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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52 REPLIES 52

michonski
Contributor
Contributor

 I just recieved a letter informing me that APR annual rates will jump to 24.99 percent.  Over 20 percent is considered "Usery" Paypal can now be considered a "userer"..PP says this is due to a change in their bank they are changing to in July..For those who dont know, The word usury is known as a different name which youre more familiar with....."LOANSHARKING!!...I guess I need to find another type of system to buy and sell like PayPal but with lower rates..any ideas?

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michonski
Contributor
Contributor

excuse me..The interest will be 25.49 percent. sorry


@michonski wrote:

 I just recieved a letter informing me that APR annual rates will jump to 24.99 percent.  Over 20 percent is considered "Usery" Paypal can now be considered a "userer"..PP says this is due to a change in their bank they are changing to in July..For those who dont know, The word usury is known as a different name which youre more familiar with....."LOANSHARKING!!...I guess I need to find another type of system to buy and sell like PayPal but with lower rates..any ideas?


 

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APRschmoe
Contributor
Contributor

I'm getting to transfer my debt to one of my credit cards at 0%APR for 12 month, plus 3% transfer fee. I'll end up paying $88 transfer fee and paying it off in 12 month, instead of 25% APR with in 12 month, which will cost me about $315 extra with PaySharksPalls. You should do the same.


@michonski wrote:

 I just recieved a letter informing me that APR annual rates will jump to 24.99 percent.  Over 20 percent is considered "Usery" Paypal can now be considered a "userer"..PP says this is due to a change in their bank they are changing to in July..For those who dont know, The word usury is known as a different name which youre more familiar with....."LOANSHARKING!!...I guess I need to find another type of system to buy and sell like PayPal but with lower rates..any ideas?


 

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Charlie54
Contributor
Contributor

To Whom It May Concern, 

In July when PayPal switches to SYNCHRONY BANK. Will the six months same as cash be changed? Like if you pay something off in six months no interest. Are will there be interest from day one. I have a number of accounts with SYNCHRONY BANK. They have high interest. 

Charlie54

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salgarella
Contributor
Contributor

I received a letter from SYNCHRONY BANK , stating , an increase on    APR  " MY PAYPAL ACCOUNT " to 25.49 % !  IS THIS TRUE OR FALSE ????

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Oregon11
Advisor
Advisor

@salgarella

 

This is true. Synchrony will soon be the issuer of PayPal credit in the US.

 

 

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judith777
Contributor
Contributor

any body else SHOCKED???after all these years!! 

 

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cpexpress51
New Community Member

I will no longer use pay pal for purchases.  The interest that is charged is outrageous.  I have an excellent credit rating, but it doesn't matter.  Are you loan sharks. 

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meandI
Contributor
Contributor

anyone else get a letter saying that the interest rate went up 6% to 25%

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bobbisp
Contributor
Contributor

I am not pleased with the change to Synchrony bank.  It is increasing the APR to 24.99% That is outrageous. I will probably discontinue use of Paypal.

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