Consumer complaint received 2018-11-08
Company: CITIBANK, N.A.
State: NC
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
I was on the Home depot credit services web site looking at credit rates. 
They state 16.99 % to 27.99 %. They are high but the card has great incentives so I use it. For example no interest for 12mts etc. 
I checked my rate which was 26.99 %. I have exceptional credit and I've had this card for 5 or 6 years and managed it well so I figure why wouldn't I qualify for a better rate? 
I inquired. 
And I was rejected based on my credit history which I've already stated is basically perfect at all three credit agencies. I wondered, with practically perfect credit, why I wouldn't be eligible for a better rate? Which leads me to believe that a better rate doesn't actually exist. 
If it doesn't then by offering the possibility of a lower rate is misleading and dishonest. 
I don't know if being dishonest is illegal but I did want to report it. It just seems like bad business and that there should be consumer protection for falsifying information concerning contractual agreements such as the interest rate available for qualifying individuals. 
Note that I had no balance with this card when I contacted them yet their reply mostly spoke about how to pay down a bill and minimize interest payments. It was clearly a roboreply with no intent to look into any reduction for any customer. 

my email to the company is as follows : I would like to utilize the Home depot card for future business and several large projects but I find that the 25.99 interest rate is too expensive to be practical. Your documentation indicates that you make interest rates as low as 17.99 which is still remarkably high but palatable considering certain promotions that are offered. My credit is exceptionally good and always has been, and I am certain that I have always been current on my payments. I see no reason that I would not qualify for your best rate. Instead, I have your worst rate at 25.99. If you can reduce my rate to 17.99 I would prefer to conduct my small business matters using my Home Depot credit card in the future. 

The companies reply to me : We received your recent inquiry regarding your account. 
We have reviewed your account for a possible lower Annual Percentage Rate ( APR ).  We periodically review all our customer accounts for credit worthiness and account activity. We do not base our credit decisions on just your account history with The Home Depot ; we look at your entire credit profile. Unfortunately, at this time we are unable to offer you a lower APR. We would like to share some tips that can help minimize the interest charged to your account each month. 
You are always welcome to make payments over the minimum due to help reduce the amount of interest billed each month. There is no penalty for paying the outstanding balance being assessed interest charges in full. 
By making your payment earlier in the billing cycle, it can help reduce the average daily balance and help decrease the amount of interest charged each month. 
Your statement also shows how much to pay in order to pay off your current balance in 3 years. 
By consistently paying your account balance in full each month, by the due date, interest charges can be avoided altogether. 
If you have further questions or concerns, please contact us. We thank you for your business and the opportunity to serve you.

We regret any inconvenience or difficulty this may have caused you.

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 explanation