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Report: #1382891

Complaint Review: Synchrony Financial - longwood Florida

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  • Reported By: cezar — long beach California USA
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  • Synchrony Financial 140 wekiva springs road longwood, Florida USA

Synchrony Financial Synchrony Bank Deceptive, unethical / criminal business practices longwood Florida

*Consumer Comment: It is very common for the deferred interest to accrue

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My account with Synchrony was opened for $1,500, because i had major transmission work done and did not have enough credit cards to spread the enormous expense over.


They offered 12 months of interest free payment (30% deferred APR). I was paying down, on the average more than the minimum, on a monthly schedule.


On 4/14/2017 after 12 months and a balance of $786, had expired i was hit with a $459 interest charge. Now my balance went up to $1,245.


I immediately called them and asked why did they do that and they said that it was in their contract, which i never read since i opened this card at AAMCO transmission and all i had to do is sign on a screen to allow for credit background screening.  I never had or had the opportunity to read any contracts.  Also, no one ever discussed or disclosed that the interest will balloon at end of 12 months.


I asked to talk to their supervisor or someone higher up the org-chart and they said i need to call next business day.
I called several times between late April and June.  Each time they put me on very long hold times 1.5hours or longer as i tried to get in touch with their supervisor to explain what is going on.  Last time i called and asked to pay off the original debt and was put on hold again for well over 2hours.  I do not have time to wait on the phone for unreasonable amounts of time as i need to work and have responsibilities.


I called all 5 of my other credit cards and all the banks said that after their deferred APR expires normally the regular annual APR kicks in.  There is NO Ballooned interest with any of the other credit agencies.
I believe this bank is practicing unethically and possibly criminally.  I want to pay off my original debt in one lump sum and be done with it. 

This report was posted on Ripoff Report on 07/03/2017 12:41 PM and is a permanent record located here: https://www.ripoffreport.com/reports/synchrony-financial/longwood-florida-32779/synchrony-financial-synchrony-bank-deceptive-unethical-criminal-business-practices-lon-1382891. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

It is very common for the deferred interest to accrue

AUTHOR: FloridaNative - (USA)

POSTED: Monday, July 03, 2017

What you experienced with Synchrony Bank deferred interest charge is very common in the credit card world. In fact, if you read the terms and conditions of the credit card you will see exactly what happened to you is described right up front. You may not have been able to read those terms at Aamco but you can read them anytime 24/7 on the website for the credit card while you were making payments.

Deferred interest is not the same as no interest. Deferred means it will be added to your account if you fail to have a zero balance before the end of the deferred interest period. The other cards you called were talking about no interest promos, not deferred interest like the account you have with Aamco. 

One more thing:  the calculation that is done automatically for the minimum payment is NOT enough to pay off your account before the final date when all the interest is added back to your account.  You would have to do the calculations yourself to make sure you are paying enough. For example, if you have a $1500 charge with deferred interest for 12 months you would neet to pay at least $125/month and make sure you are paid to zero before the 12th payment to avoid the interest. It is not criminal for each lender to set their own terms. 

No, I don't work for Synchrony Bank at all. I know this because I have a couple of credit cards with them on a deferred interest basis and (almost) always pay off before the final payment is due. I missed one time and learned the hard way, just like you. 

 

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