Consumer complaint received 2019-07-08
Company: SYNCHRONY FINANCIAL
State: TX
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
Please see letter written to Synchrony Bank, which provides all details of the dispute. 

XX/XX/2019 Synchrony Bank XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, Utah XXXX Dear XXXX XXXX : I am writing to you about a CARE CREDIT card I have with you. I have had numerous conversations with your customer service team in regard to a deferred interest issue and we have been unable to remediate the issue. 

There have been numerous issues I have had throughout my time doing business with your company. Communication on your end has consistently been deceptive and unfair ; terms were not properly conveyed, and promises were made that were never kept. 

When originally opening the card, it was presented as an easy way to pay medical bills that were unaffordable to me at the time. I am a senior and unfortunately, I was unable to pay large medicals bills in one bulk payment. As it was presented, your card seemed like a logical answer to my problem. I was advised if I paid a set agreed upon amount a month I would pay my balance off and not be charged any interest. Again, this was appealing to me as I do not have the income to pay excessive interest on top of the high medical bill ( s ). After opening the card, I made payments religiously and assumed my balance would payoff over the time set without any interest charges. 
In XX/XX/2019, I received a bill showing I was charged an excessive amount of interest and I immediately called your customer service department to see what had happened. After speaking to a representative from Synchrony, I found out it was due to deferred interest charges. I explained the issue or misunderstanding in terms to the representative and she advised that she understood and that I could just pay off the principal balance and she would waive the deferred interest charged. She advised that this transaction would pay my balance in full. At this time, I paid the amount she stated was due ( {$360.00} ), and assumed the account was closed as paid in full as agreed. 
The following month, I received a statement showing I still had a balance and I immediately called your customer service department. I was advised that the previous agent misspoke, and you would not be waiving any charges. I have called numerous times after this conversation and I been advised by management that nothing could be done. At this time, due to deferred interest, my balance is at {$920.00}, which is more than I originally borrowed. 

Your practices have continued to be deceptive and misleading. I expect a company to properly convey the terms of the agreement and stand by what their representatives say and/or promise. Neither of these actions have been shown. 
The CFPB has completed numerous studies showing many deferred-interest products lack transparency, which causes many consumers to not fully understand how deferred interest promotions operate and the manner in which interest is assessed on these products. A lack of transparency can harm consumers by impeding their ability to manage their finances successfully. The potential for confusion only increases if these accounts are used for other purchases as well. 

Your companies lack of transparency has been extremely harmful to me and has caused a great financial burden and great deal of stress. I believe your CARE CREDIT product preys on the elderly in their time of need ( medical issues ) and your goal is to confuse people in a very vulnerable state. 

At this time, I have decided to pay the minimum on the card until this issue is resolved, as my credit is being affected. As part of the resolution, I expect my credit to be corrected to show me as current and paid in full, with no delinquencies present. I now have delinquencies shown which is also hurting my ability to move into a senior living community. 

Complaints have also been logged with the CFPB and FTC. 

Please let me know how we can rectify this issue in a quick manner. 

Thank you for your assistance.

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