Consumer complaint received 2016-02-15
Company: Paypal Holdings, Inc
State: WI
Product: Credit card
Issue: Payoff process

Complaint:
PayPal Credit ( formerly known as Bill Me Later ) says they have statement dates that run from the XXXX of the month through the XXXX of the following month. They also stated that interest is calculated on the XXXX of the month and if total payment is received before the XXXX, interest is not added. Interest is only added to the portion remaining on the XXXX. They also have a due date for a minimum amount due on the XXXX of every month. On to my problem ; my latest statement amount for XXXX XXXX, XXXX - XXXX XXXX XXXX had an account total of {$2200.00} due on XXXX/XXXX/XXXX. I made a payment of {$100.00} ( which was equal to or greater than the minimum required payment ) on XXXX/XXXX/XXXX so a late fee was not applied while i was waiting for additional funds and then I made another payment {$2100.00} on XXXX/XXXX/XXXX which is a day before the statement closing date. On the statement closing date. I had a balance of {$0.00} ( refer to the statements they made regarding payment in full before the closing date and that XXXX on {$0.00} is going to equal {$0.00} ). I logged on the XXXX/XXXX/XXXX to make sure that my account showed a balance of {$0.00}. It did not. It showed that an additional {$45.00} was added to my account based on the remainder of my balance on the statement close date of XXXX/XXXX/XXXX. When I contacted the company, and explained this, the started with saying " We see a payment of {$2200.00} was made on the XXXX and actually payment is due on the XXXX. '' I had to correct them that the amount paid on XXXX/XXXX/XXXX was {$2100.00} and that a payment of {$100.00} was made 8 days earlier on the XXXX/XXXX/XXXX which was well before the due date. My complaint is that even though I made a payment by the due date and still paid the full account balance before the close date, I was still charged interest even though they claim interest would not be charged if payment in full is received before the close date. It appears to me, they are processing based on the account balance of the due date and applying it on the close date and not following their own statements. I have paid the additional {$45.00} as I am trying to settle debt that has always been timely. They also refused to explain why I have not actually received paper or electronic statements since XXXX of XXXX. I have not changed mailing or email address. All this problems seemed to occur when their agreement to provide financing for XXXX on XXXX/XXXX/XXXX. This was a newegg preferred acount that was closed when newegg decided to partner with XXXX XXXX starting XXXX/XXXX/XXXX. The notice I received form newegg stated " If you have a balance on your XXXX Preferred Account, you will continue to receive monthly billing statements, and you will be responsible to make at least the minimum payment each month, until your balance is paid in full. '' I stopped receiving my monthly statements after my XXXX XXXX statement. Again, my main complaint is the that I was told verbally by the phone representative that would only supply their first name and no other form of ID number to represent who I was talking to, that interest would not if the full statement balance was paid before the statement CLOSE date, which it was. It just was not paid in full before the DUE date. If their policy is that it is calculated by the due date, I should not have been told that and would have scheduled my payment sooner.

Company response to consumer: Closed with explanation