Credit card -- Fees or interest -- Complaint #9705206
Complaint Overview
Complaint ID: 9705206
Company: Synchrony Financial
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Problem with fees
State: New Hampshire
ZIP Code: 03062
Date Received: 2024-08-04T12:00:00-05:00
Date Sent to Company: 2024-08-04T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have a TJ Maxx credit card offered by Synchrony Bank. Recently I had made some purchases on the card and later returned some items from the purchase. Some time after paying what I believed to be the balance on my account ( {$20.00} ), I received a notice from Synchrony that I was charged a {$27.00} late fee plus {$2.00} in interest. I immediately called Synchrony to enquire what had happened. It was then that I learned that I should have paid {$25.00}, but due to a miscalculation on my part I only paid {$20.00}. I told the Synchrony rep that I never pay my credit cards late and always pay the balance in full, and that this was purely due to an oversight on my part, and asked him to refund me the fees. He said he could refund the late fee but not the {$2.00} in interest. I then asked him to transfer me to manager or someone else who could help. He transferred me to someone named XXXX XXXX extension XXXX ). She informed me that she also could not refund the {$2.00} in interest and that was the " minimum interest '' that could be charged. I then said OK, I will pay off the balance now ( {$5.00} balance plus the {$2.00} interest ) but want confirmation that I will not pay any more fees. She then informed me that she can not guarantee that because I would still get another charge for interest from the time of my last statement closing until the balance is paid. However, because Synchrony has a minimum {$2.00} interest charge I would get charged another {$2.00} because that is the minimum amount that Synchrony charges. So it doesn't matter what the actual balance is, a customer will always be charged a minimum of {$2.00} in interest if they are late on their payment. So effectively, I will get charged {$4.00} in interest because I mistakenly did not pay a {$5.00} balance. This is per se usurious. Synchrony Bank is knowingly acting in bad faith to XXXX over customers with tiny balances, and not offering any exceptions when an otherwise timely paying customer makes a small mistake. The bank is trying to hide behind " their policy '' when their policy is unconscionable. XXXX even told me that if I did not pay the additional interest ( after the initial {$2.00} charge ) I would get a late fee added on top of that. Synchrony Bank is a fraudulent bank that engages in deceptive and unconscionable business practices. They do this knowingly thinking that most people will not complain and simply pay these small fees, which add up to millions of dollars.
Frequently Asked Questions
What is Complaint #9705206 about?
Complaint #9705206 was filed against Synchrony Financial regarding Credit card specifically about Fees or interest. It was received by the CFPB on 2024-08-04T12:00:00-05:00.
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.