Credit card -- Fees or interest -- Complaint #9763136
Barclays Accused of Overcharging Credit Card Interest
Complaint Overview
Complaint ID: 9763136
Company: Barclays Bank Delaware
Product: Credit card
Sub-Product: General-purpose credit card or charge card
Issue: Fees or interest
Sub-Issue: Charged too much interest
State: Michigan
ZIP Code: 48224
Date Received: 2024-07-31T12:00:00-05:00
Date Sent to Company: 2024-08-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Referral
Risk Assessment
Risk Level: medium
The consumer alleges that Barclays Bank Delaware charged them an excessive amount of interest on their credit card, which could indicate a violation of consumer protection laws related to fair lending and accurate fee disclosures.
Consumer Sentiment: negative
Topics: Credit card, Interest charges, Fees
AI Analysis
CFPB complaint 9763136 was filed against BARCLAYS BANK DELAWARE regarding Credit card (General-purpose credit card or charge card), specifically about "Fees or interest". A consumer was charged too much interest on their general-purpose credit card by Barclays Bank Delaware. The complaint was received on July 31, 2024 from Michigan. The company responded with "Closed with explanation".
What You Should Do -- Consumer Action Plan
Consumers should carefully review their credit card statements for any discrepancies in interest charges and contact their credit card issuer immediately if they believe they have been overcharged.
Legal Context & Consumer Protection Laws
This complaint may fall under regulations such as the Truth in Lending Act (TILA), which requires clear disclosure of credit terms and prohibits unfair or deceptive practices.
Regulatory Insight
Regulators may examine Barclays' interest rate calculation methods and fee structures to ensure compliance with consumer protection laws and prevent predatory lending practices.
Resolution Likelihood
mixed
State-Specific Consumer Protections
In Michigan, consumers are protected by state laws that may supplement federal regulations regarding credit card fees and interest rates.
Industry Comparison
Credit card companies are generally expected to adhere to strict regulations regarding interest rate calculations and fee disclosures to maintain consumer trust.
Related Issues
Frequently Asked Questions
What is CFPB complaint 9763136 about?
CFPB complaint 9763136 involves Credit card (General-purpose credit card or charge card). The consumer reported an issue with "Fees or interest", specifically "Charged too much interest". This complaint was filed against BARCLAYS BANK DELAWARE on July 31, 2024.
Which company is complaint 9763136 filed against?
Complaint 9763136 was filed against BARCLAYS BANK DELAWARE. You can view all complaints against this company on their profile page at /company/barclays-bank-delaware.
What was the company's response to complaint 9763136?
BARCLAYS BANK DELAWARE responded with "Closed with explanation". The response was marked as timely by the CFPB.
When was complaint 9763136 filed?
Complaint 9763136 was received by the CFPB on July 31, 2024. It was sent to BARCLAYS BANK DELAWARE on August 12, 2024.
What state was complaint 9763136 filed from?
Complaint 9763136 was filed from Michigan. You can view all complaints from this state at /state/MI.
Was the consumer satisfied with the resolution of complaint 9763136?
Dispute information is not available for complaint 9763136.
What product category is complaint 9763136 about?
Complaint 9763136 is categorized under "Credit card", specifically "General-purpose credit card or charge card". This is one of the product categories tracked by the CFPB.
How was complaint 9763136 submitted?
Complaint 9763136 was submitted via Referral. The CFPB accepts complaints through web, phone, mail, email, fax, and referral channels.
What are the consumer's legal options for complaint 9763136?
This complaint may fall under regulations such as the Truth in Lending Act (TILA), which requires clear disclosure of credit terms and prohibits unfair or deceptive practices. This relates to a Credit card complaint against BARCLAYS BANK DELAWARE involving "Fees or interest".
How likely is complaint 9763136 to be resolved?
Resolution likelihood: mixed. The company's current response is "Closed with explanation". The company did respond in a timely manner, which is a positive indicator.
What does the risk level mean for complaint 9763136?
This complaint is rated as medium risk. The consumer alleges that Barclays Bank Delaware charged them an excessive amount of interest on their credit card, which could indicate a violation of consumer protection laws related to fair lending and accurate fee disclosures.
What regulatory actions apply to complaint 9763136?
Regulators may examine Barclays' interest rate calculation methods and fee structures to ensure compliance with consumer protection laws and prevent predatory lending practices. The CFPB tracks complaints like this one to identify patterns of misconduct across the Credit card industry.
What should the consumer do about complaint 9763136?
Consumers should carefully review their credit card statements for any discrepancies in interest charges and contact their credit card issuer immediately if they believe they have been overcharged.
Are there state-specific protections for complaint 9763136?
In Michigan, consumers are protected by state laws that may supplement federal regulations regarding credit card fees and interest rates. This complaint was filed from Michigan.
How does complaint 9763136 compare to industry norms?
Credit card companies are generally expected to adhere to strict regulations regarding interest rate calculations and fee disclosures to maintain consumer trust.
What specific methods does Barclays Bank Delaware use to calculate interest on its credit cards?
Barclays Bank Delaware, like other credit card issuers, typically uses a daily periodic rate multiplied by the average daily balance to calculate interest. However, the specific APRs and calculation nuances can vary by card product and agreement.
Under what circumstances can a consumer dispute interest charges on a credit card?
Consumers can dispute interest charges if they believe the rate applied is incorrect, if fees were improperly assessed, or if the calculation method appears to be in violation of the cardholder agreement or consumer protection laws.
Disclaimer
This analysis is AI-generated and does not constitute legal advice.