Consumer complaint received 2020-07-10
Company: SYNCHRONY FINANCIAL
State: SD
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
I charged an amount to my Lowe 's Synchrony Bank Credit Card account. I thought I requested the promotional program for charges greater than {$290.00} however, instead the store applied 5 % off my purchase price, which is another promotion. 

My complaint is about how the bank communicates interest charge information for the current balance on the statement. When I was reading the statement to make sure I was on the promotional program, I could not tell if I was or not. To resolve this I called the Customer Service line, the agent was not able to see the statement I could see, which I believe in itself is an issue. Agents should be able to see exactly what their customer is looking at, not a system version with field information ... how can they help us if they can't access what we see and rely on to make our payments? 

Typically I would see a separate line in the Interest Charge Calculation box for the promotional balance and the regular rate line which would show the Balance Subject to Interest as XXXX. The statement was very confusing because it did not show a promotional balance line, however it did show the balance subject to the interest rate as XXXX  in the regular purchases line. I had a previous balance of XXXX, so if the box was trying to tell me I did not have interest added because I previously did not have a balance, that makes sense ... but what about my new balance? 

I was able to verify with the customer service agent that if I did not pay the current statement balance in full by the due date that I would receive a interest rate charge at 26.99 % and I was not on a promo program. 

In addition, the Important Account Information section of the statement directly underneath the Interest Charge Calculation added to the confusion in my quest to determine if I was on a promo or not : You may be offered one of the following promotions when you make a qualifying Lowes credit card purchase : No Interest if Paid in Full within 6, 12, 18 or 24 months. Under each promotion, no interest will be assessed on the purchase if you pay the promotional purchase in full within the applicable promo period. If you do not, interest will be imposed on the purchase from the date of purchase at a rate of 26.99 %. Minimum monthly payments required. Some or all of the minimum payment based on the promotional balance may be applied to other account balances. Offers subject to credit approval. Offers not available at all times for all purchases. Offer dates and other terms will be disclosed in promotional advertising. Regular account terms apply to non-promo purchases and, after promotion ends, to promo purchases. Can not be combined with other credit related promotional offers. 
Starting on XX/XX/2019, the 84 fixed monthly payments with reduced APR financing will continue to be an option on in-store and online purchases of {$2000.00} or more made on your Lowe 's XXXX XXXX. However, the 36 and 60 fixed monthly payments option will only be available on installed sales for exterior projects. Please see a store associate, the in-store Lowe 's Credit Card Disclosure Document or XXXX for special financing options. If your account has a deferred interest promotion and you would like us to apply a payment on your account in a different way, please call Customer Service to discuss other options that may be available. 

I MAY be on a promo plan? How is that helpful ... shouldn't the bank know if I am on a promo plan? Synchrony Bank needs to make their statement more clear about the amount subject to interest charge for the balance on the current statement.

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