Consumer complaint received 2025-11-23 00:00:00
Product: Credit card — Store credit card
Issue: Fees or interest — Unexpected increase in interest rate
Company: SYNCHRONY FINANCIAL
State: CA

Complaint narrative:
Issue : My Synchrony Bank account balance increased by more than {$3300.00} in one month without proper disclosure. I was not informed of any deferred-interest requirement or promotional expiration at the time of purchase through Living Spaces ( furniture company that offered line of credit ) and the bank is charging retroactive interest that I never agreed to.

Details : I financed furniture through Living Spaces using a Synchrony Bank credit account. The original amount was about {$5000.00}, and I have been making consistent payments for two years. As of XX/XX/XXXX, my balance was approximately {$2900.00}. 

In XX/XX/XXXX, my balance suddenly jumped to {$6200.00} more than the original purchase amount even though I was consistently making payments. 

When I contacted Synchrony Bank via phone call, they stated that I failed to pay the promotional balance within 24 months and that deferred interest was added retroactively. However, I explained to the representative that : 1. I was never informed by living spaces at the time of purchase that this was a deferred-interest plan.

2. I was not given any written or electronic notice that the promotional period was ending prior, which the representative denied saying I should have been notified in the previous month 's statement ( that would have been XXXX XXXX ). 
3. To my knowledge, no monthly statement or separate letter/notice warned me that the promotional period was about to expire prior. Synchrony claims they notified me, but I never received any such notice. 
4. While i was still on the phone, the call ended abruptly only to receive an email on XX/XX/XXXX saying that a " Pay Later Online Request Application '' I submitted was denied. A reference number was included : XXXX. 
5. I never requested for any pay later request before receiving such notice. This is yet another evidence of Synchrony bank 's fraudulent conduct.

6. Since XX/XX/XXXX, the balance continues to increase with interest rate being charged and is now currently at {$6600.00}. 

This sudden retroactive interest charge is unfair, excessive, and was not properly disclosed, not by Living Spaces nor by Synchrony bank. 
I dispute the validity of these added charges via phone call on XXXX XXXX and have requested proof of how the balance jumped up, but instead i received a denial letter for an application i never requested. 

This situation has placed a not only a financial burden on me, but also a mental strain on myself and my family, which i explained amidst tears to the representative on XX/XX/XXXX phone call. I can not afford the inflated balance, I was very excited to have paid down the balance from about {$5000.00} to a little under {$3000.00}. 

Timeline Summary : - XX/XX/XXXX : Purchased furniture from Living Spaces using a Synchrony Bank credit account. 
- XXXX : Made consistent monthly payments. 
- XX/XX/XXXX : Balance was approximately {$2900.00}. 
- XX/XX/XXXX : Balance suddenly jumped to {$6200.00}. 
XXXX Synchrony Bank claimed retroactive interest was added due to a 24month deferred-interest clause.

- No proper notice of promo expiration was received by the consumer ( Myself )

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