Consumer complaint received 2019-09-18
Company: SYNCHRONY FINANCIAL
State: CO
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Confusing or misleading advertising about the credit card

Complaint:
On XX/XX/2019 I met with an employee of XXXX XXXX XXXX, XXXX XXXX, who came to my home to diagnose an issue with my furnace and AC. He did a repair and explained the issues after which he advised I get a new furnace and AC or at least a new furnace, soon. He drew up a bid for me and told me that I may be eligible for 60 month 0 % interest and that it was a simple process to find out. I specifically told him I didn't know if I was going to move forward with him, needed to do my due diligence, get other quotes, etc. I also explained that I was mid getting a refi on my townhome and could not jeopardize that. He assured me it was a soft credit check and not a big deal as just in case I decided to go with them I'd know if I was eligible. I provided him with my basic info and he sent it in. The next thing I knew I was on the phone with a Rep from Synchrony. She asked a few questions, then told me I was eligible. In the same call, I was given an account number and told that I'm getting a card in the mail, at which point I told the rep at Synchrony that I didn ' ask for that, only wanted to see if I was eligible. So, I turned the phone over to XXXX XXXX employee while repeating, I didn't know if I even wanted this, still need to do my due diligence, etc. He assured me, " no problem ''. A couple days later I got an alert from XXXX that there was a change in my credit score due to a hard check on my credit from Synchrony and another $ XXXX line of credit!!! Furtther, this hard check will be on my credit report for 2 years. I filed a dispute with XXXX, called Synchrony to fix it and also called XXXX XXXX. The latest, as of today, XX/XX/2019, is that if I close the card ( which I have yet to activate ) it will effect my credit score even more. Also, please note, the promotional offer flier that Synchrony included with the card they mailed me has a maximum of 24 months 0 % interest, not 60 months, and a major penalty that is rectroactive to the start of the loan if not paid in full in the 24 months, 26.99 pct interest ( retroactive ) and from that point forward, plus other penalties. This entire deal from the start was deceptive and is now putting me at risk of not being able to get my refi during a time when interest rates are lowest ever. This will effect me for the next 30 years and cost me at least {$90000.00} and {$300.00} extra out of pocket per month. Also, please note, I asked the Manager of XXXX XXXX how would the creditor make any money at 0 % interest for 60 months, whereupon he told me that XXXX XXXX pays them. Well, that explained why their bid was nearly 2X all the other bids ( 3 ) that I got, with superior products on top of that. So, they were going to make a major profit over having me go with them on this " 0 % interest for 60 months '' " deal '' - ( more like a rip-off/scam ).

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 non-monetary relief