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?
If 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.
Getting Help with Synchrony Debt
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.
- 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.
- 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.
- 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.
Things may not be simple
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
- AAMCO
- 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
- CITGO
- 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
Remember, Synchrony is one of the largest sellers of unpaid debt to companies like Portfolio Recovery Associates, Midland Funding, and Cavalry Portfolio. It is often more ideal to get affordable help to settle when you are dealing with debt buyers. The help can end up paying for itself.
I have a charge off in my account with syncb on a Polaris side by side. I would like to make payments to settle this debt. Is there anyway I can do so?
Yes. I suggest scheduling a call with me here: https://calendly.com/debtbytes/15min
Hi Michael! I currently have a dicks sporting goods credit card that went over limit. I am facing some financial hardships so I closed the account. I called to ask for a settlement but they denied due to the fact that I have “excellent payment history”. Yet my account is at a negative balance due to the fact that the minimum payment they were automatically taking wasn’t enough to cover interest fees and payment security. I can’t even use payment security because I have not been employed as I am a stay at home mom.
It sounds like you have not fallen late enough to trigger a settlement opportunity.
Hi! I’m so glad I found your website!! So much useful information! I have a couple of questions:
1. I have $7,500 with PayPal credit/synchrony bank that I have to stop paying. When would be the best time to start negotiating with them? And what is their lowest acceptable percentage? I was hoping to go to 25%?
2. I also have $3000ish with wells Fargo credit card. I also need to stop paying. I read you mentioned it’s better to get help w Wellsfargo, is it still the case? What would be the lowest they go?
Thank you again for your help!!
I cover the timing of settling with your bank in an article series you should read.
How low you can get a settlement will often depend on how collectable you look. Each of us will look a little different, especially if we are paying other bills that show on our credit reports.
I still target Synchrony between 30 and 50 percent.
I still suggest getting help with Wells Fargo.
Most importantly, if you have to settle your accounts over anything longer than 9 months, I highly recommend getting help prioritizing who to do first, second, third, etc.
I received a 2022 1099 c from Synchrony bank for a PayPal debt with ge money bank. When I called I didn’t even know what they were talking about. Said I opened the acct in 2004 and last payment was in 2009. Ge took this to small claims and it was fully settled in 2009 for what I owed. Obviously due to the length and no contact all I have is the small claims case online. I need that 1099 c retracted before the irs bills me. Any suggestions
I am not sure how a 1099c would even be seen as valid from an event over 10 years ago. I would talk to a tax professional about this.
I agreed and paid a settlement amount with CareCredit, now they are refusing to send me proof of payment. I am needing something in writing for my credit union. They are refusing. How do I get something in writing before the 21 days. They are not easy to talk to. I have asked for a supervisor or manager but was told one would call me back in 24-48 hours. They can verbally tell me it is paid but they refuse to send anything in writing. How do I deal with a situation like this? I just need the settlement offer letter and they refuse. I am at a loss.
I typically want to get the settlement letter in writing first, before I pay. When you have that, and proof from your bank account that the amount stated on the letter was paid, you have what you need.
Are they saying they cannot get you something in writing ever, or within the 3 weeks you need it?
I opened a zulily account in 2020 (they use synchrony) and i had it a year and always made my payments on time. my sister does “credit repair” and told me i could max it out and not pay it and itll just go on my credit report and she’ll have it removed. Big mistake, i got served a few days ago. I dont want to deal with courts and sent a letter to the lawyer in the suit requesting to pay about $900 less than the pay off. Is it likely they will accept and settle outside of court??
Settlements out of court are common. How low you can get them to go is typically not nearly as good as settling before it goes to a law firm. More on that here: http://consumerrecoverynetwork.com/question/can-you-negotiate-and-settle-a-credit-card-debt-if-you-are-being-sued/
Synchrony often sells debt to a handful of large debt buyers. Is there a debt buyer named on your lawsuit?
Is it true that a judgement against you in civil court from unpaid credit cards makes you ineligible for student loans? I read that here I believe but when trying to verify that with FAFSA, it looks like that’s only if the US government has a judgement against you. Can you clarify?
