p.4 #1 · Major problem with B&H's new PayBoo credit card ...
bastkittygal wrote:
Going back to the idea that Synchrony is trying to make up for losses of the tax cash back, the Payboo card has a 30% interest rate, which is considerably more than other cards that I have.
Two things. First, Synchrony doesn't incur one penny of expense with the tax refund. That comes from B&H. Second, the APR is higher than a Visa or MasterCard account but inline with other bank cards.
Amazon.com Store Card or Amazon Prime Store Card accounts, standard variable purchase APR is *28.24%*
Kohl's, Macy's, JC Penney, all in the 29% range
Lord & Taylor is 28%
TJMaxx 28%
Game Stop 28%
Staples 29%
Zales 30%
Big Lots 30%
Apple Card - Variable APRs range up to 24.24% based on creditworthiness. Rates as of March 2019.
Gap - For new accounts: As of 01/01/2019, Variable Purchase APR is 28.24%.
Adorama 29.99%
Newegg 29.99%
p.4 #2 · Major problem with B&H's new PayBoo credit card ...
henryp wrote:
Two things. First, Synchrony doesn't incur one penny of expense with the tax refund. That comes from B&H. Second, the APR is higher than a Visa or MasterCard account but inline with other bank cards.
Amazon.com Store Card or Amazon Prime Store Card accounts, standard variable purchase APR is *28.24%*
Kohl's, Macy's, JC Penney, all in the 29% range
Lord & Taylor is 28%
TJMaxx 28%
Game Stop 28%
Staples 29%
Zales 30%
Big Lots 30%
Apple Card - Variable APRs range up to 24.24% based on creditworthiness. Rates as of March 2019.
Gap - For new accounts: As of 01/01/2019, Variable Purchase APR is 28.24%.
Adorama 29.99%
Newegg 29.99%
You are right, store branded cards have higher interest rates. There must still be a benefit for BH to give tax cash back since they will lose lots of money taking the burden on the company. There must be information that we don't know about. Not saying this is bad. Still interesting that other companies are turning away from Synchrony bank.
p.4 #3 · Major problem with B&H's new PayBoo credit card ...
With what I am gathering, the benefits of B&H taking the burden of the tax on themselves would be as follows: marketing of the tax cash back itself, more customers buying who could not afford expensive gear before but now can with credit, and the small advantage of Synchrony taking administrative and accounting expenses on themselves. I guess this is reasonable, but I can't believe how much money could be lost from giving 6-13% back on expensive purchases.
p.4 #4 · Major problem with B&H's new PayBoo credit card ...
I'm having a hard time believing that B&H doesn't get profit from Synchrony to make up for the tax cash back loss. For example, many retailers make profit from interest charges, too, and rely on customers going into debt. Best Buy earns money from interest charges on their Citi bank card. This seems to be the standard. If B&H and Synchrony have a similar agreement, then it makes sense for Synchrony to deny customers who do pay off their bills on time. In my eyes, this ok since it's not good for companies to lose money, except for the fact that people with good credit histories get hurt by hard inquiries and are denied for no good reason!
p.4 #5 · Major problem with B&H's new PayBoo credit card ...
While Mr. Posner is likely, having done so before, to express significant consternation over the reports provided by BBB, since there are other members on FM who have had experiences similar to yours, after awhile and enough reports from "actual users" her on FM. Just recall the old commentary: "if it walks like a duck, and quacks like a duck, it may be a politician in disguise (or not, as the case may be). End of story: I'm buying from my local B&M, getting really good offers on occasion when they run a "state tax free day," or, simply driving the 23 miles to DE where there is no State sales tax. In which case I take care of my paying my own "use fee."
p.4 #6 · Major problem with B&H's new PayBoo credit card ...
bastkittygal wrote:
I'm having a hard time believing that B&H doesn't get profit from Synchrony to make up for the tax cash back loss. For example, many retailers make profit from interest charges, too, and rely on customers going into debt. Best Buy earns money from interest charges on their Citi bank card. This seems to be the standard. If B&H and Synchrony have a similar agreement, then it makes sense for Synchrony to deny customers who do pay off their bills on time. In my eyes, this ok since it's not good for companies to lose money, except for the fact that people with good credit histories get hurt by hard inquiries and are denied for no good reason! ...Show more →
I took a look at Synchrony Bank's recent SEC Filings, and the company states:
"Retailer Share Arrangements
Most of our Retail Card program agreements contain retailer share arrangements that provide for payments to our partner if the economic performance of the program exceeds a contractually-defined threshold. Economic performance for the purposes of these arrangements is typically measured based on agreed upon program revenues (including interest income and certain other income) less agreed upon program expenses (including interest expense, provision for loan losses, retailer payments and operating expenses). We may also provide other economic benefits to our partners such as royalties on purchase volume or payments for new accounts, in some cases instead of retailer share arrangements (for example, on our co-branded credit cards). All of these arrangements align our interests and provide an additional incentive to our partners to promote our credit products."
