Consumer complaint received 2015-10-02
Product: Credit card — 
Issue: Late fee — 
Company: SYNCHRONY FINANCIAL (LA)

On XXXX/XXXX/2015, I charged {$99.00} at Lowes because I get a 5 % discount for using my credit card ( and I rarely buy anything at Lowes ). On XXXX/XXXX/2015, I sent a payment of {$25.00} as payment on the {$99.00}. My bank pays my bills on the XXXX or XXXX of the month unless those days fall on Saturday or Sunday, if so, then the bills are paid the following Monday. I got a statement on XXXX/XXXX/2015 showing a late fee of {$25.00} because I paid my bill early. I called Lowes and they told me that I must pay my payment by my statement closing date, which was XXXX/XXXX/15. They say I can not pay early and if I do, I will incur the late charge. I owed Lowes nothing up until the charge on XXXX/XXXX/2015, so how do I know the interval that I should pay my payment since I had not been receiving a statement? This is unfair to the seniors, like myself, whose bank pays their bills and mine are set up like many others, to pay on or near the XXXX of the month. This unfair practice is costing people many, many dollars and is unfair and unethical. If I pay a payment during the 30 day period following a charge, I should not be charged a late fee, regardless of when Lowes thinks I should pay my payment. Why would any agency allow this practice to continue. Do you have any idea of how many people will just pay the late fee because they think that undoubtedly, their payment reached Lowes too late? I can tell you that there are thousands that this happens to. How many more companies are allowed to do this? Why? As I said, if a bill is paid within 30 days after the purchase, there should be no way that a late penalty is assessed. Below is my case in point. 
Charged XXXX/XXXX/15 XXXX XXXX/XXXX/15 XXXX ( Lowes received payment on XXXX/XXXX/15 ) Charge Late fee XXXX My statement closing date was XXXX/XXXX/15 so I did n't pay my bill on time even though that is the same day that I made the purchase! 
Paid XXXX/XXXX/15 XXXX Although I do not have a new statement after this date, I was informed that I would incur another {$25.00} late fee, however they have retracted that since I called. Now they have removed the first {$25.00} late fee, but suppose I refuse that late fee payment, and I am reported to the credit bureau even though this is unfair of any company to penalize a consumer because they pay their bill early. It would affect my credit score. I am so curious to know how many people just go on and pay the late fees because they do not know, as I did not know, my statement closing date? Had I charged on XXXX/XXXX/15, and then made a payment on XXXX/XXXX/15, ( XXXX day prior to my statement closing date ) I would not have to pay the late fee. IS THAT RIDICULOUS? Why does any agency allow such a practice? There is no fairness or protection for the consumer against companies that do this kind of thing. If I am the first consumer to bring this to the agency 's attention, then people are just paying the fees and helping companies like LOwes make their millions at the expense of the consumer. I will be filing a claim with the XXXX in my area also as I want everyone to understand this practice, and the XXXX can help with that. Is there anyone else, besides the newspaper, that can help me get the word out to people about this? I am XXXX years old, have a credit score over XXXX, and have used credit for many, many years. I will be happy to give you my information so that you can verify my credit score. But, my point is, I have not run across companies that are allowed to do this. I am sending Lowes a check today in the amount of XXXX and I will close my account so that I do not fall into this trap again, because as I said, I rarely use my Lowes card and would not remember my " statement closing date '' several months from now should I charge there again. I want people to know about this and I am relying on a government agency to help me educate them.