I received an email, saying that TD Bank and Samsung are ending their partnership. Did anyone else receive this email. I called to confirm this with TD Bank cs. They will be closing my and other user accounts. I'm upset I have 6 yrs of credit history being erased
From what I understand the line of credit stays open with TD to pay off what you still have. But you cannot make new purchases. I am currently in an argument with several different Samsung agents since TD in the mailer and on their website says I can make a purchase up until December 31st but won't let me make a purchase today. Each person is like sorry the financing is Affirm now and you have to apply and be approved for it. I was like no I have a credit line then they said it's no longer active then said to talk to order support. Order support said talk to TD it's a constant run around just to make a single purchase. Their site still lists Samsung Financing as an option if it's not available take it off the website as an option and remove the price point of paying over 24 months since that is not an option anymore.
TD Bank is a nightmare to deal with - good riddance to them! A couple of months ago, I was late on a payment to my Samsung account. Long story short, I mailed the payment and they never got it. The day after the due date, someone kept calling me daily (phone would ring, I would answer, nobody was on the other end). Frustrated, after the third call, I called the number back, only to figure out it was from TD Bank Retail Services. Talking to them, they wanted immediate payment and threatened me with collections before I could even figure out what was going on - I wanted to contact my bank first to see if they or someone else had cashed the check! Keep in mind, my payment was only "late" - it was not "30 days past due" which would open up a whole other process. I did electronically send them payment on the 5th day after the due date, and they did agree to drop the late fee after I complained, but the whole process of dealing with TD Bank was aggressive.
I recommend everyone go to all your other credit card accounts and request a credit limit increase before next month and it will offset most of credit score decrease. I already got my homedepot, lowes, American Express, and Discover accounts all increased covering higher credit increase than I will lose with TD account so overall a available credit increase after the account closes.
Luckily I already have an affirm account but really like the samsung financing options. I was getting ready to upgrade to the S10 tablet but probably just hold off now and wait to see what happens.
Sound like Samsung made the right choice as it looks as though TD was doing some money laundering or at least allowing people to do that. In the long run it may be better it is gone even with a credit hit as it looks like TD was allowing people to do some shady stuff which could lead to hackers stealing our info. Hopefully they come up with some other options or partner with a reputable bank.
I got the letter as well. I had 3000 of credit on the TD Bank. I was all paid off. I had gotten 4 samsung phones and watches from that program. I have used affirm for other things. I wanted to know what they will charge for samsung? Still only pay in 4 payments or more spread out like TD was? Plus unless I am seeing old pages, Samsungs website still lists TD Bank on them?