I have seen people get their own student loans approved in this situation.
I tend to see people applying for parental plus loans get declined in this situation.
I have a collection with PayPal credit through synchrony. I had went through a huge traumatic experience last year that I wasn’t able to pay. It has been sent to collections but I want to know if I pay it off now can I use CareCredit for an important procedure through synchrony?
Do you have an open Care Credit account already?
How late are you on the PayPal Synchrony account?
Hello Michael
I got synchrony credit card for my lasik treatment. The credit limit was $6000 and the charge was only $3000, I paid off almost $1500 and other half left. But the promotion ended and they charged me with $800 interest, I didn’t notice till a month was over. Now the charge has increased to $2600 in 2 months. I have been calling them and they refuse to remove the interest charged and as well as late fee. I am ready to pay $1500 but I’m unable to get any help. They have been of no help.
Please suggest what should I do?
Thank you
Do you believe the fees were charged in error? If no there is typically little they will do to reduce the balance unless you settle with them after being several more months late.
Do you have other debts than this one? If so, what do they all add up to?
Same happened to me. A bunch of interest in one lump sum. I’ve used the card twice and now I’m over my limit. I’m considering letting it go until they try but I’m not sure how badly that will effect my credit! I’m so mad!
Missing payments for a few months in order to settle may clobber a credit score by more than 100 points.
Other creditors may see you missed payments to someone else, and decide to close your accounts, or lower the credit limits.
Is there any way to pay off Standard Purchases before Promotional Purchases? I have tried phone and mail to no avail with Synchrony for the last six months. Thank you.
You would want to work with Synchrony on that, and if they are not working with you after your efforts thus far, and I am not sure how you would force it, unless they are acting outside of their agreement and terms, or the issue you are having reaches to a regulatory issue.
I just received a validation letter from a Synchrony account that has recently been charged off and balance is around 11,000. I have severe hardship at this point and cannot pay even half of that amount and plan to answer the validation letter they sent thru Client Services Inc. but I am terrified they will place a judgement against me. Is it safer to answer the validation letter and hope they will sell my debt to another company then try to settle?
Client Services is not a debt buyer, just a contingency collection agency.
Synchrony will eventually pull the debt back from this collector, and then may sell it, or send it to another agency like Client Services.
We get settlements in this situation with many months to pay.
Would you be able to commit to half or less if you had it split up over many months?
I am current on my HSN card, but now cannot make the payments. Syncrony said they will only let me pay off the balance over 60 months! Syncrony has worked with me on all my other cards, but those were behind. Do I really need to be behind before they will settle? I just wanted this last account done with.
I do often see the need to have missed a payment, even by just a couple days, before Synchrony will talk about long term hardship plans.
Settling with Synchrony for less than half of what you owe will typically mean you have to be late with payments several months.
Will Ashley furniture repossess my couch if I miss too many payments? COVID kicked my a$$ and it’s either the mortgage or the credit card……
Synchrony issued the credit on the couch, and they do not want your couch. Just money.
You can circle back and deal with the Synchrony debt in the future, like with a collection agency or debt buyer, when your in better financial shape.
Your credit can bounce back later too.
Focus on what is important right now.
after my care credit/synchrony bank debt goes into collections, will it still accrue interest and late payments and more interest? Also if I make an agreement with then, will the interest still pile up
You tend to see unpaid interest accumulate on your Synchrony billing statements for 6 months, and then it stops.
You should also see a 38 dollar late fee added for 6 months, than then this fee stops.
I had dental work done about two years ago. My maximum amount I could borrow from Care Credit was 5,000. Since then I have paid at least minimum payments and at times much more. I have been late twice but always caught up. Anyway I received my monthly bill today and still owe 4,912.02. I am not rich by any means. I am in my 70s. I feel that I will never be able to fully pay off this debt. Its like throwing money away and I am barely making ends meet as it is. Care Credit is Synchrony Bank. Your video gives me the courage to stop paying but can they garnish my bank account. The bill is only in my name and my bank account is not.
