Consumer complaint received 2023-07-26
Company: SYNCHRONY FINANCIAL
State: TN
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
This complaint is in follow up to my good faith effort to resolve this issue with Synchrony Bank/CareCredit both directly and through a XXXX  complaint, filed on XX/XX/2023, Complaint ID # XXXX. I reported deceptive billing practices on my CareCredit card. I have been a longtime CareCredit consumer and have always paid my monthly payments on time and in good faith paid my promotional purchases off in advance of their due date to avoid accruing interest. I do not receive statements in the mail and utilize their online website to pay my bills. It recently came to my attention, when I thought I two promotional purchases left to pay off that the balance of my promotional purchases did not add up to the remaining balance of my credit card. When I inquired about the discrepancy, I was told I have been incurring interest on other promotional purchases that were not paid before their due date. This purchase that had been accruing interest for over a year was not made clearly visible to me, the consumer, thus making me unaware of the compounding interest that I was being indebted to CareCredit for. CareCredit intentionally hide the purchase history, only showing the two promotional purchases that were not interest bearing UNTIL this was brought to their attention in the XXXX complaint and quickly modified my visibility on XX/XX/XXXX to reflect the interest bearing purchase. This is consumer fraud to not have truth in reporting and billing. They refused to proactively settle via the XXXX  and subsequently closed the complaint instead. 

When asked for a clear understanding and explanation as to the discrepancy between my remaining promotional balance of XXXX and the outstanding card balance of XXXX I was provided with excuses and then a new regular charge appeared on my account as of XX/XX/XXXX which had not previously been there prior to the XXXX  complaint. This billing practice is retaliatory. 

Respectfully I declined the non-resolution offered by CareCredit and Synchrony Bank as a result of the XXXX  Complaint. As a longtime consumer who has in good faith paid my credit card every month and has in GOOD FAITH, PROACTIVELY paid off ALL my promotional balances to date prior to the due date, I was shocked to realize that my remaining two promotional balances did not add up to my credit card balance. CareCredit only recently made modifications to my online billing statement as of XX/XX/2023 AFTER this was formerly brought to their attention via the XXXX   Complaint as a retaliatory measure against me calling them out for their fraudulent billing behavior. Prior to this complaint there was NO indication that there was still a regular purchase that was accruing interest. I religiously go online to make my monthly payments and when a promotional purchases is coming due I am sure to make extra payments leading up to and request that the payments be allocated accordingly. Synchrony Bank XXXX CareCredit made changes to visibility of my billing AFTER this claim was brought forth. This is deceitful. As a consumer, I am only able to pay what I am unable to see. Withholding pertinent information because it was in their best interest to do so is financial and consume fraud. Withholding this regular purchase history from my online billing portal was in their best interest and enabled them to continue to charge me interest without transparently disclosing where the interest was coming from. Worse yet, they chose to do so, during a down economy and pandemic. 

As a result of this company 's steadfast complicity with deceptive billing practices, I am following up with this formal complaint to the Consumer Financial Protection Bureau. It has been said before that, Medical debt is already a big problem for many Americans. Poor credit card transparency should not be making the problem even worse, said CFPB Director. Deferred-interest products can be risky for consumers in the best of circumstances, and todays action ensures that CareCredit will no longer profit from consumer confusion. The Bureau will not tolerate financial companies that take advantage of patients and their loved ones. 

Under the Dodd-Franck Reform and Consumer Act, the Consumer Financial Protection Bureau has ( and should again ) seek the necessary authority to take action against institutions such as Synchrony Bank & CareCredit who continue to engage in unfair and deceptive practices. To ensure consumers harmed by the inadequate disclosures and deceptive enrollment processes are appropriately compensated, and that consumers are no longer subject to these unfair practices.

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