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

FAQs

What is the minimum credit score for Synchrony Financial? ›

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 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.

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.

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 uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness.

Find out your score and how to improve it when you enroll in Synchrony's free credit score program with VantageScore®VantageScore® is a top credit scoring model used by many lenders when they consider whether or not to approve applications and deide what rates and terms to offer. .

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.

The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.

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

“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.

Does Warren Buffett own Synchrony Financial? ›

Warren Buffett Synchrony Financial

Warren Buffett started to build up the position in Synchrony Financial in Q2 2017 and continued to invest until Q3 2017. Since then they sold 20.8 Million shares. The investor completely sold their stake between Q1 2020 and Q1 2021.

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.

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

Is Synchrony Bank secure? Synchrony Bank's deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor, per account ownership category. This insurance protects your money in the unlikely event of a bank failure.

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 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.

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.