You would have to be sued over the debt, and a judgment entered in court, for any concern of a bank levy to arise.
You can settle or set up a favorable low interest payment plan and prevent this risk from ever occuring.
If you are on Medicare and receive SSA benefit payments you have income that is protected from garnishment by anyone except the federal government and the IRS. They can still sue you and it will affect your credit but you can take your time paying them as you are able to pay.
Mom had a question. She has 2 Synchrony cards last paid early November. If she settles for those two cards or even more than two cards and wishes to keep a Care Credit with Synchrony open long term that she’s current on can she pull it off?
Also, this may be a silly question but I mentioned she last paid early November. That makes her currently just past 3 months late, correct? And she should shoot for late April VERY early May for a settlement if nothing comes our way first? Thanks!
I would not plan to have the Care Credit card still open and available after falling late with Synchrony on other accounts. It would more likely be an accident if that happened.
Many banks will lower your limit, or closer your account, if they see you late on any accounts, and not just other accounts you have with them.
If she last paid in November, but did not pay in December, she is 30 days late in January. May is the earliest I would have negotiation and settlement conversations with Synchrony.
Thanks Michael. If you’ll recall way back my mom was just planning on getting sued until she ran into some money to settle. At that time we had already sent a few polite “please do not call but send postal mail” letters before I was instructed not to by you. We did not send one out to synchrony for those cards. However, since we’re discussing the May settlement discussions here I thought I could bring it up here. Should she call the creditors up and tell them they’re allowed to call so she starts getting settlement offers? Or should she just initiate settlement talks out of the blue in May still? Wouldn’t that catch them off guard? Or do you think some offers will start coming by postal mail? Thanks!
Only a few banks send offers along the way to five months late. I still call to counter offer those, but typically not until 151 days late.
As a general rule, if she has the cash to settle with not just Synchrony, but all the accounts, I would proactively be calling at months late regardless of any offers received up to that point.
In your last paragraph there doesn’t seem to be a digit before the “months late” You meant 5, correct? And thank you for the response. So since November was her last payment, that makes December ground zero and you said Jan was 30 days late that means 5 months late would be May. I think I got it but correct me if I’m wrong. Take care
Sorry about that. Yes, 5 months, and May would be my target with Synchrony.
Still waiting for May. Just had a question. You said, “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.” Does this mean with Discover, Target, and Capital One we should expect to receive a contract in writing via postal mail or email BEFORE paying a lump sum settlement? In other words, we shouldn’t pay them over the phone based on a verbal agreement?
Correct. I would not pay without the written agreement in hand first.
So if approaching Synchrony, TD Bank, Discover, Capital One, and/or Citi at the 5+ month point without lump sum offers sent to us first, do you have a video on how one goes about cold calling the creditors and asking them to accept 50/40%
Also do you have the specific percentages to safely negotiate for for those 5? I recall you telling me 40-50 as a general number. Should we just shoot for 50 or can you tell me which are 40? From memory I don’t think all of those have percentages in their specific thread and if they do they may be outdated.
Lastly, what’s the worst that can happen if our initial offer is turned down?
I have a post up about major creditor trends here: https://consumerrecoverynetwork.com/review-top-7-credit-card-lenders-best-offering-debt-relief/
You can post in the comments of the dedicated creditor pages and get real time feedback. You can post in the comments of this linked article too.
Synchrony currently settles around 40 percent.
You should expect your initial offer to be turned down or countered. Not to say that you cannot get a settlement in one phone call, because you can, but it is normal to have to make several calls.
The video about what to say and not say when negotiating a settlement covers the basics.
Synchrony DOES decline to send a written agreement (or settlement letter) outlining what you negotiated with them over the phone IF YOU REFUSE to set up payments in their system during the NEGOTIATION CALL. However, once you set them up during that same call, they will immediately send you via email or postal mail (or both) the terms agreed upon. Only make this commitment if you will be able to make all of the payments on the dates due. I also highly recommend that you set out as far as Synchrony will allow—-the INITIAL PAYMENT. That gives you time to receive the Settlement letter BERFORE the first payment is auto deducted!