Consumer complaint received 2024-06-13
Product: Credit card — General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers — Didn't receive advertised or promotional terms
Company: PNC Bank N.A. (PA)

I am writing to formally lodge a complaint against PNC Bank regarding deceptive credit card terms and unfair treatment. My issue concerns a credit card that I received from PNC Bank, which was advertised and documented in the accompanying terms as having a 0 % interest rate for the first 9 months. Unfortunately, this promise was not honored, resulting in significant financial and reputational harm to me. 

Here are the details of my complaint : Misleading Terms : Upon receipt of the PNC credit card, the terms enclosed in the envelope explicitly stated that the card would carry a 0 % interest rate for the first 9 months. 
Based on this information, I made a purchase of {$20000.00} with the expectation that I would have 9 months to pay off the balance without incurring any interest. 

Unexpected Interest Charges : When I received my first bill, I was shocked to find that I had been charged an interest rate of over 17 % on my {$20000.00} purchase. 
I promptly contacted PNC Bank to rectify this issue, explaining that the terms provided with the card clearly indicated a 0 % introductory interest rate. 

Inadequate Response and Prolonged Resolution : During my initial call with PNC Bank, I was informed that there was no 0 % introductory period for my card, contrary to the documented terms I had received. 
On XX/XX/year> I subsequently sent PNC Bank a copy of the terms that were included with the credit card, which clearly outlined the 0 % interest for the first 9 months. 
Despite my efforts, PNC Bank has been unresponsive and has failed to provide a timely resolution. It has been almost a month since I provided the documentation, and I am repeatedly told that " these things take time '' without any further action or proposed resolution. 

Negative Impact on Credit Profile and Banking Relationship : In the interim, PNC Bank has revoked my credit card and reported adverse information to my credit profile, which has negatively impacted my credit score.

This action is particularly distressing as I have multiple accounts with PNC Bank, including personal and business accounts, and two other credit cards that are all in good standing and paid on time.

I have expressed my willingness to pay off the card immediately and close the account if the 0 % interest rate for 9 months can not be honored. However, I have yet to receive any communication or resolution from PNC Bank. 
The deceptive advertising, failure to honor documented terms, and subsequent mishandling of my complaint by PNC Bank have caused undue stress and financial harm. I believe this matter warrants immediate investigation and resolution by the Consumer Financial Protection Bureau. 

I request that the CFPB intervene to ensure that PNC Bank : Honors the 0 % interest rate for the first 9 months as originally documented.

Corrects any negative information reported to my credit profile as a result of this issue. 
Provides a timely and satisfactory resolution to this complaint. 

Thank you for your attention to this matter. Please do not hesitate to contact me if you require any additional information or documentation. 

I look forward to your assistance in resolving this issue promptly.