Consumer complaint received 2023-09-25
Company: JPMORGAN CHASE & CO.
State: TX
Product: Credit 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:
I got an offer through email for a fixed fee " mychaseloan '' against my Chase reserve credit card in in XXXX / XX/XX/2023. 

We thought it was a great idea since we wanted to do some home projects. I took out 2 separate my chase loans ( In XXXX {$4500.00}, XXXX {$13000.00} ). Read all the terms and conditions, and understood if I made the interest saving balance, it would cover my loan plus new charges and I wouldn't get charged interest for continuing to use my card. Looked at my home screen on the app and APR said 28.94 on the chase app, and also on my statement. 

So I did make the mistake of making my first payment before my loan closed, called chase, and they explained on the first call in XXXX to me since I didn't have a statement balance yet it went towards the mychaseloan.I was told don't worry and as long as next month make sure you only pay interest saving balance, which INCLUDES monthly loan payment, and this will not happen again. So my statement now says interest saving loan balance is XXXX where it shows the payments is a colored section and breaks down these numbers.

So I make sure to only pay my interest saving balance. 

Same thing happens again, it applies to my chase loan only, and not my statement at all. So now my statement balance is ballooning, i call chase again. Talk to a supervisor again, they go through it with me and says to check XXXX & XXXX ( I did ) and I have to write an appeal to a fax number, so I sent a letter explaining there is a mistake with how my payments are being applied. 

Get denied again, and at this point I am freaking out because my statement balance now reads over XXXX, even though I put another XXXX payment ( loan amount plus XXXX, XXXX, XXXX charges ) I call again and finally when I'm talking to another supervisor - they see in tiny print AFTER all my apr and statement amounts it says there's a 4.99 promo APR rate. That was automatically applied ( chase rep 's words ). I was NEVER aware of this promotional APR rate, and through the multiple times I called chase, none of their reps ever told me it was on there. It was applied XXXX XXXX. My issue is I did not know this promo was on my card since I did not sign up for it, nor did I see it when logging onto the home page of the app. the app said my APR was 28.74 Cahse has said legally they had apply the payments to the highest interest rate, so my payments all went to the mychaseloans and not the balance. I can't find a record in my emails of the 4.99 promos at all. 


So chase refuses to change any of the payments but their statements are extremely misleading. They amounts are separated and printed in color to highlight what should be the statement amount, chase loan amount, and interest saving balance, when in fact none of the payments I made were interest saving. 

This was very deceitful from teh beginning, they should NOT have offered me the " promo at 8.99 % for mychase loan " at ALL, since i was duped into paying off it first. 

I feel extremely mislead and duped and now in a horrible situation

Company response to consumer: Closed with explanation