Credit card or prepaid card -- Fees or interest -- Complaint #4429331
Complaint Overview
Complaint ID: 4429331
Company: Jpmorgan Chase & Co.
Product: Credit card or prepaid card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: Colorado
ZIP Code: 80203
Date Received: 2021-06-03T12:00:00-05:00
Date Sent to Company: 2021-06-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I made several large purchases on my Chase Sapphire Reserve credit card when I moved across the country earlier this year, intending to use the My Chase Plan feature to pay some of the large purchases off over the course of a few months while saving on Interest, as their website advertises. However, the payments I made towards my credit card did not reduce my principal in the way that I had expected it to based on the advertising and disclosures provided by the bank. My understanding was that any payment made to my account beyond the minimum payment due ( which included my normal minimum payment amount, a portion of the purchase covered by the My Chase Plan payment feature, and a fee for using My Chase Plan ) would go towards the balance on my account which would be subject to interest at the time of my next billing cycle. My XX/XX/2021 statement showed a total statement balance of {$5300.00}, of which {$2200.00} was subject to a 3 month My Chase Plan and {$6.00} was the fee for using that feature. This left me with a minimum payment of {$800.00} and my expectation was that {$1500.00}, or 67 % of the balance subject to the My Chase Plan, would be exempt from interest the following statement cycle. Based on this understanding, I made payments to my account during the month of XXXX totalling {$3800.00}, leaving a remaining balance of {$1500.00}. However, my XX/XX/2021 statement showed {$38.00} in interest charged, significantly more than I would have believed based on the terms of the My Chase Plan. A later plan that I set up in XXXX for a 6 month repayment of a purchase totaling {$1800.00} is showing as paid off as of my XX/XX/2021 statement, despite also being charged {$65.00} in interest for the period. I believe the terms of the feature on this account were not clearly explained in any disclosures provided and could easily be misinterpreted by customers and is likely to lead to harm to customers with that harm outweighing the benefits of the product, and advertisements for the product do not offer clear and conspicuous terms, resulting in potential violations of UDAAP, TILA advertising, and TILA payment processing requirements. I believe I have been improperly charged interest totalling {$130.00} and fees totalling {$24.00} for an account feature that did not have the expected or advertised benefits to me as a consumer.
Frequently Asked Questions
What is Complaint #4429331 about?
Complaint #4429331 was filed against Jpmorgan Chase & Co. regarding Credit card or prepaid card specifically about Fees or interest. It was received by the CFPB on 2021-06-03T12:00:00-05:00.
How did Jpmorgan Chase & Co. 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 or prepaid card) and describe your issue in detail.
Can I see other complaints against Jpmorgan Chase & Co.?
Yes, visit the Jpmorgan Chase & Co. company profile at readthecomplaint.com/company/jpmorgan-chase-co 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.