Shawn at Milestomemories reports today getting an email about his Toys R Us credit card, indicating that it’ll automatically change over to become the Synchrony Mastercard which earns 2% cash back on all purchases.
The Synchrony Mastercard isn’t a known card – my guess is that it will have similar details to the Synchrony Paypal 2% card which was recently launched, and will have unlimited 2% everywhere with no annual fee and no foreign transaction fee. We’ll know more when people start receiving the card.
There are various outcomes of store credit cards when the store goes out of business, sometimes the card simply stops working and other times it gets replaced. This time Synchrony is replacing it with a card that will actually be useful to a lot of people which is nice to see.
Here’s a screenshot of the email:
I want one.
Synchrony Financials is a worst credit card company ever, There website most of the time remain down and you might get charged extra for their technical fault
I’ve never experienced that, plus Synchrony is generous with credit limit increases.
Mine converted to the 2% Synchrony card which so far so good and no change in account number, so no change on my credit report or credit line. Much like the TRU card, no special finance or balance promotions. My husband’s card was closed, but he didn’t use his TRU card very often, so it didn’t matter.
So far doesn’t look like it applies to the straight store cards that weren’t issued or upgraded before hand to the Mastercard. I have a sweet limit I would love to keep but preparing with CLIs already to absorb the possible loss.
This card was one of my big missteps. Right before I discovered the lucrative world of credit card bonuses we bought some kid’s furniture at Toy’s R Us and got this card to save 15%. This later on cut my ability to get one more Chase card! Looks like at least I might get a decent card for normal spending out of it. Any idea if I have to do anything or make any calls to get it? I used the original Toys R’ Us card for one purchase so I am not sure if I even am part of their “valued customer” promotion.
This is actually better than the Citi Double Cash!
• No minimum redemption.
• The 2% post before paying off the balance
• No foreign transaction fee.
And, if you already had the ‘R’Us MC, your Average Age of Accounts (AAoA) should stay high. I believe Chase had the portfolio before Synchrony, so for some that longevity could be good.
Decent of them, but not worth a 5/24 slot for a lot of folks.
How does that fill a 5/24 slot? The account is already on your CR.
I don’t understand your comment, Blue. How would a card you already have fill a 5/24 slot?
If the card type is the same and if the card number stays the same, you should not have a problem with these conversions.
The issue comes up when you have a card type change. Classic example was the Costco card, which changed from an Amex to a Visa. Because with a change of card type the number MUST change, the credit bureaus see it as a new account, and report the old card as closed by issuer.
This was a double whammy because it adds one “new” account to your CR, and a notation of “closed by issuer” which is never a good thing.
No,what you are saying is untrue.
First off, nobody cares about “closed by issuer” vs “closed by consumer.”
Credit companies choose how to report, there’s no set “rules” about “card type” or whatever – when Fidelity moved from FIA Cardservices/AMEX to Elan Financial Services/Visa no new account was reported and all the old FIA history showed up on my report under the “Elan Financial.”
Damn, I cancelled my card a few weeks ago, but I had such a low limit that it wouldn’t have mattered. Not much MS you can do with a $1,700 CL.