Synchrony Bank is a digital bank that issues credit cards and personal loans, not a traditional bank you walk into
Synchrony Bank does not have physical branches. It is an online bank owned by Synchrony Financial, a company that partners with major retailers and brands to offer store credit cards, personal loans, and savings accounts. When you use a store credit card at Target, Amazon, or Best Buy, you are likely using a card issued by Synchrony Bank. The bank handles the credit line, payment processing, and customer service for those cards.
Synchrony also offers products directly to consumers: personal loans (typically $1,000 to $35,000), high-yield savings accounts, and money market accounts. You cannot deposit cash at a Synchrony location or visit a branch — everything happens online or by phone. The bank is regulated by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 are protected if the bank fails.
Key Takeaways
- Synchrony Bank issues most store credit cards and handles the credit line, billing, and payments for those cards.
- You can also open a personal loan, savings account, or money market account directly with Synchrony without a retail partner.
- Synchrony has no physical branches — all banking happens online through their website or mobile app, or by phone.
- Deposits in Synchrony savings and money market accounts are FDIC-insured up to $250,000 per account type.
How Synchrony credit cards work
When you apply for a store credit card — whether at checkout or online — you are applying for credit issued by Synchrony Bank. The retailer partners with Synchrony to offer the card, but Synchrony owns the account, sets the credit limit, and collects the payment. You receive a bill from Synchrony each month, and you pay Synchrony directly, not the store.
Store cards from Synchrony often come with promotional offers: 0% interest for 6 to 24 months on purchases or transfers, or cash back rewards. These terms vary by retailer and by the card itself. Interest rates on Synchrony store cards typically range from 16% to 29% APR after any promotional period ends. Late payments, missed payments, and high balances all affect your credit score because Synchrony reports your account activity to the three major credit bureaus (Equifax, Experian, and TransUnion).
Synchrony personal loans and how to apply
Synchrony offers personal loans directly to consumers through their website. Loan amounts range from $1,000 to $35,000, and the term is typically 24 to 84 months. Interest rates vary based on your credit score, income, and debt-to-income ratio — the bank does not publish a single rate. You can check your rate without a hard credit inquiry by entering your information on their website; if you proceed, Synchrony will pull your credit report, which does show up on your credit history.
The application process is online and takes about 10 to 15 minutes. Synchrony will ask for your Social Security number, income, employment status, and existing debts. If approved, the money is typically deposited into your bank account within one to three business days. You then make monthly payments to Synchrony, and those payments are reported to the credit bureaus.
Synchrony savings accounts and money market accounts
Synchrony offers high-yield savings accounts and money market accounts that you can open directly without a retail partner. These accounts earn interest, and the rate changes based on market conditions — Synchrony publishes the current rate on their website. Interest is compounded daily and deposited monthly. You can open an account online in about 10 minutes and link it to an existing bank account to transfer money in and out.
Withdrawals from savings accounts are limited by federal regulation to six per month (though this rule is no longer strictly enforced, many banks still apply it). Money market accounts typically require a higher opening balance — often $2,500 to $25,000 — and may offer tiered interest rates: higher rates for larger balances. Both account types are FDIC-insured up to $250,000, so your money is protected if Synchrony fails.
How to pay a Synchrony bill
You can pay a Synchrony credit card or personal loan bill online through their website or mobile app, by phone, or by mail. Online and app payments are free and typically post within one business day if you pay before the cutoff time (usually 8 p.m. Eastern). Phone payments are also free; call the number on your bill or statement. Mail payments take 7 to 10 business days to reach Synchrony, so send them early if your due date is near.
You can also set up automatic payments so the bill is paid from your bank account on a date you choose each month. Automatic payments reduce the risk of a late payment, which would trigger a fee (typically $25 to $40) and damage your credit score. If you miss a payment by 30 days or more, Synchrony will report it to the credit bureaus, and your interest rate may increase.
What to do if you have a problem with a Synchrony account
If you dispute a charge on a Synchrony credit card, contact Synchrony by phone or through your online account within 60 days of the charge. Synchrony will investigate and either reverse the charge or explain why it is valid. During the dispute, the charge is typically removed from your balance while Synchrony investigates. If Synchrony rules against you, the charge goes back on your bill.
If you have a problem with a personal loan or savings account — a missing payment, an error in your balance, or unauthorized activity — contact Synchrony's customer service by phone or through your online account. Synchrony's phone lines are available Monday through Friday, 8 a.m. to 8 p.m. Eastern, and Saturday 9 a.m. to 5 p.m. Eastern. If you believe Synchrony has violated a law or treated you unfairly, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) online at consumerfinance.gov.
Synchrony vs. other online banks and credit card issuers
Synchrony competes with other online banks like Ally, Marcus, and Discover, and with credit card issuers like Chase, Capital One, and American Express. Synchrony's savings account rates are competitive with other online banks, though rates change frequently and vary by account type. Synchrony's personal loan rates depend on your credit score; if you have good credit, you may find lower rates elsewhere, but if your credit is fair, Synchrony's rates may be comparable.
Synchrony's store credit cards are often the only option if you want a card tied to a specific retailer — you cannot get a Target card from Chase, for example. If you are choosing between a Synchrony store card and a general-purpose credit card, compare the promotional offers, interest rates, and rewards. A store card makes sense if you shop at that retailer regularly and the rewards or promotional rate outweigh the higher ongoing interest rate.
Frequently Asked Questions
Is Synchrony Bank safe?
Yes. Synchrony Bank is regulated by the Office of the Comptroller of the Currency and is FDIC-insured, meaning deposits up to $250,000 are protected. Credit card and loan accounts are not FDIC-insured, but Synchrony is a large, established bank that has been operating since 2003.
Can I transfer a balance from another credit card to a Synchrony store card?
Some Synchrony store cards offer balance transfer options, but not all. Check the card's terms or contact Synchrony to ask. Balance transfers typically come with a fee (usually 3% to 5% of the amount transferred) and may have a promotional 0% interest period.
What happens if I close my Synchrony account?
If you close a credit card, the account remains on your credit report for up to seven years, which can affect your credit score. If you close a savings account, any remaining balance is mailed to you. Close accounts by contacting Synchrony by phone or through your online account.
Does Synchrony offer customer service by chat or email?
Synchrony offers phone support and online account management, but does not offer live chat or email support for most issues. You can message Synchrony through your online account for some questions, but phone is the fastest way to reach a representative.
Can I use a Synchrony personal loan to pay off credit card debt?
Yes. A personal loan from Synchrony can be used for any purpose, including paying off credit card debt. The interest rate on a personal loan is typically lower than a credit card rate, so this can save you money if you have high-interest card balances.