Synchrony Bank accounts
 

Over the last several months several stores we deal with have been using or changed to using Synchrony Bank, which has in turn imposed a $2 per statement fee unless you use paperless banking.
Here is my question: if your account has a zero balance and you have not signed up for the paperless banking do you still get a $2/monthly charge?
My analysis is that I can use my money back credit card instead of the store card and come out ahead on most accounts and most months. Based on this I am planning on dropping most if not all of the store credit cards and just use the money back card.

Thank you for your info and thoughts.

We just opened up a Best Buy credit card that was issuing a 15% reward. On an $800 TV certainly better than the cash back. Kohl's sometime had 10% back (Sometimes). Target is a 5% discount on every purchase.
Bottom line sometimes it's better to use store cards.

I recently received a similar notice for my Bealls store card. They will impose a $3 fee for each statement unless I sign up for paperless billing.

The only reason I have the card is because it is linked to their rewards program. With the statement I sometimes get a credit for my next purchase, the amount based upon how much I have spent recently.

So I signed up for paperless. Not happy about it as it is too easy to miss the email announcement that the statement is ready among the onslaught of emails I receive. However I refuse to set up automatic payments. I want to see and verify the accuracy of the bill before I pay it.

We will see how this goes.

Not sure why you guys are opposed to paperless billing. The USPS is a dumpster fire. I get 100%* of my bills online and also autopay them electronically. Way less errors and problems than snail mailed.

I also gave up store cards ages ago. Get yourself a good Visa or Mastercard that has a nice cash rebate (Citibank Double Cash MC 2%, Fidelity Rewards Visa 2% if deposited into a Fidelity account, etc) and you can streamline your finances as well.


*except for the few bills that do not have online option, like the guy who cuts my grass

The only time we have used Synchrony Bank is purchase of furniture or appliances thru vendor with interest free for one year. After the balance paid and no activity they closed account.
Routinely I’m finding use of credit cards business are charging up to 3% for purchases never to return.

Wait till you see the hoops to go through to pay by check, and the fact that if you setup a password through Bealls to get to Synchrony, you will also get any other linked accounts, and if you accidently setup a password through say Lowes, your Bealls password will no longer work. Then we found an additional account linked that neither me or my wife have ever heard of. Called Synchrony and they said ' Oh yeah there is a problem, we are working on this!!!!!'

For whatever it is worth we have a Sams M/c thru Synchrony bank and do not charge for mailing statement

While I understand the frustration of a new fee, I do suppose it costs the bank about 2 dollars to send you the monthly statement. Those who are paperless have been covering that cost while not receiving the service.

We have a Dicks sporting goods Credit Card through Synchrony Bank. I have it set up to automatically pay the balance each month by debiting our Bank of America checking account, but they still send me a monthly statement in the mail free of charge. I would dump them if they refused to send me a free monthly statement as I like to go through all the charges each month and file the statement for my records. I’m not interested in logging into yet another account each month and have to print out the statement for my records.

Agreed saves me the trouble from printing out the statement.

95% paperless. My choice. Problem,the other half doesn't even know how to turn the computer on. Anything happens to me or the power source there will be a bigger issue! Thus I spend time printing out statements, filing them and making sure they are paid. I have also witnessed situations where a spouse dies or is incapacitated and the other half knows nothing about paying the bills. Top that with getting hacked and now every card is compromised. No easy solutions. Favorite card, Discover. Great cash back.I say do what works for your life style but make sure someone in your life can pick up and continue if you cannot. If peace of mind is a two dollar fee or frequent notification from a monitoring company go for it. Also lock/ freeze credit reports and cards not in use .Rather be dancing then time on line changing passwords because of compromised accounts. Or just pay cash.

Luvthevillages....I too received the notice there will be a $2.99 statement charge unless I sign up for paperless billing. So, I did. And like you, am concerned about missing the e-mail that my bill is ready. If you all are lucky enough to not have this charge....in time, you will guaranteed.

Unless there is a benefit greater than your cash back account close the other card accounts. Go paperless on others. Place a notification both on your calendar and with your bank bill pay 10 days before due date. Traveling between 2 homes I have no confidence in snail mail.

Store cards are rarely a good deal. That 15% reward is not the same as cash back, its a hook to get you back into the store to buy something you probably don't need at a higher price that could be found elsewhere. It would have been a nice deal if it was 15% off the price, but now you are taking your $12 reward back to BB to buy something that costs more than $12....leaving you with no savings off your TV, a new product you probably don't need, and a store credit card that you'll probably buy more products from instead of comparison shopping.

Same philosophy with Kohl's cash...here is "free" money on your next purchase. Come back by this day or you lose "free cash"!

When you have auto pay on anything, you are notified when the bill is ready on line prior to the due date. You can review it before auto pay. This has been going on for years. I don’t know of any place that just takes money without prior notification and an opportunity to view the bill.