- Synchrony Financial's 2018 10-K
So I won't believe anyone who says that B&H are so benevolent in taking the burden of the tax cash back on themselves. Phrasing is important, of course, B&H pay the tax themselves, but they are likely to get money back from Synchrony Bank from fees and other agreements, making up for that loss of having to pay the tax themselves. In this case, B&H are likely to benefit from people who do not pay on time.
I don't even care about getting the card anymore, but I'm unhappy that I have a negative hard inquiry on my otherwise pristine credit history now. What will I say to the bank if I want to get a mortgage and they take this into account? I want to warn others that this may happen to you, too.
p.4 #7 · Major problem with B&H's new PayBoo credit card ...
anthonysemone wrote:
While Mr. Posner is likely, having done so before, to express significant consternation over the reports provided by BBB, since there are other members on FM who have had experiences similar to yours, after awhile and enough reports from "actual users" her on FM. Just recall the old commentary: "if it walks like a duck, and quacks like a duck, it may be a politician in disguise (or not, as the case may be). End of story: I'm buying from my local B&M, getting really good offers on occasion when they run a "state tax free day," or, simply driving the 23 miles to DE where there is no State sales tax. In which case I take care of my paying my own "use fee."
Thank you, Anthony. It's sad to hear about other people who try so hard to better their credit history and get this dent in their record. I will try not to fall into "it's to good to be true" traps again.
p.4 #8 · Major problem with B&H's new PayBoo credit card ...
Posted in Twitter by Joe Connolly, business reporter for WCBS-AM
Use of credit cards soars. It could be because pay is rising faster and people are confident they can pay; or because they're in debt and can't pay. U.S. Consumer Debt Surges on Jump in Credit-Card Balances
And, in reply to a question:
Credit card rates are near record highs according to recent reports. Junk bond borrowers pay lower rates than credit cards charge.
p.4 #9 · Major problem with B&H's new PayBoo credit card ...
I also was turned down by Synchrony Bank for a Payboo card on the basis of "-credit history indicative of potential invalid identity." Interestingly, yesterday I received an offer in the mail directly from Synchony Bank for a pre-approved credit card. My credit score is quite high and I often receive offers for pre-approved credit cards from multiple sources. Not sure what to think... is Synchrony Bank doing an end run around B&H trying to get people to apply through B&H, turning them down, then soliciting them directly? Whatever the case, B&H would do well to get on the right side of this because, yes, it does reflect on them!
p.4 #10 · Major problem with B&H's new PayBoo credit card ...
fd3rd,
You will get nothing but exceeding support for BH's use of PAYBOO ( - BOO, we surprised you). If you want to scare the shite out of yourself, just do a simple search on any engine of your choice as to Synchrony's reputation. I'll buy from BH, and I'll pay the taxes you all are being "dunned" for before I'd submit my credit history to the vagaries of that outfit. Just sayin'
p.4 #11 · Major problem with B&H's new PayBoo credit card ...
This has been an interesting read, im new to BH and was considering applying for the card over the weekend. Glad i taked myself off the ledge. Thanks for the information everyone.
p.4 #12 · Major problem with B&H's new PayBoo credit card ...
anthonysemone wrote:
You will get nothing but exceeding support for BH's use of PAYBOO ( - BOO, we surprised you). If you want to scare the shite out of yourself, just do a simple search on any engine of your choice as to Synchrony's reputation. I'll buy from BH, and I'll pay the taxes you all are being "dunned" for before I'd submit my credit history to the vagaries of that outfit. Just sayin'
Synchrony Bank manages 100+ store cards including Amazon, eBay, PayPal, Cathay Pacific, Banana Republic, Briggs & Stratton, Citgo, Conoco, Ethan Allen, Gap, Guitar Center, Husqvarna, JCPenney, Lenscrafters, Mavis Tire, Mattress Firm, Newegg, Sam Ash, Walmart, and dozens of others. I am sorry you had a problem with them but taking all into consideration they’re a respectable and professional operation.
p.4 #13 · Major problem with B&H's new PayBoo credit card ...
Henry, read my post, I was responding the person before me. So, just FYI, and to be clear, I have had no problem w/ Synchrony whatever and that happened because I did my due diligence and looked at the many reviews of that company offered by people who regard themselves as having been, shall I say, "less well served" by them, and, as a result I never made application to them. Too many other places to do business with. As I said in my post, if you all at BH have something I want, I'll pay the tax on it to secure it from you.
You obviously like Synchrony, your Company likes Synchrony, apparently many people whom you all serve like Synchrony. Good on and for all of you all who do.
p.4 #14 · Major problem with B&H's new PayBoo credit card ...
I want to provide a shout out to Henry ---- thank you for being our advocate and I do believe most of us realize you did not pick the Bank, and like everyone, can only work within the parameters of your position. You are being very patient in this thread - thanks again!
My experience has been a bit different than others in this thread. I have a BHPhoto Synchrony Credit account. I applied, was approved, and made purchases within hours. I have even made returns on both without issue.
I did speak with customer service about Payment due date and processing one time on the Synchrony-BH account, and I found the person at the Bank had great difficulty understanding my question, often interrupting me. Customer Service communication was clearly not what I am use to - abrupt and abrasive in tone.
