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!!!
So it appears that the change from Comenity Capital Bank to Synchronicity has some deleterious effects on us.
First the already obnoxious 19.99% interest rates explodes to 25.49%. Second, they will now only offer One (1) type of special purchase; 6-months-Same-As-Cash. Third, Failure to Pay-In-Full by the 180th Day, will then subject you to the accrued interest. Example: A $1,000.00 debt will accrue roughly $132.19 over the 6 month period.
I am going to tranfer my balance on my paypal credit account to my 10% interest credit card. I will not pay 25% interest on any account. Closed my Sears account for the same reason and Macy's.
Paypal has changed from Comenity Capital to Synchrony Bank . Why...interest went from 19.74% (Comenity) to 25.49% (Synchrony). Really Paypal!!! Account in great standing and excellent credit. Not willing to lower interest rate . Crazy...How can you do this to your customers. I refuse to be taken advantage of in this way. How does the rest of the community feel about loan sharking !!! Paypal will read this hopefully they will read such complaints and find a better way to be consumer friendly. Shame on you PAYPAL . IS IT ABOUT THE SHARE HOLDERS . I WILL PAY OFF MY BALANCE, THEN I AM DONE. I will use my credit cards with much lower rates. P.S. paypal think about what I've said before you decide not to post to site. Might as well use a payday loan outlet same group.
Yup. Me as well. I’m transferring all my monthly charges, like Netflix to another account. I will pay off my balance ASAP. I have the means to do so. PAYPAL will be the last option I use to pay for products and services, if I don’t just close my account together. Many other ways to transfer money to others besides PayPal. I only signed up or this message board to write this. Hope they are monitoring. The sad part is many people don’t read their mail close enough and toss it instead. I don’t and will be passing this info on.
I agree 100%! I'm paying off as much as I can this month and transferring my balance to another institution with a much lower interest rate. I can't believe they are jacking the interest rate up that much. Come on Paypal!!!!
I will pay off my balance and not use this again. I have had this account for many many years. How dare you be so greedy. This is "legal loan sharking " as far as I am concerned. The 19.99% was high enough now increasing it in July to 25.49% ? Shame on you! I agree with the other poster. This is now way to treat your customers in good standing!!! I am really **bleep**! I used this paypal credit account for all my online shopping, and I do a lot being that I am house bound.
I too have worked very hard to get ALL my credit rating up but I was always ahead with pay pal. Do I to still be paying the charge off and only use the debit part. So it doesn't pay to pay on time. PayPal you are not.
