Consumer complaint received 2024-09-27 00:00:00
Product: Credit card — Store credit card
Issue: Fees or interest — Unexpected increase in interest rate
Company: SYNCHRONY FINANCIAL
State: FL

Complaint narrative:
Dear Sir and Madam, I hope this message finds you well. I am writing to formally lodge a complaint regarding the charges on my Carecredit account with Synchrony Bank ( Account XXXX : XXXX ). 
In XX/XX/XXXX, I underwent emergency dental treatment totaling {$1200.00}, during which the dental clinic staff recommended me to open a carecredit which can make minimum payments until the balance was paid off. Until today, I was unaware that this was actually a promotional arrangement that was only valid for one year. At no point was I made aware of the terms or expiration of this promotion, which I believe is a significant oversight in customer communication. 
Despite making consistent payments for over a year, on XX/XX/XXXX, I was shocked to discover that my outstanding balance is currently {$1000.00}. Upon reviewing my account, I noticed significant interest charges of a total {$370.00} ( including {$330.00} in XXXX, {$23.00} in XXXX, and {$23.00} in XXXX ), which have dramatically inflated my balance. After reviewing my payments from the very beginning and deducting them from the initial balance of {$1200.00}, I had fully paid off the principal balance of {$650.00}. I should have a XXXX balance if all the interests are waived. 
At XXXX PM, I called customer service at XXXX to clarify the situation and inquire why I had accrued such interest charges. I was informed that to avoid interest, the full amount needed to be paid within a yeara fact I was never informed of. During my conversation, I explained my situation and requested a waiver of the interest, as I believe this charge is unfair. After speaking with two customer representatives, both of whom denied my request by reading from prepared scripts, I was transferred to a senior account manager named XXXX. Despite my explanation, she also refused to waive the interest charges. 
When I asked why the bank does not send reminders or warnings when a promotional period is nearing expiration, XXXX informed me that no reminders or waivers are sent and that all details are printed on the monthly statement. Since I had autopay set up, XXXX XXXX reviewed the fine print on the statements. Its clear that many customers, like myself, would miss such details if not explicitly reminded, and the lack of a reminder seems to take advantage of this. XXXX said there are many similar situations like this happening, and the bank still does not send such notifications, leaving it up to the customer to uncover these terms buried in monthly statements, even though many people do not actively review them. I spent a total of 1 hour and 34 minutes on the phone without resolution.

I believe Synchrony Bank understands that many customers do not closely read the fine print in their statements. They even suggested returning to the dental clinic for clarification, despite knowing that the clinics staff may no longer be employed there, and that the salespeople may not have had the time or opportunity to explain every detail of the promotion. It is apparent that many other customers have likely encountered the same issue, yet Synchrony Bank has chosen not to send any form of reminder, purposely exploiting this situation. I believe this practice is predatory and unethical, particularly given that many patients are in urgent need of treatment and may not be in a position to carefully scrutinize the terms of their financing. This feels like a deliberate attempt to enrich the bank at the expense of vulnerable patients, and I consider it to be fraudulent.

Given the circumstances, I request that the total interest charged be waived. The excessive interest Ive been chargednow amounting to about one-third of what I originally financed at a rate of over 30 % is not only unreasonable but was avoidable had proper communication been in place. Synchrony Banks failure to send a warning or reminder before charging such high interest rates is unfair, and I should not be penalized for this lack of transparency. 
Thank you for your attention to this matter. I look forward to your prompt response and resolution. 
Sincerely, 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 monetary relief