Consumer complaint received 2019-04-17
Company: SYNCHRONY FINANCIAL
State: FL
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
I have been a Walmart credit card account holder since XX/XX/2014. Unfortunately, my account has been subjected to an APR increase numerous times which unfair. Last year, in XXXX, I emailed the CEO, Ms. XXXX XXXX regarding my account. In the span of just 6 months, my account 's APR had increased twice. I had previously contacted Synchrony Financial via their online feedback form to express my concerns and experienced several issues with their specialists. None of them were helpful or courteous. It was only when I escalated my concerns to Ms. XXXX that I was actually helped. My formal complaint was forwarded to a Senior Specialist,  Ms. XXXX XXXX. My account was also experiencing issues with a promotion and erroneous payment allocation. Due to the fact that the payments were applied incorrectly to the ongoing promotion, it caused my interest to increase. She was able to rectify the error but did not adjust the APR. In her explanation via email, she stated the following, " your APR does not change unless the prime rate changes. However, as your balance decreases, the amount of your monthly interest charges will also decrease. '' Fast forward to the present, I emailed Ms. XXXX and expressed my concerns that this time my account 's APR had increased four times in less than a year. Again, she explained that the increase was due to the prime rate changes. However, after further investigation, many Walmart credit card holders shared their complaints online regarding their excessive interest rate increases. She advised that the APR is the same for all customers and can not be adjusted. Per my Credit Card Agreement, the APR will vary with the market based on the Prime Rate. I read the terms online which I will be providing you a copy of, and they are vague. I immediately advised Ms. XXXX that I would be closing my account to not be subjected to anymore interest rate increases. With all due respect, to continually increase their customers ' interest rates no matter their payment history, makes it difficult for them to pay of their high balances. Synchrony Financial should be investigated regarding these ridiculous increases ; there should a limit to how many times they can increase the APR. At no time did Ms. XXXX advise that my account would still be subjected to APR increases even if I closed the account. Then I left a negative review with the XXXX and a new specialist, Ms. XXXX XXXX was assigned to my complaint. I spoke with her today and she was apathetic and rude. I received a letter from Ms. XXXX explaining that " closing the account does not prevent the APR fluctuation from taking place ''. I advised Ms. XXXX that I would be escalating this matter further. Her demeanor was unhelpful and I recently discovered that she was one of the specialists that I had complained about last year to Ms. XXXX. There was a moment in the phone call that she actually snickered at my comment that many customers are concerned with their accounts being subjected to these increases, which was unprofessional for her to do so. I asked if my account can be reopened since I did not know that my account would still be subjected to the APR increases and she refused. As a customer for over 4 years with two credit cards ( Walmart and Care Credit ) with Synchrony Bank, in my opinion, Ms. XXXX should have advised me of the consequences if I chose to close my account, especially since she has assisted me before. If I would have known the consequences, I definitely would not have closed my account. It is not a coincidence that so many consumers have posted their complaints involving Synchrony Financial. It is evident that they do not value their customers.

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