Consumer complaint received 2024-11-23 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Unexpected increase in interest rate
Company: CITIBANK, N.A.
State: TX

Complaint narrative:
Subject : Formal Complaint Regarding Unjust Charges and Credit Card Mismanagement by Best Buy and Citibank Dear CFPB Team, I am writing to formally file a complaint against Best Buy and Citibank regarding unfair credit card charges and the negative impact on my credit score resulting from their actions. 

Background : 1. In XXXX I purchased a television from Best Buy over the phone. During the transaction, the Best Buy representative offered me a store credit card with a limit exceeding {$4000.00}, which was managed by Citibank. I agreed to this and provided my necessary information. 
2. I explicitly requested that the full cost of the television, approximately {$1200.00}, be charged to the credit card immediately upon purchase. Instead, they processed only the minimum monthly payment, without informing me or obtaining my consent for this arrangement. 
3. At no point during the transaction or afterward did I receive any documentation from Best Buy or Citibank detailing the terms of the credit card, including interest rates, grace periods, or repayment policies. 

Discovery of the Issue : Over two years later, I discovered that Citibank was still charging me monthly payments, despite my understanding that I had already paid off the original {$1200.00} charge. When I contacted Citibank to investigate : They informed me that I had exceeded the promotional period for interest-free payments and was being charged retroactive interest. 
I explained that I had requested the {$1200.00} charge to be paid in full at the time of purchase and suggested they review the call records to confirm my statement. However, they claimed that the call records were no longer available. 
To make matters worse, after the issue arose, Citibank sent me a backlog of invoices and statements covering the previous two years. These documents were never sent to me during the original period, depriving me of any opportunity to notice or address the problem earlier. 

My Attempts to Resolve the Issue : 1. I offered to settle the matter by paying an additional {$200.00} as a goodwill gesture, but Citibank refused. 
2. They subsequently closed my credit card account, reported me to the credit bureaus as a delinquent account, and significantly damaged my credit score. This has negatively impacted my employment opportunities. 
3. Afterward, third-party collection agencies began contacting me for payment, suggesting that Citibank sold the debt without resolving the dispute. 

My Request : I firmly believe I have been treated unfairly and subjected to predatory lending practices. The lack of transparency regarding the credit card terms, refusal to investigate the original phone call, and unjust reporting to credit bureaus have caused significant financial and professional harm. 

I respectfully request CFPBs assistance in : 1. Investigating this matter thoroughly.

2. Holding Best Buy and Citibank accountable for their actions.

3. Rectifying the damage to my credit score and ensuring that this debt is resolved fairly. 

Thank you for your time and attention. I look forward to your assistance in resolving this issue.

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