Credit card -- Advertising and marketing, including promotional offers -- Complaint #8463579
Complaint Overview
Complaint ID: 8463579
Company: Synchrony Financial
Product: Credit card
Sub-Product: Store credit card
Issue: Advertising and marketing, including promotional offers
Sub-Issue: Confusing or misleading advertising about the credit card
State: Missouri
ZIP Code: 63108
Date Received: 2024-03-02T12:00:00-05:00
Date Sent to Company: 2024-03-02T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I bought four tires in XX/XX/2023 for roughly XXXX and was offered a 6 month no interest credit card. I am an XXXX and well versed in financial matters. I have always paid credit card balances in full and have never missed payments unless there was a mailing problem. To me, 6 month no interest card means an interest free loan for six months. This was not the case. It turned out that minimum payments were required and late fees were assessed when minimum payments were not made. So a requirement to make a minimum payment results in lost interest ( 5 % can be earned on a savings account ) so to me this is not a " no interest '' credit card. And late fees were usurous. A XXXX late fee was assessed on first XXXX minimum payment. That is excessive and exceeds any promotional interest rates. A second XXXX late fee was assessed on second missed minimum payment as well as a negative notification to the credit rating bureaus. I went back and looked at the materials I was given. They were incredibly deceptive The original receipt describing the credit card had NO mention of the minimum payment. I was given a 15 page description of the credit arrangement. Principal terms were in bold. In fairness, the minimum payment requirement was on the front page but NOT in bold. This 15 page description was promptly filed. The original balance statement, which I kept handy because it was only 1 page had the no interest offer mentioned on front page. The requirement of minimum payments was on the BACK page in fine print. I feel that the mention of the requirement of minimum payments was deliberately understated by the company ( Synchrony Bank ). If this trap got a sophisticated consumer, I can't imagine what is happening to the average consumer. I have verbally requested return of the late fees and revocation of any notification to credit report agencies. I know there has been recent action by CFPB on late fees. I don't know if this issue has been addressed but I think there should be requirement to make better disclosure of minimum payments on these " no interest for _ months '' offers. I have never made use of these offers before so have no other banks in comparison. I have retained most of the material provided by the company and would be happy to provide so as to improve future disclosures to consumers.
Frequently Asked Questions
What is Complaint #8463579 about?
Complaint #8463579 was filed against Synchrony Financial regarding Credit card specifically about Advertising and marketing, including promotional offers. It was received by the CFPB on 2024-03-02T12:00:00-05:00.
How did Synchrony Financial respond to this complaint?
The company responded with: "Closed with monetary relief". 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.