Consumer complaint received 2025-05-30 00:00:00
Product: Credit card — Store credit card
Issue: Fees or interest — Charged too much interest
Company: SYNCHRONY FINANCIAL
State: VT

Complaint narrative:
I am writing to formally raise a serious concern regarding the interest charges on my account that began on XX/XX/XXXX, of {$2900.00} ( plus monthly interest charges after this XXXX thorugh XX/XX/XXXX ) and the payment application practices on my loan account, particularly into relation to account number ending in xxxx XXXX. 

To be specific, with a minimum monthly payment due of {$200.00} a month, I consistently paid {$600.00} more than required, {$800.00} a month. These payments were made in good faith to accelerate repayment and minimize ANY interest. Despite consistently paying more than the required amount on my first loan you have charged interest that should have never incurred on my account. I took out an {$8900.00} loan in XXXX of XXXX for XXXX  months XXXX {$500.00} a month would have paid that off ( {$9000.00} ) in full, before any charges of interest ever occurred. I had called XXXX  at the end of the year XXXX and talked with a live person to express the allocation of my payments should be first in first out ( XXXX ). I should not have to express how the payments are applied every month. I made it clear, and I had more than enough money to pay down that original loan at this schedule. That should have paid off the current loan early and then pay down the second loan at a significant rate before its due date. 

The fact I do not get paper statements makes it very difficult to see what's going on. What is odd here is that I was getting paper statements through XXXX and some of XXXX and then they stopped! Clearly, I do not want to pay fees much less pay a {$1.00} statement fee. There is always difficult accessing my account online. I only receive an email once a month which is easy to overlook and logging in with passwords on a small cell phone particularly without my glasses is cumbersome and inconvenient. I do not own a printer, making it even harder to manage my account digitally. These barriers are precisely why I have opted out to receive paper statements and have been making payments of {$500.00} to {$800.00}, which far exceeds the minimum and will pay off my loan well ahead of schedule. Why would anyone in their right mind pay down a loan at this rate to avoid fees and extra charges, only to discover they have been charged an exorbitant amount of interest anyway?? This feels deeply unfair and misleading. 

There are a XXXX reasons that make it difficult to see the account online. I explained in detail, I'm sure you're aware and you prey off individuals like me to be able to charge astronomical interest rates to make money. 

To complicate matters, with your accounting processes, I took out a second loan that overlaps the first. I just explained I continued paying more than what was owed to remain ahead of the first loan. Again, using the XXXX approach, which is what any bank should do, is to apply to the highest amount to the principal of loan ( when I was in the promotional period ) - directing my excess payments towards satisfying the older loan first. However, the payments were not applied correctly, resulting in inappropriate and excessive interest accumulation! 

What is even more concerning is the lack of accountability from your side. I have made several phone calls that ended in no resolution and complete frustration, as a consumer on my part. Rather than acknowledging or investigating the misapplication of my payments, I have now been instructed to submit a written complaint to XXXX Headquarters. This places the burden on me to resolve an issue that was created by the banks own improper handling of my loan payments. 

I am requesting the following : A full explanation of how the interest has been calculated on both loans ; A detailed breakdown of how my payments had been applied. Much to my dismay, they were not applied to the principal as I had requested ; A thorough review of whether excess payments were applied correctly in line with the XXXX principles. 

A correction and REFUND of all interest charged to my account in error from XX/XX/XXXX through XXXX of XXXX ( and going forward due to this mess ) ; A full explanation as to why I was forced to escalate this matter on my own terms via a letter instead of receiving resolution at a service level I should have been able to get over the phone.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation