Consumer complaint received 2017-09-11
Company: PNC Bank N.A.
State: OH
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:
In stopping by PNC branch a few weeks ago to drop off a check, the person asked if we 'd like to obtain a lower rate on our credit cards. She said there were 0 % rates ( for intro periods ) for new accounts but also lower rates than we currently had which was 16.99 %. I did not have time to pursue this option at the time, but on XXXX/XXXX/2017, I called the number on the back of the credit card to learn more about lowering the rate or to go with another credit card lender who is offering 7.9 % variable rate with 12 months 0 % intro. The lady said she could not just lower the rate on a credit card account ( which has been done for me in the past when I 've called ). She said she could open a new card if I wanted to apply and get me another credit card, which I said I would rather just have my rate lowered because I do n't need a second card. After being transferred to three people over the span of 20 minutes, I finally was put through to a " manager '' who stated that " there are no other lower rates available '', which is a direct UDAAP violation because other people have lower rates than I do at PNC and how could she make a credit decision/pricing decision without doing any due diligence. She said she asked a co-worker who told her that all credit card rates are reviewed quarterly and if lower rates are available, PNC will automatically lower consumer 's rates. I find this hard to believe that PNC review 's rates every quarter and will lower existing credit card rates for all consumers and do not believe this is being done as I was led to believe. In the end, I was on the phone for over 20 minutes, spoke to 3 different people, was told lower rates ( 16.99 % ) are not available, told that PNC automatically reviews all credit card accounts quarterly and will give lower rates if people qualify ( which I believe is a lie ) and also refused to lower the rate on my existing account. I have worked with many banks in the past and I have always been able to negotiate a lower rate. In certain circumstances, I 've been told no and that is ok. But to directly lie to me and say no lower rates exist for PNC credit cards other than 16.99 % is a lie and to lead me to believe that quarterly PNC reviews everybody for lower rates, I believe is also a lie. I believe that someone needs to hold PNC accountable for pretending that they can not lower the rate on an existing credit card because 16.99 % is the lowest rate they offer and also to try and defer my concern by pretending that all cards are reviewed for better rates 4 times a year! My FICO score is over XXXX and my DR is well under any income threshold. This is a case where PNC is simply trying to lie to consumer 's to protect its own bottom dollar. Funny, the nice lady in the branch was advertising products that the credit card telephone persons do not know about?

Company response to consumer: Closed with explanation