Consumer complaint received 2017-09-08
Company: Bread Financial Holdings, Inc.
State: NY
Product: Credit card or prepaid card
Sub-product: Store credit card
Issue: Fees or interest
Sub-issue: Unexpected increase in interest rate

Complaint:
I purchased a couch at XXXX XXXX back at the end of XX/XX/XXXX for a new office I was furnishing. I found some nicely priced sofas at a local XXXX XXXX. I shopped for the product I wanted and the time of purchase I was offered a XXXX XXXX credit card. I was approved, and used the credit to help fund the purchase of the couch. I was n't explained anything regarding special promotional rates or guidelines by the sales employee who sold me the couch. 

Fast forward seven months, the company is now claiming they had a 6 month promotional rate on the couch for 0 % interest, and that it was made aware to me on my most recent statements that the promo period was ending. Apparently, if I did n't pay the couch off in the 6 months I was going to owe all the interest for the first 6 months ( {$69.00} ), and then whatever else accrues on any remaining open balance I had on the card. 

They charged me {$69.00} on XX/XX/XXXX, and on the XX/XX/XXXX with no warning or clear explanation. After I applied for the card at the store, I waited for the card and statements in the mail for what felt like over 60 days. I grew suspicious due to the long wait and getting nothing in the mail. I decided to call customer service and ask the customer rep. to check our address on file and see if they can send us a card finally. They reissued the card, and despite the error on their part, they would not refund me more then {$15.00} of 1 fee. The total amount I was charged for both fees was {$64.00}, and it was there error because I had not received my statements. 

When I tried to speak to them on the phone when I discovered the had charge my account the finance fee that I disagreed with they said it was to late to change anything. 

I asked them if they had receive my scheduled payment that I placed online for {$100.00} for XX/XX/XXXX but she said nothing was scheduled in the system and I was to receive a late fee for this as well. I was  shocked because even the rep verified she could see the logins on my account on the dates prior to  the bill due date, but did not show any record of the scheduled payment I attempted to submit through their online portal. I tried to explain that their systems must have had an error because I even had it jotted down that I scheduled a {$100.00} payment on my upcoming bill excel sheet. 

With so many problems, I just had it, so I asked to speak to a supervisor who also was unable to help me. I offered to make the immediate payment in full that would have been due back on XX/XX/XXXX to  have received no interest payments. They said it was too late and would n't accept my explanations to reverse the outcome of the interest or fees. I tried explaining that the web portal does not show that the promotional period was ending without clicking into the statement. You have to view the statement in order to view the message. And like so many, I did n't view the details of the statements when logged in. I would just setup payments, and then log off.

Company response to consumer: Closed with monetary relief