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Toys 'R' Us Mastercard AKA Synchrony Bank - Terrible credit card.

284 156 February 20, 2017 at 09:20 AM in Finance (3)
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Hi All,

Many moons ago, the wife and I applied for a Toys 'R' Us Mastercard issued by Synchrony Bank in order to get a deal on some bedroom furniture for our newborn daughter. We really didn't need it, but decided to give it a go anyway just to get the discount. We were approved, and were given a stingy $2500 credit line.


While Chase extended my credit limit automatically, and Citi did after I requested it, Synchrony bank, the issuer of this card, turned me down flat. I have pretty good credit, over 720 at last count, I also own a home and have reasonably little debt (~5% of my annual salary excluding mortgage) with no collections of any sort. I was honestly rather insulted at this.

The interest on this particular card is also very high, at around 29%, and the rewards are absolutely absurd. $250 in spending yields a paltry $5 Toys R Us coupon (which expires in 30 days IIRC).

Anyone who would think about applying for a credit card, would probably do much better to apply elsewhere. I have no doubt the Toys R us connection snares many families with small children, but this card is definitely one of the WORST there is.

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#2
Quote from Loueloui
:
Hi All,

Many moons ago, the wife and I applied for a Toys 'R' Us Mastercard issued by Synchrony Bank in order to get a deal on some bedroom furniture for our newborn daughter. We really didn't need it, but decided to give it a go anyway just to get the discount. We were approved, and were given a stingy $2500 credit line.


While Chase extended my credit limit automatically, and Citi did after I requested it, Synchrony bank, the issuer of this card, turned me down flat. I have pretty good credit, over 720 at last count, I also own a home and have reasonably little debt (~5% of my annual salary excluding mortgage) with no collections of any sort. I was honestly rather insulted at this.

The interest on this particular card is also very high, at around 29%, and the rewards are absolutely absurd. $250 in spending yields a paltry $5 Toys R Us coupon (which expires in 30 days IIRC).

Anyone who would think about applying for a credit card, would probably do much better to apply elsewhere. I have no doubt the Toys R us connection snares many families with small children, but this card is definitely one of the WORST there is.
You're comparing a store card to a Visa/MC issued by a major bank?

Store cards tend to have lower limits, as you can only spend at that store, whereas you can use your Citi card at virtually any store on the planet. $2500 in spending power at TRU is quite a lot, since you can only use it at TRU.

Interest rate should be a non-event, since you should never carry a balance on any CC, let alone a store card. That pretty much negates any rewards you get.

And a $5 reward for $250 in spending is 2% back, which is better than most other cards most of the time. Yes, you have to spend it at TRU, and yes it expires in 30 days, but it beats the normal 1% back on most cards. Throw in a discount, or cardholder-only events or coupons, and you do better than most cards.

It's not for everyone, of course, but store cards do have their uses - as long as you use the card effectively (and that basically means no carrying a balance). Is it the best store card out there? No, of course not. Is it the worst? No.
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Marshall: Have the rest of you guys figured out by now that mmathis is the smartest guy on SlickDeals?
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#3
Quote from mmathis
:
You're comparing a store card to a Visa/MC issued by a major bank?

Store cards tend to have lower limits, as you can only spend at that store, whereas you can use your Citi card at virtually any store on the planet. $2500 in spending power at TRU is quite a lot, since you can only use it at TRU.

Interest rate should be a non-event, since you should never carry a balance on any CC, let alone a store card. That pretty much negates any rewards you get.

And a $5 reward for $250 in spending is 2% back, which is better than most other cards most of the time. Yes, you have to spend it at TRU, and yes it expires in 30 days, but it beats the normal 1% back on most cards. Throw in a discount, or cardholder-only events or coupons, and you do better than most cards.

It's not for everyone, of course, but store cards do have their uses - as long as you use the card effectively (and that basically means no carrying a balance). Is it the best store card out there? No, of course not. Is it the worst? No.
...... but, depending on the amount spent, OP could have gotten a new card with a decent sign up bonus and gotten a LOT more $$back that would be able to be spent anywhere and had no expiration.

I only advocate store cards where simply having the card gets you discounts that "others" don't get.
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#4
I assume (maybe wrongly) that that OP got a decent kickback on the furniture being referenced initially. Otherwise there would be no reason at all to get the card as noted already here. That said, why bother keeping it or trying to use it? Just go get a card from someone else that offers you a better deal rather than try to expand the credit line. CCs are all over the place and many specialty ones are pretty worthless imo. The only time to get one is if there is a bonus\discount offered that is worth your while and then it is best to cancel the card as soon as you are done with them....my 2 cents.
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#5
Quote from mmathis
:
You're comparing a store card to a Visa/MC issued by a major bank?

Store cards tend to have lower limits, as you can only spend at that store, whereas you can use your Citi card at virtually any store on the planet. $2500 in spending power at TRU is quite a lot, since you can only use it at TRU.

Interest rate should be a non-event, since you should never carry a balance on any CC, let alone a store card. That pretty much negates any rewards you get.

And a $5 reward for $250 in spending is 2% back, which is better than most other cards most of the time. Yes, you have to spend it at TRU, and yes it expires in 30 days, but it beats the normal 1% back on most cards. Throw in a discount, or cardholder-only events or coupons, and you do better than most cards.

It's not for everyone, of course, but store cards do have their uses - as long as you use the card effectively (and that basically means no carrying a balance). Is it the best store card out there? No, of course not. Is it the worst? No.
It's not a store card. It's a store-branded MC that can be used anywhere MC is accepted.

There are several 2% credit cards out there and that cashback doesn't have to be used a specific store, so there's no appeal for this card on that front. However, cardholder-only events/coupons are a legitimate perk provided they are offered on a regular basis so I agree with you there.

I think the biggest reason to avoid this card, however, is one that the OP didn't mention: Synchrony has truly abysmal customer service. For some reason their cards seem to be used fraudulently far more often than others and when they are, Synchrony insists the customer prove they didn't make the charges (guilty until proven innocent). If you look up some of their other cards (e.g. Sam's Club) you'll see a lot of people with these same 2 complaints. I think my Synchrony Sam's CC may be the worst card I hope outside of the Target REDcard store CC.
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