Consumer complaint received 2023-06-20
Company: CITIBANK, N.A.
State: CO
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Fees or interest
Sub-issue: Problem with fees

Complaint:
In XXXX  of XXXX  I purchased a new XXXX speaker from Best Buy for a little under {$1000.00}. I opened up a Best Buy credit card through Best Buy Credit Services, financed by CitiBank on the agreed upon stipulations there would be no interest fee charges so long as I paid the balance due from the purchase of the speaker within XXXX calendar year. Subsequently, I began making {$100.00} payments toward what I owed. I in fact paid off the speaker XXXX months *early*. After reviewing my account on their site, they absolutely charged interest on my account, and only after speaking with a representative, some of interest fees were removed but not all. In fact, they had taken a portion of some of my payments and applied it toward their assessed interest, such that now it appears on my statement as Ive not paid enough to cover my balance ( which I have clear documentation from their site that I have duly paid what I owed ). In other words, I made {$1000.00} in payment toward the speaker, they inappropriately assessed interest when we both agreed they wouldnt within 1 year, they inappropriately intercepted my payments made toward my speaker and applied a portion to those frivolous interest charges, and are now reporting to the credit bureaus that I was XXXX ) delinquent in making payments ( which is patently false ). I had a 100 % payment record on my credit report prior to their shake down XXXX ) that I have an outstanding balance still due with them ( which is patently false ), XXXX ) they lowered my credit limit from {$2500.00} to {$350.00}. Which dramatically, and negatively, effected my overall debt to income ratio on my credit report. All while Im literally in the process of looking for a home/home loan. All told, they have negatively affected my credit score by 104-106 points. I currently have a credit score of XXXX and should have a score of XXXX as I have no outstanding debts, and I have a 100 % payment record. Full stop. 

Best Buy Credit Services and CitiBank illegally assessed interest charges and fees on a debt that was paid and when they they had a clear contract with the consumer to not charge these interest charges and fees. Subsequently they are abusing their right to submit information to the 3 major national credit bureaus and using them to shake down their customers for their, at the very least, inappropriate fees and charges. The credit bureaus will not remove the account from my report even after having provided exceedingly clear evidence that Ive paid what I owed, and that the negative remarks amount to fraudulent activity on my report. However, because apparently the word ( and whatever fabricated documentation theyre able to produce ) of the creditor is stronger than the evidence of the consumer. This is nothing more than a modern day, legal, mob enterprise thats using our national credit bureaus to shake down and extort Americans out of millions of hard earned dollars by holding their credit scores hostage for illegally assessed interest fees and charges. Full stop. 

Theyre quite literally costing me thousands, if not, over {$100000.00} in direct damages with the current state of interest rates and how Im not able to get a rate from a bank now thats lower than 8 % because of my credit score. 

CitiBank is the worst company I have ever dealt with and I would rather eat glass on the surface of the Sun than bank with them or purchase another product from Best Buy ever again in my entire natural life.

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