally when something like that happens, I'll get an email from paypal as well. I'm just wanting to get a confirmation on whether this will happen or not. Thanks in advance.

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lisacorm714
New Community Member

I received a legal notice from them telling me my interest rate was going up to 26% so I cancelled my account.

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Skeeter3001
Contributor
Contributor

Will my credit be reported once it switches to synchrony bank, and will it be backdated since this is my longest standing account of mine. I don’t want another new account

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Antiquepapergir
Contributor
Contributor

I am a former lender and this happens all the time seamlessly behind the scenes.  It will not appear as NEW credit and it will show that one bank bought the other bank's debt.  Your history will show consistently as one entry.  Your good credit will be recorded.  If you still have questions, reply back.

 

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