Consumer complaint received 2025-05-17 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Problem with fees
Company: SYNCHRONY FINANCIAL
State: FL

Complaint narrative:
Consumer Financial Protection Bureau XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXXXXXX RE : CFPB Case No. XXXX Synchrony Bank XXXX CareCredit Account XXXX XXXX XXXX Dear CFPB Representative, I am writing in response to the letter issued by Synchrony Bank XXXX XX/XX/year>, regarding the above-referenced case. I appreciate the opportunity to have my concerns addressed through your office, but I must express my strong disagreement with the conclusions drawn by Synchrony, and I am formally requesting a deeper investigation into this matter. 

Summary of the Issue Contrary to Synchronys claim that all reporting and balances are accurate, there are significant concerns regarding the way deferred interest has been handled and reported on my CareCredit account, as well as how communications and disclosures were managed throughout the promotional periods. 

Key Points of Dispute Deferred Interest Charges Misapplied and Disproportionate Synchrony claims I failed to pay off a promotional balance by the XX/XX/year> deadline, resulting in {$5500.00} in retroactive interest. 

Based on my own records, I made consistent and substantial payments during the promotional period with the intent and understanding that the balance would be satisfied within the timeframe. 

There appears to be a discrepancy between what was paid and how interest was calculatedparticularly regarding how payments were allocated toward promotional vs. standard balances. 

Insufficient and Unclear Disclosures Although Synchrony alleges that billing statements disclosed the pending deferred interest, these notices were neither prominent nor adequately explained. 

The practice of deferring interest while applying payments to non-promotional balances firstwithout clearly informing the consumeris deceptive and potentially predatory, especially when it results in a surprise balance increase of over {$5000.00}. 

Unfair or Abusive Practices ( UDAAP ) I believe Synchrony 's actions constitute Unfair, Deceptive, or Abusive Acts or Practices ( UDAAP ) under the Dodd-Frank Act ( 12 U.S.C. 5531 ).

The account structure, payment application, and back-loaded interest model misleads consumers and results in significant, avoidable debt.

Potential Violations of TILA and Reg Z Synchrony 's disclosures may fall short of compliance with the Truth in Lending Act ( TILA ) and Regulation Z, particularly in the areas of : - Accurate amortization representation - Payment allocation explanations- Proper disclosure of the consequences of not paying promotional balances in full - Credit Reporting Concerns ( FCRA ) Synchronys assertion that the information was reported accurately to the credit bureaus is premature. The underlying balance itself is in dispute. If the foundation of the reported data is invalid, then the credit reporting may violate the Fair Credit Reporting Act ( 15 U.S.C. 1681s-2 ( b ) ).

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