Consumer complaint received 2023-09-19
Company: SYNCHRONY FINANCIAL
State: UT
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

Complaint:
In XXXX of 2022, I purchased furniture from XXXX 's using my Synchrony Home credit card. I received a 24 month, 0 % interest promotion. I created an automatic payment to be applied to my purchase in excess of the minimum required in order to have it paid off by the promotion 's end. Then, 1 year into the promotion, XXXX of 2022, I purchased an additional piece of furniture with a 2 year 0 % interest promotion and applied {$1300.00} to my Synchrony account. 

Unbeknownst to me, Synchrony Bank applied the payments I was making to the smaller, shorter promotional balance and paid it off earlier than expected. Then at the end of the initial promotional period stated I had not met the promotion 's terms ( for the 24 month, 0 % interest ) and applied {$1300.00} in interest, virtually doubling my amount owed to Synchrony. 

When I called and inquired, they stated they " didn't know why the payments were applied the way they were applied, but that I owed the {$1300.00} in interest ( to my {$1300.00} outstanding balance ). They said that interest is applied based on the purchase price, not the outstanding balance. After discussing this with them, I realized that the store had not submitted properly the promotion they told me about on the 2nd purchase, so it was applied at 12 months, 0 % interest. I then asked them to recalculate the interest after having applied the payments to the first purchase correctly, which would have paid off the initial {$2500.00} purchase prior to the end of the promotional period. They said they would not do it and that if I paid the outstanding balance immediately, they would waive the interest ( since I was still within the 1 year promotional period on the 2nd purchase ). I immediately paid the balance and am still awaiting the credit for the interest that should not have been applied, or was applied based on an incorrect calculation.

This is unfair deceptive acts and practices ( UDAAP ) to arbitrarily apply payments to the smaller more recent purchase than to the first purchase. If I had known how my payments would be applied, I would have called their attention to it and made payments differently ( i.e. increased my automatic payment to ensure it was paid on time ). 

Furthermore, in their online portal, I could only see statements for the previous 1 year. Not even far enough back to see the original purchases applied to my account. To my astonishment, the customer service rep could not see the statements either. In this day and age of electronic statements, I should be able to view, at a minimum, 24 months if not more. Per Federal records requirements, records are to be maintained for a minimum of 7 years. Is it too much to ask to be able to view at least 2 years electronically if I have signed up for electronic delivery of my statements? 

I have multiple accounts/cards with Synchrony and am concerned with the way they do business to pray upon individuals for gain. I am fairly astute when it comes to matters of finance ( I work in financial services ) and understand the deferred interest programs. Even with this knowledge, Synchrony managed to skirt the rules of fair and accurate disclosure and reporting.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief