Credit card -- Fees or interest -- Complaint #12726642
Complaint Overview
Complaint ID: 12726642
Company: Synchrony Financial
Product: Credit card
Sub-Product: Store credit card
Issue: Fees or interest
Sub-Issue: Unexpected increase in interest rate
State: Pennsylvania
ZIP Code: 190XX
Date Received: 2025-03-29T12:00:00-05:00
Date Sent to Company: 2025-03-29T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
This is about unexpected interest charge applied to my Synchrony XXXX XXXX : On XX/XX/XXXX, I purchased furniture for {$1600.00} under a financing plan with Synchrony Bank that was advertised as XXXX year interest-free. I made regular payments and had a remaining balance of {$480.00} at the end of the one-year period. To my surprise, on the last day of the promotional period XX/XX/XXXX, Synchrony Bank added {$490.00} in interest charges to my balance in a single transaction. When I contacted their customer service, I was informed that this charge represented a full years worth of interest applied to the entire original loan amount of {$1600.00}. I believe this practice is unfair and deceptive. I expected that if I did not fully pay off the balance by the end of the promotional period, I would start accruing interest from that date forward only on the remaining balance of {$480.00}. Instead, I am being penalized with retroactive interest on the full original loan amount, despite having already paid {$1100.00} of the loan by the time. I have attempted to resolve this issue directly with Synchrony Bank by contacting their customer service and speaking to XXXX different representatives at various levels, but they have refused to remove the charge.
Frequently Asked Questions
What is Complaint #12726642 about?
Complaint #12726642 was filed against Synchrony Financial regarding Credit card specifically about Fees or interest. It was received by the CFPB on 2025-03-29T12:00:00-05:00.
How did Synchrony Financial 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 Synchrony Financial?
Yes, visit the Synchrony Financial company profile at readthecomplaint.com/company/synchrony-financial 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.