Consumer complaint received 2021-05-30
Company: SYNCHRONY FINANCIAL
State: MI
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Didn't receive advertised or promotional terms

Complaint:
Synchrony Bank for no good reason closed 8 accounts that I have had for many years. They stated that I was 'high risk. ' See complaint # XXXX. 

I was concerned that this would happen, therefore, I took the time to contact their customer service and find out for sure. Synchrony Bank is not honoring their promotion that they advertised to me on their website of zero percent interest. 

For several years, the credit limit on this account had been at {$1100.00} - {$1300.00}. It started at {$1100.00} and they increased it without me asking to {$1300.00}. ( I was not a high risk at all - still am not. ) My statement dates of XX/XX/2021 to XX/XX/2021 show the increase credit limit for which I asked during that period and they gladly gave. Just weeks before canceling 8 credit cards. 

Specifically, just a few weeks before they chose to close my account, they made this offer of XXXX percent interest. It was for either 6 months or one year. I was aware that I wanted to make a larger purchase and use this promotion. Therefore, when I made the very last purchase on my Amazon credit card from Synchrony Bank, I made the purchase with the expectation of it being a 'promotional purchase. ' All of my purchases on that Amazon store card received 5 % back. The order was placed via Amazon website on XX/XX/2021 for {$1500.00}. 

Their letter to me stating that they were closing all credit cards is dated XX/XX/2021. See previous dispute for a copy of that letter. Therefore, I did not receive the letter for days after XX/XX/2021 as it was sent via mail. There was no notification to me when I made this purchase on XX/XX/2021 that my account was closed on the website and, obviously, the credit card was not declined. Therefore, in good faith, I made that purchase on THEIR credit card and they need to honor their agreements. 

Thy INCREASED my credit line - otherwise, I would not have been able to make that purchase. They advertised to me a promotional special. Minimally, there's a 5 % payback on all purchases if I chose not to take that promotional offer. My next closing date was to be XX/XX/2021 and, therefore, I had 3 weeks to decide if I would take the 5 % interest or the 6 - 12 months XXXX percent interest. 

I also had a rewards credit of {$2.00} on my last statement prior to this purchase ( statement end date XX/XX/2021. ) The current rewards amount listed on the statement with the end date of XX/XX/2021 is {$81.00}. HOWEVER, now that they have canceled my credit card, there is no option of crediting that amount to my bill. 

Synchrony Bank does not get to do this to me. They will honor their promotions with me after I have spent the last DECADE paying them on time, consistently. I would prefer to be done with this bank as soon as possible. Therefore, I will be paying the balance in full rather than opting for the 6 - 12 month XXXX percent financing that I was considering. 

By XX/XX/2021, they will be receiving a payment from me of {$1500.00} which represents my ending bill of {$1500.00} minus the rewards credit of {$81.00} and I will consider this account closed and paid in full - as they should also considered it. 

I will attach my last three statements to this complaint as a means of showing the rewards amount and - very interestingly - how recently they increased my credit limit 300 % just weeks before they deemed me a 'high credit risk. '

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