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(Topic ID: 260893)

Paypal or a steaming pile of Dog Doo


By vdojaq

9 months ago



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  • 8 posts
  • 6 Pinsiders participating
  • Latest reply 8 months ago by vdojaq
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    #1 9 months ago

    After just having spent about 45 minutes of run around and complete incompetence with paypal credit(which is now Synchrony Bank) I am completely under the impression that these people believe it is entirely possible to pick up a piece of dog shit by the clean end with your bare hands.

    Ok, so here is the scenario. I have a pretty hefty credit limit with Paypal Credit through my business. I will buy equipment for the shop when they have their 0% interest specials for 12 or 24 months. Anyway, last April I bought a new low rise lift for my shop and used a 24 month easy pay plan with Paypal for 0%. So my monthly payment is about $140. I then bough a NIB G.O.T.G. for my shop in December and used the 0% for 6 months. I just paid my January statement and Sent them $850. They applied the whole amount to the 24 month easy pay and $0 to the 6 month purchase. OK, so I call them up and ask why would the whole amount be applied to a 24 month easy pay and not my monthly payment and the rest to the 6 month purchase? No one can answer that and no one can understand that I want my payment redistributed. I finally get a supervisor that tells me I cannot do that. After about 5 minutes of me telling her that once my minimum amount due is satisfied, I get to dictate how I want to apply my payments, not them. She transfers me to someone that says it can be done , but it will take 1 to 2 billings cycles. Once again I voice my displeasures and get transferred yet again.

    Finally I get someone who seems to understand and side with me that this is ridiculous. She explains that it is the Synchrony computer systems that determine how to apply payments. We discuss on how a consumer, when having 2 or more special financing deals under the same account, can get the payment distributed to each purchase as they see fit. She explains that I need to call in as soon as I make my payment, as long as it is above the minimum, how I want it distributed. I then explain that half the customer service cannot understand this concept. She says she will notate the account. I guess I will see in Feb. This last rep at least claimed she will have my account cleared up in 48 hours.

    #2 9 months ago

    All banks do this that I know of.

    Let’s say you make a purchase using a 0% limited time offer. Then you make another purchase using a shorter 0% offer like you did or, even worse, a regular charge to the card.

    Any payments will apply in a way that benefits the bank the most. In your case any extra money will be applied to the longest 0% balance. They’re hoping you run a balance beyond the 6 month period on the other offer so they can start charging you interest.

    If you made a regular charge, any extra still goes towards the longest 0% balance and you begin accruing interest on the regular balance.

    If you have one of those 0% for 6 months, then x% (like 5.99%) after 6 months, the interest you are charged after 6 months goes into your regular balance which will be charged interest at the regular rate. So really, you only get the 5.99% for one month, then it slowly starts to creep up as long as you have a balance.

    #3 9 months ago
    Quoted from dothedoo:

    All banks do this that I know of.

    They do...this is not new nor a policy specific to Paypal, consumer credit banks have always done this. It falls under the category of "that's how they get you".

    #4 9 months ago
    download (1) (resized).jpg
    #5 9 months ago
    Quoted from dothedoo:

    All banks do this that I know of.
    Let’s say you make a purchase using a 0% limited time offer. Then you make another purchase using a shorter 0% offer like you did or, even worse, a regular charge to the card.
    Any payments will apply in a way that benefits the bank the most. In your case any extra money will be applied to the longest 0% balance. They’re hoping you run a balance beyond the 6 month period on the other offer so they can start charging you interest.
    If you made a regular charge, any extra still goes towards the longest 0% balance and you begin accruing interest on the regular balance.
    If you have one of those 0% for 6 months, then x% (like 5.99%) after 6 months, the interest you are charged after 6 months goes into your regular balance which will be charged interest at the regular rate. So really, you only get the 5.99% for one month, then it slowly starts to creep up as long as you have a balance.

    I use paypal credit specifically for the 0% deals. I get it on how they want to to apply the payments, it's just if you want to let them get away with it or not. They cannot force you to do it that way if you request differently as long as you are paying over the minimum. It's the stupidity game that customer service plays that is so frustrating.

    #6 9 months ago
    Quoted from vdojaq:

    I use paypal credit specifically for the 0% deals. I get it on how they want to to apply the payments, it's just if you want to let them get away with it or not. They cannot force you to do it that way if you request differently as long as you are paying over the minimum. It's the stupidity game that customer service plays that is so frustrating.

    I understand your frustration. But this is how they make money and it is currently legal in the US. Synchrony Bank makes so much money from these types of credit, they will not stop doing business this way. Stacking 0% deals within the same bank is where they catch many customers. People generally, do not read the agreement before they sign up. When you sign up for any type of 0% interest deal, you have to read the fine print and play the game to get the 0% interest rate. By the way, I use them once in a while for large purchases also. I just used them for replacing my whole house HVAC system.

    You have the option not to play their game. Save up the money you need to purchase something, then pay for it with a credit card and pay the card off every month. You then also have the credit card protections. Or pay with cash if possible.

    Personally, I love 0% interest deals on large purchases. I am one of the few who pay them off with no interest charged. I keep the money I have available to pay it off in a bond fund as an emergency backup in case my paycheck stops. But the money really is just coming from my monthly paycheck just like a car payment.

    Good luck with them. Just make sure you do not to make a mistake and end up paying a bunch of interest.

    #7 9 months ago

    I had this happen a few months back. Literally have to call Synchrony minutes after you make a payment to tell them how you would like it distributed. I have since stopped stacking 0% offers and do one at a time.

    #8 8 months ago
    Quoted from JonCBrand:

    I had this happen a few months back. Literally have to call Synchrony minutes after you make a payment to tell them how you would like it distributed. I have since stopped stacking 0% offers and do one at a time.

    I agree, no more stacking of the 0% offers, it's too much of a pain in the ass.

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