Consumer complaint received 2025-05-22 00:00:00
Product: Credit card — Store credit card
Issue: Fees or interest — Charged too much interest
Company: SYNCHRONY FINANCIAL
State: MI

Complaint narrative:
To Whom It May Concern at the Consumer Financial Protection Bureau, I am filing this complaint against XXXX XXXX and Synchrony Bank due to unexpected and excessive interest charges applied to my Synchrony Credit Card account, which I believe resulted from misleading information about a 12-month interest-free promotional period. Despite my diligent efforts to comply with payment terms and resolve this issue directly with the parties involved, I have been unable to secure a fair resolution. I seek your assistance to address these unfair practices and obtain relief. 

On XX/XX/XXXX, I purchased appliances for my new home from XXXX XXXX, financing the purchase through a Synchrony Credit Card I applied for at the point of sale. The XXXX XXXX representative explicitly informed me that the purchase qualified for a 12-month interest-free promotional period. Based on this assurance, I set up automatic monthly payments of {$1000.00} to reduce the balance within the promotional period, expecting no interest charges until XX/XX/XXXX. I did not closely monitor my account statements, trusting that the interest-free terms would be honored as long as I made consistent payments. 

On XX/XX/XXXX, I reviewed my account and discovered that Synchrony Bank had applied substantial interest charges totaling {$1700.00}, as follows : XX/XX/XXXX : {$1200.00} XX/XX/XXXX : {$140.00} XX/XX/XXXX : {$130.00} XX/XX/XXXX : {$110.00} XX/XX/XXXX : {$92.00} When I contacted Synchrony Bank to inquire about these charges, I was informed that the interest was calculated on the original purchase balance, not the remaining balance, despite my monthly payments significantly reducing the principal. This explanation contradicts my understanding of the 12-month interest-free promotion, which I relied upon when deciding to finance the purchase. The imposition of these charges, totaling {$1700.00}, has significantly increased the cost of my appliances, undermining the value of the promotional offer and causing financial hardship. 

I attempted to resolve this issue directly with Synchrony Bank. I offered to pay the remaining balance in full immediately if the interest charges were waived, given the apparent misunderstanding of the terms. However, synchrony denied my request, stating that they could not waive the interest charges. I believe this response is unreasonable, as the interest-free offer was a key factor in my decision to finance through Synchrony, and the lack of clear communication about how interest would be applied constitutes misleading business practices. 

The unexpected interest charges have caused significant financial strain, and I feel misled by the terms presented at the time of purchase. I respectfully request that the CFPB investigate this matter to determine whether Synchrony Bank engaged in deceptive practices by failing to clearly disclose the conditions of the interest-free promotion. I seek the following remedies : Waiver of the {$1700.00} in interest charges applied to my account.

A refund or credit for any interest already paid, if applicable.

Clear disclosure of the terms for similar promotional offers to prevent other consumers from experiencing similar issues. 

For your reference, my Synchrony Credit Card account was opened on XXXX, XXXX, and the purchase was made at XXXX XXXX. I can provide copies of my account statements, payment history, and any relevant correspondence with XXXX XXXX and Synchrony Bank upon request. Please contact me at phone - XXXX and Email - XXXX for further details or documentation. 

Thank you for your attention to this matter. I trust the CFPB will take appropriate action to protect consumers from such practices and help resolve my complaint. 

Sincerely, XXXX XXXX XXXX XXXX XXXX

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