Consumer complaint received 2018-03-13
Company: SYNCHRONY FINANCIAL
State: CO
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Confusing or misleading advertising about the credit card

Complaint:
I signed up for Care Credit for a surgery for my dog. The original charge was over {$2800.00}. I've paid some of this down as well as charged another visit for my dog. I just looked on my account and they charged me {$1200.00} of interest on XX/XX/XXXX when my balance was {$1800.00}. Here is the chat info ; XXXX XXXX : XXXX XXXX : Initial Question/Comment : Why do I have over {$1200.00} in interest charges on XX/XX/XXXX? 

XXXX XXXX : System : Welcome to MySynchrony.com Chat. Your chat may be monitored and recorded for quality purposes. A chat agent will be with you momentarily. 

XXXX XXXX : System : Thank you for your patience, we are currently assisting other customers. An agent will be with you momentarily. 

XXXX PM : System : XXXX XXXX has joined this session! 

XXXX XXXX : System : Connected with XXXX XXXX. Your Reference Number for this chat is XXXX. 

XXXX XXXX : XXXX XXXX : Hello XXXX. Thank you for contacting us. 

XXXX XXXX : XXXX XXXX : I understand your query. 

XXXX XXXX : XXXX XXXX : I will certainly review your account and help you. 

XXXX XXXX : XXXX XXXX : May I take 2-3 minutes while I review your account details? 

XXXX XXXX : XXXX XXXX : Thank you for waiting. 

XXXX XXXX : XXXX XXXX : the purchase made on XX/XX/XXXX for {$2800.00}, was expired on XX/XX/XXXX. 

XXXX XXXX : XXXX XXXX : And as the promotional balance was not paid in full, XXXX XXXX : XXXX XXXX : so there was almost a 50 % interest charge? 

XXXX XXXX : XXXX XXXX : the deferred interest was charged on the account as per the promotional terms. 

XXXX XXXX : XXXX XXXX : {$1200.00} of interest has been charged on the account. 

XXXX XXXX : XXXX XXXX : In order to avoid the interest charges the promotional balance need to be paid in full by the expiration date. 

XXXX XXXX : XXXX XXXX : so what interest rate is that? 

XXXX XXXX : XXXX XXXX : XXXX for a XXXX purchase? 

XXXX XXXX : XXXX XXXX : that can not be correct XXXX XXXX : XXXX XXXX : The regular APR on the care account is 26.99 %, XXXX XXXX : XXXX XXXX : that is 45 % XXXX XXXX : XXXX XXXX : I will explain that to you. 

XXXX XXXX : XXXX XXXX : I'd like to see the calculation XXXX XXXX : XXXX XXXX : Yes, please allow me 2 minutes, XXXX XXXX : XXXX XXXX : I will explain that to you. 

XXXX XXXX : XXXX XXXX : On the date of the promtion expiration : {$1200.00} of interest was charged on the account, XXXX XXXX : XXXX XXXX : and since then the entire promtional balance including the interest charges is considered as a non promotional balance, XXXX XXXX : XXXX XXXX : So the non promotional balance on the account is liable for the regular APR on the account every month. 

XXXX XXXX : XXXX XXXX : Again, the math doesn't add up XXXX XXXX : XXXX XXXX : As long as there is a non promotional balance on the acocunt the monthly rate of 2.25 % on it is added on the statement. 

XXXX XXXX : XXXX XXXX : I am still typing. 

XXXX XXXX : XXXX XXXX : Please bear with me for 2 minutes more. 

XXXX XXXX : XXXX XXXX : I am checking that for you. 

XXXX XXXX : XXXX XXXX : I owed {$1800.00} as of XX/XX/XXXX. 

XXXX XXXX : XXXX XXXX : yes, here I go : XXXX XXXX : XXXX XXXX : XXXX x 26 % = {$460.00} XXXX XXXX : XXXX XXXX : for 12 months the interest charged was XXXX XXXX XXXX : XXXX XXXX : {$770.00} XXXX XXXX : XXXX XXXX : And the promotion was for 18 months, XXXX XXXX : XXXX XXXX : I paid off somXXXX of that XXXX XXXX : XXXX XXXX : so you can not charge me interest on the entire thing XXXX XXXX : XXXX XXXX : you can only charge me on my balance as of the date in XX/XX/XXXX XXXX XXXX : XXXX XXXX : so deferred interest for another 6 months that is totalling up to the deferred interest of {$1200.00}. 

XXXX XXXX : XXXX XXXX : the deferred interest is charged on the original purchase amount, XXXX. 

XXXX XXXX : XXXX XXXX : XXXX. 

XXXX XXXX : XXXX XXXX : I apologize for the typing error. 

The following Agent is typing : XXXX XXXX.

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