Credit card -- Fees or interest -- Complaint #8574846
Complaint Overview
Complaint ID: 8574846
Company: Synchrony Financial
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: New York
ZIP Code: 120XX
Date Received: 2024-03-18T12:00:00-05:00
Date Sent to Company: 2024-03-18T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
In XXXX XXXX XXXX I took out a loan to install some heat pumps in my house. The total was approximately {$2200.00}. I was informed that the loan was to be interest-free for XXXX months, at which time I would be charged the typical exorbitant rate. I was never informed that this interest would be retroactive to loan origination date and was led to believe I would be charged interest on loan balance, as I have on every other loan or credit card I have ever used with a promotional rate. After XXXX months my loan balance was down to {$7700.00}. On my next statement I was assessed and interest payment of {$8300.00}! I have contacted the bank and was told I should have read my statement more carefully. In hindsight I should have but I never would have believed that this practice and I had never encountered this type of loan in my life and still can not believe that this practice is legal and it is certainly not ethical. I made every payment on time and never expected the astronomical fee.I feel violated.
Frequently Asked Questions
What is Complaint #8574846 about?
Complaint #8574846 was filed against Synchrony Financial regarding Credit card specifically about Fees or interest. It was received by the CFPB on 2024-03-18T12:00:00-05:00.
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.