Credit card -- Advertising and marketing, including promotional offers -- Complaint #9209316
Complaint Overview
Complaint ID: 9209316
Company: Synchrony Financial
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-Issue: Confusing or misleading advertising about the credit card
State: Vermont
ZIP Code: 05452
Date Received: 2024-06-08T12:00:00-05:00
Date Sent to Company: 2024-06-08T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I financed the purchase of an air conditioner through Synchrony Bank for {$8200.00} with no interest for 18 months. The minimum payment on my balance is {$200.00}. I have been paying {$250.00} each month via auto debit. I have not read a statement nor do I regularly log into my account because it was on auto pilot. I logged into my account today, XX/XX/XXXX, and saw an interest charge for {$2100.00} on XX/XX/XXXX and learned that while the original agreement was sold to me as zero interest for 18 months, it was actually 18 months of deferred interest, so I received 18 months ' worth of interest all at once in XX/XX/year>. I initiated a chat session with a representative from Synchrony and was told that since it had been 60 days since the charge there was nothing they could do and I would need to call a representative, which I did. I spoke with two different representatives and was told that the grace period was actually 30 days and that had I called within 30 days of learning about the interest charge they would have easily been able to remove it, as long as I paid off the original balance. I offered to pay off the remainder of the original balance ( ~ {$1400.00} ) in addition to whatever interest I've accrued since the end of the 18 month period and was met with " sorry since it's been 30 days there's nothing we can do. '' I explained that I was deceived in the original agreement and have made on time payments each month and would happily settle up the original balance right now. I have never financed anything before except a car and this experience has left such a bad taste in my mouth that it's unlikely I would ever finance a purchase such as this again. I have no record in my email nor on my Synchrony account detailing deferred interest. My statements have a notification about deferred interest and shame on me for not opening them regularly ( or ever ). In the world of Internet banking, relying on information to live in a vacuum in one location ( i.e. statement only ) isn't fair to the consumer. Clearly my account was on autopilot and while I could have been more proactive, a simple email reminder detailing what was about to occur could have avoided this altogether. However, my regular, monthly reminder from Synchrony never once indicated that I was about to be hit with 18 months of interest at once.
Frequently Asked Questions
What is Complaint #9209316 about?
Complaint #9209316 was filed against Synchrony Financial regarding Credit card specifically about Advertising and marketing, including promotional offers. It was received by the CFPB on 2024-06-08T12:00:00-05:00.
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.