Sarah Edwards | April 04, 2023
Summary: You can cancel your JCPenney credit card by calling Synchrony Bank or sending a letter to the address on your billing statement. In this article, SoloSuit explains what you need to know about JCPenney credit cards.
JCPenney is one of the oldest retail stores in the U.S. Since the early 1900s, JCPenney has defined the retail landscape through its wide variety of offerings, including clothing for the entire family, household goods, and fine jewelry.
While the chain has undergone several significant changes in the past few decades, it remains popular for consumers seeking quality goods at fair prices.
JCPenney offers its frequent shoppers two credit card programs, which Synchrony Bank oversees. To manage or close your JCPenney account, you must contact Synchrony Bank.
If you've been sued by Synchrony for a debt with JCPenney, it isn't too late to settle. SoloSettle can help.
JCPenney has two credit cards: a retail store card and a JCPenney Mastercard. Synchrony Bank manages the JCPenney credit card programs, including applicant approval and payments.
Cardholders can use the JCPenney Mastercard at any outlet that accepts Mastercard. They can use the retail card at any JCPenney store or website.
The cards offer a few benefits, including 35% off select apparel, jewelry, and home goods. Customers can save 20% on watches and houseware and 5% on electronics and smartwatches. They can also double their loyalty points, earning one point for every dollar spent. Once a cardholder racks up 200 points, they receive a $10 reward coupon.
The most significant perk JCPenney credit cards offer is no-interest financing on certain purchases. No-interest financing offers vary, and they’re not available for all merchandise. They change throughout the year.
Is Synchrony Bank suing you for JCPenney debt? SoloSuit’s Debt Answer template helps you file your Answer.
JCPenney cards carry high interest rates. They tie their variable interest to the prime rate, which is currently 7.50%, and add 22.74%. Currently, the variable interest on a JCPenney card is 30.24%. Late payments are subject to a $41 fee.
Individuals who obtain a JCPenney Mastercard will incur a $10 or 5% fee for cash advances and a 3% charge on foreign transactions.
If you plan on carrying a balance with your JCPenney card, it’s best to do so only on items that qualify for no-interest financing. That way, you avoid unexpected charges that eliminate your savings from purchases.
Let’s consider an example of JCPenney card interest rates.
Example: Liza applies for a JCPenney card while purchasing home goods to redecorate her bedroom. She qualifies and spends $750, saving 35% in the process. Her new total is $487.50. Liza’s minimum payment of $60 is due on October 3, but she forgets to make the payment. Two weeks later, she pays only the minimum. JCPenney charges her a $40 late fee and nearly $15 in interest, resulting in a $5 decrease in her balance. Liza’s mistake costs her over 20% of the discounts she earned from opening a JCPenney card. If she fails to pay off her balance on the next billing cycle, she’ll lose even more savings from opening the card. Since JCPenney will likely report her late payment, she will damage her credit score.
Watch SoloSuit’s video to learn how to draft an Answer to a JCPenney/Synchrony Bank debt lawsuit.
The process for closing your JCPenney card isn’t very transparent. You must write a letter to your JCPenney billing statement address or call Synchrony’s customer service department. You cannot close your account through the JCPenney card payment portal or when visiting their store.
JCPenney can close your account at any time without giving any reason. If it closes your account, you’re still on the hook for any outstanding balance.
The administrator of the JCPenney credit card programs, Synchrony Bank, has numerous complaints on file with the Better Business Bureau (BBB). Synchrony manages various other credit card programs, including Amazon, Paypal, and Lowe’s.
Many customers complain about unexpected high-interest charges when they don’t repay their balance during a promotional period. One customer charged several thousand dollars on a Synchrony card and set it up on autopay, only to realize that her payments weren’t enough to pay off the balance within the window. She wound up with several hundred dollars in interest charges.
Other customers complain about random account closings. Synchrony reserves the right to close an account for any reason. It seems to do so when clients fail to use their cards for new charges after several months.
While there are some benefits to having a JCPenney card, such as saving money on retail purchases, the interest rates are high. The JCPenney credit card is unsuitable for individuals who plan on carrying a balance unless they are in a no-interest finance plan. Consumers who want to close their accounts must contact Synchrony Bank directly.
Do you need help validating a JCPenney debt? Use SoloSuit’s Debt Validation Letter.
Getting sued for debt sucks, but you still have options, even after a lawsuit is filed. If you’ve been sued by Synchrony Bank over a debt with JCPenney, debt settlement may be your way out. Debt settlement is the process by which a debtor pays off a lump-sum portion of their debt in order to satisfy the obligation for good.
Debt collectors and creditors are often willing to work with debtors who cannot afford to pay off a debt in full. Beware that debt settlement can have a negative impact on your credit score, but nothing will hurt your credit worse than non-payment.
To settle a JCPenney credit card debt, follow these three steps:
SoloSettle, powered by Solosuit, can help you with each step and more. To learn more about these three steps, check out this video:
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