PSA: No More Free Lunches with MF/GC and 0% Financing

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NowYou'rePlayingWithPower
NowYou'rePlayingWithPower
Well-known member
If you like to use other people's money to make or save money be aware that as of June Synchrony bank is now charging a 2% fee for "0%" interest financing of purchase terms that equal/exceed 18 months. They don't clarify whether this is a one time fee or a monthly fee (I would assume the former, but you never know), and they seem to elude that this will be placed onto previously existing balances, as well. I sent them an email for clarification, but thought I'd give y'all a heads up if you weren't aware since using MF/GC cards have come up in past threads.
 
Not music related but Care credit is through synchrony bank and I’ve had to finance pet healthcare before with 6 month same as cash. I guess that’s gone too. What a total let down. 2% is a lot too.
 
War_in_D said:
Dang, I wonder if this will hit Paypal Credit too? They are also Synchrony Bank. That's pretty much the only way I buy stuff these days. Float it out on 6 month same as cash, and then pay it off before it's due.
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That's a good thought, I haven't checked my PP CC as of yet, but def possible given the Synchrony aspect of it. Also, what's weird is they bumped my standard interest rate to 39.99% which is both hilarious and insane given my credit score hasn't dropped below 800 in twenty years outside of a few short periods following home purchases. I'm not personally stressing all this as I pay my balances off within a month usually, but thought it needed to be shared for those not aware.
 
Well, I just re-read what that said and it's on zero interest that exceeds 18 months so Paypal Credit should be safe. For me, at least. The longest term you get with them (or at least that I've gotten) is 6 months. Will hit the GC/MF users pretty hard though as they stretch out to 48 months sometimes.

39.99%!!!! That's insane!!
 
headlessdeadguy said:
Shit. I hope it’s not the same deal with Sweetwater.
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Check your statement for a notice. Mine showed the notice on this months for MF. It says I can opt out, but then can't use the card for future purchases which historically entails closing the account and paying off the full balance would be my guess if anyone goes this route.
 
japetus said:
Imagine financing gear
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I never recommend financing things that aren't needs based unless:

A. You're saving money
B. Making Money
C. Both

Example, if I spend $4k using someone else's money I may get cash back on top of continuing to earn interest on the money I have in the bank.
If choosing to go this route at current rates and the full length, someone may see as much as $600-800 earned over that period vs paying upfront.
I wouldn't recommend it for someone working paycheck to paycheck for the most part.
 
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glpg80 said:
Not music related but Care credit is through synchrony bank and I’ve had to finance pet healthcare before with 6 month same as cash. I guess that’s gone too. What a total let down. 2% is a lot too.
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If you have a Tractor Supply Co. near you they often have Veterinarians working pro bono on one day of the week for substantially reduced costs to the client. I had volunteered a few times doing this toward the end of my career as one, and is a great way to save on regular vet visits, just not urgent or long term care. I believe it's every Monday evening they host. You are also able to purchase vaccines (sans rabies) and administer them yourself to generally great savings in most states. Just properly dispose, please.
 
NowYou'rePlayingWithPower said:
I never recommend financing things that aren't needs based unless:

A. You're saving money
B. Making Money
C. Both

Example, if I spend $4k using someone else's money I may get cash back on top of continuing to earn interest on the money I have in the bank.
If choosing to go this route at current rates and the full length, someone may see as much as $600-800 earned over that period vs paying upfront.
I wouldn't recommend it for someone working paycheck to paycheck for the most part.
Click to expand...
IMG_4338.gif
 
well other than April, 2024, with a recent raise, combined with my investments and commissions doing well; financing gear at a modest interest rate isn't that bad vs my immediate gratification + I'm not getting any younger. can't take it with me when I go

:D
 
I love these threads. Always look forward to the school of Dave Ramsey credit guru advice given 🤣🤣
 
This is the verbiage from my GC card statement. I currently do not have any super long finance plans on this card, but it looks like they'll apply the fee if you preorder something and it's charged after the effective date of the change:

Additional Information about the Promotional Fee change
We are adding a 2% Promotional Fee to your account. We will charge this fee as described below. This fee may be applied to any part of a purchase that was initially made before the effective date of this notice but that posts to your account after the effective date.
 
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