Terms are different than advertised

[username2840]

I decided to pre qualify for a credit card and was shown a limit and APR that was favorable to me so I decided to complete the application and on the approval page I was shown the same limit and APR the pre qualification was showing; but also was shown a 0% APR intro offer for 12 months. I took a screen shot of the approval page indiciating these terms.

After getting my account opening disclosure with the card it was showing a totally different APR and was also showing I had no 0% intro APR. I called customer service and asked about these things and was told that the APR shown to me on the approval page was a margin rate; even though it was labeled a APR with no footnotes indicating otherwise. I was also told that I did in fact have the 0% intro APR for 12 months. I got my first statement and it showed no 0% intro rate and in fact had the APR that was shown on my account opening disclosure instead. This time i used secured messaging in online banking and contacted customer service and again asked if my account had the 0% intro rate; I got a reply a few days later indicating that after checking my account I do in fact have the 0% intro rate. I took a screen shot of this conversation.

I then went to perform a balance transfer and was shown in online banking that my statement is actually correct as the BT terms indicated that I would pay the rate that was indicated in my account disclosure as well as my first billing statement; not the 0% intro rate that is supposed to be on my account. 

I am unsure what to do at this point. Do I file a CFPB complaint and will that even do anything if I do? I feel this somehow breaks federal regulations but just do not know if it is worth pursuing. I just feel bad because I didn't get any of the things I was told I was getting with this account. Any advise or help is apprecited and thanks.

[Varsity_Lu]

@username2840 

What bank? That will tell us a lot.

[GreatLife]

Detail is in wording of the 0% intro rate. Exactly what does it say? Perhaps referencing only purchases and doesn't include balance transfers. How is the balance transfer detailed in the interest rate section of your billing statement - are Purchases and Balance Transfers displayed as separate categories?

[portlandmusician]

@username2840    I think there are actually two separate issues here.

First, as @GreatLife  pointed out, I would carefully check the exact language of the 0% offer. It may be 0% for purchases only, while balance transfers have a separate APR. If that's what the terms say, the BT rate by itself wouldn't necessarily mean anything is wrong.

The more concerning part is the discrepancy between what you were shown when applying, what the account-opening disclosure says, what your first statement says, and what the bank subsequently told you in secure messaging. If you have screenshots showing the approval page and, especially, the bank explicitly confirming in writing that you have the 0% intro APR, I would preserve all of that.

Before filing a CFPB complaint, I'd probably send one more secure message asking them to clearly identify the promotional APR on your account, what transactions it applies to (purchases vs. BTs), the promotional period, and why your statement isn't reflecting it. Ask them to respond in writing.

If their written answer conflicts with the account disclosure/statement, then I think a CFPB complaint would be reasonable. At that point you have a pretty straightforward paper trail rather than just a verbal disagreement.

Also, definitely don't rely on the customer-service reps' verbal assurances when deciding whether to carry a balance. Until they correct the account and/or confirm the terms in writing, I'd assume the statement APR is the one that will actually be charged.

[bs1234]

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@portlandmusician wrote:

Also, definitely don't rely on the customer-service reps' verbal assurances when deciding whether to carry a balance. Until they correct the account and/or confirm the terms in writing, I'd assume the statement APR is the one that will actually be charged.

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Yes, several issuers have language in their Terms and Conditions that "this" (written document) constitutes the entire agreement and that verbal (or other) statements by their employees do not override the agreement.   But OP still has the issue of the original offer not matching what was given (although again there may be language giving them cover on that).

My impression is that the CFPB has been largely defanged at present, and will not put a lot of effort into this kind of complaint.  But worth a little time perhaps.

[username2840]

Thank you all for the detailed replies and information I really appreciate each of your time and help. Answers are as follows:

1. @GreatLife  The exact wording on my approval page that I took a picture of clearly says: Congratulations you are approved.  It shows my credit limit, my Intro APR which says exactly this: 0% Intro APR for 12 monthly billing cycles on purchases and balance transfers, and finally the same Go-To APR that was listed on my pre qualifying page before submitting my application. There is no additional information on this approval page or the pre qualifying page. And my opening disclosure and first statement do not reflect any of these things, besides the credit limit. The agents did advise that the rate I was shown at approval was in fact a margin rate, which is also listed in my disclosure, and not my true APR; even though the exact wording on the approval page was GO TO APR; variable APR on purchases and balance transfers...So I guess that was a typo on their part on both the pre qualify page and the approval page. On the page the credit card itself is shown on along with the prequalify button it only states a SUB amount with this specific card and does not say anything about a intro APR. The intro APR I was shown was on my approval page and then supposidly verified by 2 customer service agents. 

2. @portlandmusician I have preserved all of the screen shots showing all of this. And they have already twice; once on the phone and once in secure messagining confirmed that my account has the 0% intro rate promotion even though I do not. I do not know if they really even checked but this is what I was told each time. 

At this point I just want to let it go. I have good credit and can obtain other cards it just bothers me because the information I was shown was why I wanted to accept the card and now I am not getting what I was clearly shown I was getting. 

I just hope they at least give me my SUB amount and if they do not I will be willing to fight at least for that.       

And I just want to again say thank you to each of you the took the time to reply. Thank you for such good information and clarity again and I do appreciate it. 

[portlandmusician]

@username2840   I completely understand where you're coming from. At that point, you've done everything you reasonably could to verify the terms, and you have the screenshots plus their own written confirmation that the 0% promotion is on the account. It's frustrating when the information you were shown is the very reason you accepted the card, only to have the actual account terms not match it.

Hopefully they at least honor the SUB without any hassle. And if they don't, I agree that's probably the part worth pursuing, especially since you have such a clear paper trail. Either way, I appreciate you following up and providing the additional details. Hopefully it gets resolved in your favor.