The terms of the Synchrony Bank credit line are outrageous: 25% APR - What? I believe it was just a few years ago that some states began to regulate this type of interest gouging from the local corner Fast Money mart stores and such (See California Laws). Even if Synchrony does this with other companies, it does not make it appropriate - especially given current events.
I too live in Wa State, so the 10% sales tax deferral, free shipping, outstanding sales support and the diversity of in stock items is the differentiator for me to go to BH which I have for over 20 years. I understand BH and Synchrony Bank are two different entities - however, the only way to buy tax free is to do so with Synchrony, it makes BH-Synchrony the joint vendor in the purchase decision for me.
I would ask BHPhoto to look if there are better partners while I consider whether to continue with BH-Synchrony program because even though it has worked for me, I do believe BH is pushing me into a relationship with a vendor that I would not normally do business with.
Again - Henry thanks for listening and forwarding the customer's perspective.
p.4 #15 · Major problem with B&H's new PayBoo credit card ...
Roy_H wrote:
I want to provide a shout out to Henry ---- thank you for being our advocate and I do believe most of us realize you did not pick the Bank, and like everyone, can only work within the parameters of your position. You are being very patient in this thread - thanks again!
Thank you.
The terms of the Synchrony Bank credit line are outrageous: 25% APR - What?
This is standard in the industry for a store-brand credit card that is not affiliated with MasterCard or Visa. Examples:
Amazon.com Store Card or Amazon Prime Store Card accounts, standard variable purchase APR is *28.24%*
Kohl's, Macy's, JC Penney, all in the 29% range
Lord & Taylor is 28%
TJMaxx 28%
Game Stop 28%
Staples 29%
Zales 30%
Big Lots 30%
Apple Card - Variable APRs range up to 24.24% based on creditworthiness. Rates as of March 2019.
Gap - For new accounts: As of 01/01/2019, Variable Purchase APR is 28.24%.
Adorama 29.99%
Newegg 29.99%
p.4 #16 · Major problem with B&H's new PayBoo credit card ...
Henry,
I understood from your previous post that there are many companies charging high rates.
There are other companies, most of which have outstanding customer service ratings, with lower rates: Nordstroms - 12.4%, Costco - 15.2%, Starbucks - 12.7%, Alaska Airlines - 17.4%.
But we digress. You are taking my message out of context and I did not communicate clearly. So lets change the basis of discussion to customer satisfaction rather then moral and fair banking practices.
Synchrony Bank New York is listed with A+ rating, 4,628 complaints in the last 3 years and what appears to be over 500, 1 star customer reviews.
BH is listed with A+ rating, 265 complaints in the same time frame and an average 5 star rating from 2,372 customer reviews.
Henry - I think the BBB and the people on this thread are delivering the same message that Synchrony Bank's customer service is not comparable to what BHPhoto has led us to expect from our past years of experience.
All I ask is that BHPhoto acknowledge there is a difference, and consider providing feedback to Synchrony Bank to improve, or better yet, consider finding a Bank similar to yourselves in Customer ratings to partner with on PayBoo.
p.4 #17 · Major problem with B&H's new PayBoo credit card ...
Roy_H wrote:
There are other companies, most of which have outstanding customer service ratings, with lower rates: Nordstroms - 12.4%, Costco - 15.2%, Starbucks - 12.7%, Alaska Airlines - 17.4%.
p.4 #18 · Major problem with B&H's new PayBoo credit card ...
Henry - interest rates again, really? Places like Nordstroms offer varying rates based on your credit score so we are not getting anywhere. Further I am no expert. I refer everyone interested to the US NEWS AND WORLD REPORT WEB PAGE which provides a table summary and discussion of current credit card APRs.
As stated on that web page, "If you know the average APR for the type of credit card you're considering, you can recognize a good offer when you see it ... The average APR for all cards in the database is 16.39% to 23.45%."
p.4 #19 · Major problem with B&H's new PayBoo credit card ...
Ray, that looks to me more like the "range" of APR, but I digress. FWIW, Mr. Posner as you likely know is an "ombudsman" for all things BH. As such he does an exceptionally good job assisting us with glitches on the site, where and when he is able. PayBoooooooooooo, however, is a BH option that he is very likely deeply invested in supporting, despite the data you or anyone else cites as to the bullshite CS experienced by many folks. But hey, folks can "makes their choices and takes their consequences," Eh?
p.4 #20 · Major problem with B&H's new PayBoo credit card ...
anthonysemone wrote:
Ray, that looks to me more like the "range" of APR, but I digress. FWIW, Mr. Posner as you likely know is an "ombudsman" for all things BH. As such he does an exceptionally good job assisting us with glitches on the site, where and when he is able.
Thank you. Henry Posner [email protected] B&H Photo-Video
? I believe it was just a few years ago that some states began to regulate this type of interest gouging from the local corner Fast Money mart stores and such (See California Laws). Even if Synchrony does this with other companies, it does not make it appropriate - especially given current events.