Consumer complaint received 2024-08-02 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Unexpected increase in interest rate
Company: Bread Financial Holdings, Inc.
State: NJ

Complaint narrative:
I am writing to express my deep dissatisfaction and frustration with the deceptive practices I have encountered with Alphaeon Credit. XXXX years ago, I decided to open a credit card account with Alphaeon Credit to cover the costs of my XXXX  XXXX. The main reason I chose this option was because of their enticing offer of XXXX XXXX interest on monthly installments, as advertised at the time of opening the account. This offer was a significant factor in my decision, as it promised financial relief during a period when I was managing medical expenses. 

To my utter shock and dismay, in XX/XX/year>, I discovered that I had been charged an unexpected {$1000.00} fee, and since then, my account has been accruing monthly interest fees. This was entirely contrary to the initial promise of XXXX interest. I promptly reached out to Alphaeon Credits customer service, expecting this to be a misunderstanding that would be rectified. However, I was informed that the 0 % interest rate was a promotional offer that had expired, and my account was now subject to regular interest rates. 

At no point during the account opening process was I informed that this was a limited-time offer. The terms of the promotion, including its expiration, were not communicated clearly at the outset. The only mention of this critical information was buried in the fine print of the account statementsdetails that are easily overlooked and not typically scrutinized by consumers expecting straightforward agreements. 

This lack of transparency is deeply concerning and feels like a deliberate attempt to obscure crucial information from customers. When I inquired about the possibility of having the {$1000.00} charge refunded, provided I paid off the full balance immediately, I was met with a dismissive response. I was told that a refund was not possible and was instead advised to contact the individual who opened my accountan unhelpful suggestion that further illustrates the companys unwillingness to take responsibility for their misleading practices. 

This experience has left me feeling exploited and deceived. I believe that Alphaeon Credit is engaging in unethical practices by not adequately informing customers of significant terms and changes related to their accounts. This behavior undermines customer trust and reflects poorly on the companys integrity. It is deeply unsettling to think that others might be similarly misled, resulting in financial harm. 

In my opinion, the way Alphaeon Credit has handled this situation borders on fraudulent activity. They have failed to provide transparent, honest communication, opting instead to hide behind complex terms and conditions that are not made clear to customers until it is too late. This lack of accountability and customer care is unacceptable, and I urge the company to review its policies and practices to prevent further harm to its customers. 

I am seeking a resolution to this matter and request that the {$1300.00} charge be refunded, given the misleading information provided at the time of account opening. Additionally, I hope that Alphaeon Credit will take steps to ensure greater transparency and fairness in its dealings with customers moving forward. Thank you for your attention to this serious issue.

Company response to consumer: Closed with explanation