Consumer complaint received 2019-01-14
Company: CITIBANK, N.A.
State: TX
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Confusing or misleading advertising about the credit card

Complaint:
I purchased a freezer from sears on XX/XX/XXXX for XXXX with a 0 % interest payments for 3 years. 
I setup the account and set it up to use the make the minimum payment to pay off the account. 

Every month i was sent an email with the amount paid and left. 
amount bill date payment due date {$690.00} XX/XX/XXXX first bill {$6.00} XX/XX/XXXX {$600.00} XX/XX/XXXX 1 year bill {$6.00} XX/XX/XXXX {$530.00} XX/XX/XXXX 2 year bill {$5.00} XX/XX/XXXX {$480.00} XX/XX/XXXX last normal bill {$4.00} XX/XX/XXXX on the last month of the 3 year term instead of the minimum payment required being the lump sum left on the account, it charged me an additional {$710.00} in interest. 

None of the automated statement emails contained any mention that the remaining lump sum was not going to be auto paid as I expected with a balloon loan. Nor did the email contain any mention of an accrued {$710.00} in interest. Nor did they mention the end of the promotional term. Nor did they mention that an additional interest charge had been applied. 

After several years of watching the auto payments I got complacent and stupidly trusted that their software would just handle making the necessary payments to payoff this purchase. 

All of my credit cards are set to auto pay of the entire balance every month.

This sears  ( citibank ) card is the only one that was setup to pay off the minimum amount. 
I only did it to take advantage of the 0 % interest for the purchase. 

After I spoke with several people at citibank, I was told there was nothing they could do about it. They would have helped me if it was within a month of the scam ( my words ) deploying on me. but not a year later. 

Its now XX/XX/XXXX and I am doing my annual review of the statements and I just realized what happened. 

I owe {$1000.00} on this card Since stepping willingly into this trap I have paid {$210.00} in first 3 years. 
{$400.00} in last year And I just paid had to pay {$1000.00} additionally to extricate myself from this outrageous scam. 

so in order to benefit from a 0 % interest payment plan I paid a total of {$1600.00} for a {$690.00} freezer from sears. 

In summary : These 0 % plans are an intentional trap laid to snare the unwary to garner huge interest payments. 
their auto pay feature online is deceptive. 
It does not make clear that the minimum payment will not charge the remaining balance at the end of the term ( balloon payment ) It does not auto calculate the amount necessary to pay off the balance in the time window necessary to avoid the outrageous " accrued interest '' The email statements do not include any mention of the terms of the 0 % interest plan : No time remaining on the 0 % window No mention of accrued interest No mention of last month Nothing. Same as every other statement. 
You have to login to their app to see that. 
Unfortunately, I can't even see that now because they don't even allow me to see it after a year.

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