Credit card or prepaid card -- Fees or interest -- Complaint #4710473
Complaint Overview
Complaint ID: 4710473
Company: PNC Bank N.A.
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: Texas
ZIP Code: 76109
Date Received: 2021-09-10T12:00:00-05:00
Date Sent to Company: 2021-09-10T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Hello CFPB, I am a XXXX year old with a credit score of XXXX and recently applied for my first credit card at PNC Bank. I signed up for the XXXX XXXX PNC Credit Card and got back an interest rate on my card of 23.99 % on the scale of 13.99 % to 24.99 % which was shown on the marketing materials. I was given a mailing from PNC saying that my credit score was XXXX and verified saying that my credit was better than 45 % of consumers. I thought the interest rate they gave me was very poor considering my credit history, so I called them and talked to XXXX about this issue. He said that PNC Bank typically gives everyone a rate in the higher range of the interest bracket including himself. He said that he has a credit score of over XXXX and he still is given a rate over 24 % consistently with PNC 's credit cards. He suggested I talk to the credit department to find out more. I was transferred to XXXX who explained to me that the rates are high, but are decided based on the prime rate of 3.25 % at this time and then PNC multiplies this number by a margin multiple which allows them to make money on credit card debt. It turns out this multiple is actually very similar for all PNC customers regardless of their credit score. Additionally, once a credit card is created, it is impossible to ask for the rate to be changed within 6 months according to the employees. PNC should not be allowed to market their credit cards with a range down to 13.99 % if they always put people in the top quarter of interest rates. This is false advertising and is damaging to consumers by making them think they have a chance at getting a good interest rate, but always giving them a poor interest rate regardless. I left my formal complaint with both XXXX and XXXX who she transferred me to. I would like CFPB to fix this issue that credit card consumers have. Thanks, XXXX
Frequently Asked Questions
What is Complaint #4710473 about?
Complaint #4710473 was filed against PNC Bank N.A. regarding Credit card or prepaid card specifically about Fees or interest. It was received by the CFPB on 2021-09-10T12:00:00-05:00.
How did PNC Bank N.A. 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 PNC Bank N.A.?
Yes, visit the PNC Bank N.A. company profile at readthecomplaint.com/company/pnc-bank-n-a 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.