Consumer complaint received 2023-02-22
Company: BARCLAYS BANK DELAWARE
State: MD
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:
To Whom It May Concern, I am writing regarding my Gap Rewards Credit Card. I have been a Gap card holder for well over 10 years and the card was always under XXXX. Last year it converted to a Barclays card. I recently have experienced financial hardship and enrolled in a Debt Management Program through XXXX XXXX XXXX XXXX. XXXX sent a proposal to Barclays for both my Gap rewards card and my Banana Republic card. The proposal was to lower the interest rate from 29.99 % to 5.4 % and would have me pay off my balance in 4.5 years. In addition to this arrangement XXXX advised me to close the accounts, which I did. Barclays accepted the proposal for the Banana Republic card, however rejected the proposal for the Gap card. When XXXX as well as myself contacted Barclays to inquire the reason, we were told that I had a promotional interest rate on the account of 0 % until XX/XX/XXXX. I found this odd because all of my statements show that I am in fact paying 29.99 % interest. Upon further explanation, I was informed that the 0 % promotion only applies to purchases made between XX/XX/XXXX XX/XX/XXXX. Which total {$390.00}. My current balance on the card is {$7500.00} and that is being paid at a 29.99 % interest rate. I asked if there was a way to remove the promotion so that I may enroll in the program. I was told no. I asked multiple times if I could pay the {$390.00} over and beyond my minimum payment in order to make the promotional balance XXXX, so that I may enter the program. I was told no. In fact, 3 different representatives told myself and XXXX, that any payment above the minimum payment would be spread out among the balance and NOT directed specifically to the 0 % promotion. This means that I am in fact NOT paying 0 % on the {$390.00}. Barclays is not offering me any way to take advantage of this promotion by allowing me to pay it off prior to XX/XX/XXXX. The only way to pay off the {$390.00} is the pay the entire balance of {$7500.00}. This is unfair. XXXX stated that they have never heard of a creditor doing this and it is false advertising. I would dare say its predatory lending. They offered a promotion before the holidays offering 0 % interest on new purchases however never created a way for me to actually pay off that balance. If I go to XXXX and buy furniture for 0 % interest for 6 months, they absolutely allow me to direct funds ( over and beyond my minimum payment ) to the balance of that furniture. Why is there no way through this promotion, to get out of it? How do I ensure that I am paying 0 % if you will not allow me to pay the {$390.00} prior to XXXX? Lastly and additionally predatory, is that because of this promotion on {$390.00}, Barclays will not allow me to enter a program to address the 29.99 % interest on {$7000.00} balance. They are essentially tying me into this rate and payments for 6 more months. There is no way out. That is not a promotion and I spoke to 7 different representatives yesterday who all claimed there was nothing they could do. This is unacceptable. I am asking for the promotion to either be removed from my account, or for the opportunity to pay off the promotional balance of {$390.00} so as to not accrue any interest, which is how a true promotion is supposed to operate. I look forward to a response.

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