Consumer complaint received 2021-03-23
Company: GOLDMAN SACHS BANK USA
State: OH
Product: Credit card or prepaid 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

Complaint:
Purchase Date : XX/XX/XXXX Product : XXXX  XXXX XXXX XXXX XXXX XXXX : Apple Card Card Issuer : Goldman Sachs Problem : Apple Card Monthly Installment Plan For specific Apple products purchased with Apple Card. 
Amount : {$810.00} Installment amount : {$34.00} I purchased the XXXX XXXX XXXX on XX/XX/XXXX under the Apple Card Monthly Installment Plan for Apple products. The total amount, {$810.00} was applied in full to my Apple credit card. Not the monthly installment amount, {$34.00}. As a result, my available credit for purchase was reduced, an increased total remaining card balance, and Apple Card has reported information to the Credit Bureaus suggests a higher credit utilization rate with this card. 
During the phone call with the Apple Card Specialist, who helped me with the application and applying for the Monthly Installment Plan didnt fully disclose how the Monthly Installment Plan works or potential effects to credit and credit availability and overall interest charges that potentially will arise. Additionally, I have read and reviewed the availability information on the Apple Card website and the terms and conditions available in the Apple Card Customer Agreement pertaining to the Monthly Installment Plan. There is no mention, directly or indirectly of, the amount of the product being charged in full to the consumers credit card when purchased under the Monthly Installment Plan. Moreover, the consumer is forced to pay off their card balance in full before paying off the product purchased under the monthly installment plan. Apple Card & Goldman Sachs has drastically infringed on consumers abilities to manage personnel debts. For example the strategy of paying down/ off debts with the lowest interest rate.

I am also concerned with interest charges. Apple states, customers wont pay interest on the specific item purchased on their card under the monthly installment plan. However, as I mentioned before, the total amount was applied to my card increasing my total card balance amount remaining/ owed. To my understanding interest charges are calculated using ones total card balance amount remaining/owed. I have reached out to Apple Card Services. I have talked with numerous Card Services Specialist and Supervisors on various occasions regarding my complaint. However, I have not heard from anyone else from Apple Card Services regarding my complaint. Moreover, in the documents and areas of information available to consumers previously mentioned it further creates confusion about the monthly Installment plan and is misleading when Apple/Goldman Sachs stated eligibility is subject to credit approval. Which suggests consumers will be subjected to another credit check to determine credit worthiness for the monthly installment plan separate from the current credit card account currently held. Lastly, the charges for the monthly Installment plan is always charged after the close of a billing cycle, creating a new charge for the next billing cycle even if I hadnt made no other purchases to produce a new bill

Company response to consumer: Closed with explanation