Credit card or prepaid card -- Fees or interest -- Complaint #6307515
Complaint Overview
Complaint ID: 6307515
Company: Synchrony Financial
Product: Credit card or prepaid card
Sub-Product: Store credit card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: Texas
ZIP Code: 77379
Date Received: 2022-12-11T12:00:00-05:00
Date Sent to Company: 2022-12-11T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XX/XX/2022, we used a Lowes credit card ( issued by Synchrony Bank ) to purchase several items. Two items totaled {$1600.00} ( and were interest-free for a specified period ) ; the other two totaled {$150.00} ( and were subject to interest ). The following week, and before receiving our first statement, we purchased several more items ( all of which were interest-free for a specified period ). We made one additional purchase ( XX/XX/XXXX ) for {$390.00}. On XX/XX/2022, we received our first statement and paid {$350.00}. Without notifying us, Synchrony allocated 100 % of the payment to the interest-free purchases. On XX/XX/XXXX, we paid {$390.00} ( to pay off the interest-bearing items ). Again without notifying us, Synchrony allocated 100 % of the payment to the interest-free purchases. We continued to make monthly payments by the due dates for XXXX and XXXX, each for {$320.00}. Because the interest-free purchases were subject to various durations ( e.g., XXXX mos., XXXX mos. & XXXX mos. ), we called Synchrony yesterday ( Saturday, XX/XX/XXXX ) to confirm our understanding was correct. That is when we ( my husband and I ) learned that Synchrony had applied 100 % of our payments to the XXXX interest items, and none to the other purchases. In fact, Synchrony said that, unless we paid ANOTHER {$430.00}, which together the payments we had already made ( {$1300.00} ) approximately doubled the total of the purchases subject to interest ( {$540.00} ), or it would continue to charge interest. Synchrony has refused to reverse any of the interest charges ( total {$58.00} ) because, it " said that is how it's system is designed '' to process payments.
Frequently Asked Questions
What is Complaint #6307515 about?
Complaint #6307515 was filed against Synchrony Financial regarding Credit card or prepaid card specifically about Fees or interest. It was received by the CFPB on 2022-12-11T12:00:00-05:00.
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 or prepaid 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.