Consumer complaint received 2026-05-28 00:00:00
Product: Credit card — Store credit card
Issue: Fees or interest — Unexpected increase in interest rate
Company: CITIBANK, N.A.
State: TX

Complaint narrative:
Complaint Against Home Depot Regarding Misleading Zero Interest Financing Representation To : Consumer Financial Protection Bureau, United States I am filing this complaint regarding a purchase I made from Home Depot on or about XX/XX/XXXX. At the time of purchase, I bought certain equipment from Home Depot. The salesperson informed me that I did not need to pay the full amount immediately because the company was offering zero interest financing for 12 months for purchases up to approximately {$12000.00}. Based on this representation, I agreed to purchase the equipment under the financing arrangement. However, I was not clearly informed that this was not a true zero-interest loan, but rather a deferred-interest arrangement. I was never properly told by the salesperson that if the full balance was not paid within 12 months, interest would be charged retroactively from the original purchase date at a very high rate of around XXXX %, compounded daily or otherwise accruing from the beginning. I later came to understand that interest was accruing every day, and that it would only be waived if the full balance was paid within the promotional period. If any balance remained after XXXX months, a large amount of accumulated interest would suddenly be added to my account. In my view, this was misleading. The offer was presented to me as a zero-interest loan, but the true terms were significantly different and financially risky. Had I been clearly informed that interest would accrue from the first day and be charged retroactively if the balance was not paid in full within 12 months, I would have made a different decision or arranged payment differently. Further, the monthly account statements did not clearly advise me of the exact amount I needed to pay each month in order to fully pay off the balance within the 12-month promotional period and preserve the zero-interest benefit. Instead, the statements showed a minimum payment amount, which was much lower than the amount required to pay off the full promotional balance within 12 months. A normal consumer may reasonably assume that the minimum payment shown on the statement is the amount required under the contract to keep the promised benefit of no interest. However, paying only the minimum amount would not complete payment within 12 months and would result in a large retroactive interest charge. Although the statement may have shown how long repayment would take under minimum or other notional payments, it did not clearly and prominently tell me the exact monthly amount required to avoid losing the zero-interest benefit. I also did not receive any clear warning notice in or around XX/XX/XXXX advising me that the promotional period was about to expire and that a large deferred-interest charge of {$4000.00} would be imposed unless the full balance was paid immediately. My circumstances also made the matter more difficult. I changed my residential address and stayed at my sons house from around XX/XX/XXXX for a few days. Thereafter, I travelled to XXXX and returned in XX/XX/XXXX. Only after returning did I discover that a heavy interest charge had been added to my account. I was shocked because I had never been properly guided by the salesperson or by Home Depots account statements regarding the true nature of this financing arrangement and the exact payment needed to avoid the interest charge. I believe the financing was marketed and explained to me in a misleading manner. The main attraction for me in buying the equipment was the promise of zero interest. However, the company did not clearly explain the deferred-interest trap, did not provide clear monthly payoff guidance, and did not give me a sufficient warning before imposing the large interest charge. In addition, after the deferred interest was added in or around XX/XX/XXXX, the company continued charging me interest at approximately XXXX %, with daily compounding. I became aware of this only after I contacted the company and disputed the way my balance was being calculated. I am ready and willing to fully pay off the remaining principal balance of the loan. However, I request that the company first waive the sudden deferred-interest charge imposed in XX/XX/XXXX, because I believe that charge resulted from misleading sales and billing practices. I also request that the company remove any additional compounding interest that was charged on top of that disputed and unjustified deferred-interest amount. I am a retired XXXX senior citizen and a XXXX XXXX facing financial issues. I respectfully request that the CFPB investigate this matter and require Home Depot and/or its financing partner to : Reverse or waive the deferred interest charged to my account ; Recalculate my account as if I had been properly placed on a genuine zero-interest repayment plan ; Correct any negative credit reporting, if any, connected with this disputed interest charge ; Provide a clear written explanation of the financing terms that were disclosed to me at the time of purchase ; Review whether its sales and billing practices mislead consumers by advertising zero interest while imposing retroactive deferred interest. I request fair relief because I relied on the salespersons representation and the companys presentation of the offer as zero-interest financing. I was not clearly informed of the true consequences of not paying the entire balance within 12 months, and I was not clearly advised of the exact payment needed each month to avoid the large interest charge. Sincerely, Name : XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Home Depot Account / Credit Account Number : [ Last XXXX digits : XXXX Date of Purchase : XX/XX/XXXX Amount Financed : {$12000.00} Back Interest Charged in XX/XX/XXXX : Approximately {$4000.00}

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