Credit card -- Advertising and marketing, including promotional offers -- Complaint #11337945
Complaint Overview
Complaint ID: 11337945
Company: Wells Fargo & Company
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-Issue: Didn't receive advertised or promotional terms
State: New York
ZIP Code: 11102
Date Received: 2024-12-31T12:00:00-05:00
Date Sent to Company: 2024-12-31T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Wells Fargo sent me a 0 % balance transfer promotion in the mail, and I accepted it. The 0 % period ends on XXXX XXXX, 2025. I transferred {$7500.00} for a {$370.00} fee. When I got my most recent bill, it was not clear to me how much I needed to pay to avoid any interest, since I had used the card to make some purchases. A representative told me that unless I pay the entirety of the balance, I should expect to face interest charges. It was a circular conversation in which I kept asking how a 0 % balance transfer could face interest charges, and he kept telling me that it didn't -- that the {$7500.00} faces no interest on its own -- but that because I had used the card for purchases, the entirety of the card balance was subject to an interest rate. It makes absolutely no sense. I have now ( or in the past ) had similar arrangements with XXXX, XXXX XXXX, XXXX and XXXX XXXX, and none of them charge you interest on balances that are transferred, because that is separate from the purchases. It is misleading to advertise a 0 % rate to a customer for a set period of time and then charge them interest on it because the customer makes purchases. It doesn't even make any sense for the bank. Do they want me to not use the card at all? I plan to close this account as soon as possible, perhaps with another balance transfer arrangement from a credit-card provider that doesn't mislead and rip off customers. Especially after all the travails Wells Fargo has been through, I don't understand why they would behave this way. The representative on the phone seemed to understand my concerns and be familiar with customers complaining about them. Banks shouldn't be allowed to promote something for 0 %, then charge fees on it. Furthermore, my statement is totally confusing and misleading. On page XXXX ( attached ) it says that the {$7500.00} faces 0 % interest until XXXX XXXX, 2025, and says nothing about a separate interest rate I'll get charged for my " average daily balance '' as the phone representative indicated. Reading the statement, you would think that paying the entirety of the purchases would take care of what's subject to interest, but he said that isn't true.
Frequently Asked Questions
What is Complaint #11337945 about?
Complaint #11337945 was filed against Wells Fargo & Company regarding Credit card specifically about Advertising and marketing, including promotional offers. It was received by the CFPB on 2024-12-31T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Credit card) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.