Citibank Consumer Loan Complaint

Citibank Consumer Loan department,

Installment loan Managing the loan or lease Virginia

This complaint relates to a promotional balance on the Home Depot Credit card managed by Citibank. The promotional balance was $550.00 at 0 % interest if paid within 6 months. I made large payments to achieve repayment of the promotional balance on a timely basis. This morning when scheduling my payment I noticed that the promotional balance had not gone down a single -. According to the online website, consumers are required to specifically allocate payments to the promotional balance. In previous years, this was not the case. When I selected the option, the website indicated that only amounts above the minimum payment would be allocated to the promotional balance. If the minimum payment is $72.00 and I pay $100.00, only $28.00 would go toward the promotional balance. As this is the 3rd month in the 6 month period, it is impossible to pay the promotional balance incrementally. Therefore, the " promotional balance '' is in effect false advertising. The CFPB should investigate and sanction Citibank for this practice. It should be noted I make my monthly payments on time and over the minimum amount.