Consumer complaint received 2020-12-17
Company: CITIBANK, N.A.
State: SC
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Fees or interest
Sub-issue: Charged too much interest

Complaint:
I am a XXXX XXXX XXXX working in XXXX, XXXX XXXX and submitting a complaint against my Home Depot Credit Services. In XX/XX/XXXX I purchased a home ( built in XXXX ) and I went to Home Depot ( HD ) to look at purchasing an XXXX unit. The HD Sales person that I worked with said I should get an HD Consumer Card which will allow me to defer the payments for 12-months. Because I had already spent $ XXXX making repairs I applied for the card and was approved for a {$12000.00} limit, the cost of the new XXXX  unit. 
opened the card. 

At the end of the 12-month promotion I had paid a total of {$3100.00} of the {$12000.00} and XXXX added {$3200.00} in interest charges to my account. I called and spoke to an HD Customer Service Rep and ask why is this so high? The Rep said if I pay her at that moment {$8800.00} HD would remove the interest. I advised her that I could pay now, but I need to hold onto my cash because I had just received a 60-day Termination notice by my employer due to COVID-19 and the King had shut down all Domestic and International Travel entering and leaving XXXX XXXX l. The HD Rep said I could place the account into the HD COVID-19 plan to halt payments for 2-3 months, which I did. At the end of the 3-months ( XX/XX/XXXX ) I owed {$12000.00} on a {$12000.00} Credit Card. I called HD again and asked if they would extend the promotional date due to COVID-19 and allow me to pay the balance without interest, but was told no. The Rep placed my Card back into the COVID-19 program to halt payments, but since that time I paid {$2400.00} in payments. I was allowed to return to work in XX/XX/XXXX but advised in XX/XX/XXXX that the US Military Ground Support Program will be terminated XXXX XX/XX/XXXX. 

On XXXX XX/XX/XXXX Citibank ( Owners of HD Card ) called and said my account was overdue and I owe {$790.00}, so I logged into my account and noticed my new account balance is {$12000.00}. Therefore, I called HD and asked again if they will extend the promotional date due to COVID-19 and allow me pay off the Card without the interest. I was told no, but can pay the full {$12000.00}. The Rep again placed my account into the COVID-19 program and on XXXX XX/XX/XXXX I made a payment of {$340.00}. 

As of XXXX XX/XX/XXXX ( 20-months ) I have paid HD {$5500.00} on a {$12000.00} Credit Card and HD has charged me {$5400.00} in Interest, that's 98 % of payments made and the XX/XX/XXXX statement states if I make minimum payments I can pay my Card in full in 26-YEARS or if I pay HD {$490.00} per month I can pay my Card in full in 3 years and save {$18000.00} on a {$12000.00} Card. 

This is unfair business practices and HD should not allowed to continue such practices which is why I took it to Social Media. I ask that you please contact HD regarding my issues and reach a mutual agreement for me to pay this Card in full, but not the {$12000.00} they are asking because I have already paid {$5500.00} on this {$12000.00} Card. Thanks and XXXX Bless our XXXX XXXX. 

XXXX, XXXX XXXX ( XXXX )

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