PDA

View Full Version : interest on credit card.



Anita
1-19-11, 2:20pm
I pay my cc in full every month.This week i got a bill for $1.30 interest on a card wich is paid in full.Called the company asked how that is possible the person said thats interest for the purchased I made since the last payment,well I didn't make any so said they could keep the card of course than they tried to get me to stay lol.Thanks to this site I am now paying cash any way.The card was for gas well can pay cahs for that to,
Anita:cool:

The Storyteller
1-19-11, 3:16pm
http://www.backyardchickens.com/forum/img/smilies/thumbsup.gif

heydude
1-19-11, 4:56pm
That is so awful. If you had made a purchase, they could have charged you the interest? What would that have been called, like on your terms and conditions? Some sort of new billing program? YUCK.

Jonathan
1-21-11, 9:41am
That is so awful. If you had made a purchase, they could have charged you the interest? What would that have been called, like on your terms and conditions? Some sort of new billing program? YUCK.Double cycle biulling can do this, but I thought the feds did away with that during the last round of credit card reform. But since he called and complained, all is right with the world! ;)

DonkaDoo
1-21-11, 12:34pm
I don't really use a credit card anymore. But when I did - I always paid it off every 2 weeks so i could avoid any risk of this happening.

Anita
1-22-11, 8:48pm
well I send them the $1.30 and cut up the card in tiny pieces wich I also included in the envelope with the payment .no more cc for me this was the only one I had only took it because every body said I needed one for credit rating,but don't need that pay cash for every thing don't need a credit rating.( I hope).
Anita

Gina
1-22-11, 9:40pm
If you pay it off totally every month and there is no annual fee, they will be happy to be rid of you. The people they really like are those who charge everything and only make minimum payments so they will be paying high interest for years and years. Probably also those who incur late payment fees.

kib
1-22-11, 9:45pm
Actually they make plenty of money off the merchants, so even "parasites" like us are useful, just not quite the golden geese of balance-carriers. Our local Dollar General owner will not take mastercard, because the fee is so expensive for her that she'd have to raise the cost of items to afford it; she feels when people understand this they'd rather have the lower price with a different payment option than the convenience of MC. I agree. I wonder how long it will be before more merchants follow in her footsteps?

Gina
1-22-11, 9:52pm
Good point. I was wondering about transaction fees. I doubt they would make much from me either way since I just don't buy much on cards. I was once turned down for a card because I didn't have 'sufficient history of revolving credit' or something like that. That was for a card that gave some sort of return for all potential purchases.

Costco does not take credit cards other then debit and American Express with whom they have some sort of deal. Not sure what.

kib
1-22-11, 9:58pm
I'm guessing they have such large revenues that they're in a position to bargain for a rate. It may well be that the giants like Walmart are in the same position and once again it's only the little merchants who are forced to put up with exhorbitant fees. My friend who does massage was in a similar position of just being over a barrel about it, I think she calculated she lost nearly 20% of her income to fees and contract expenses from the cc companies.

From a personal standpoint it's such a catch-22. I can earn 4% on my checking or 1-5% on my credit purchases, but only if I promise to gouge all my local merchants with debit and credit fees. Sigh.

eleighj
1-23-11, 10:34am
well I send them the $1.30 and cut up the card in tiny pieces wich I also included in the envelope with the payment .no more cc for me this was the only one I had only took it because every body said I needed one for credit rating,but don't need that pay cash for every thing don't need a credit rating.( I hope).
Anita

Make sure and write the CC company and tell them in writing that you want the CC cancelled at your request. Just sending it to the payments collection center will not cancel it: two different animals.;)

Ed

Jonathan
1-25-11, 9:07am
Don't bother sending the pieces - it'll just make everyone there annoyed at you. They may take the time to put the pieces together and reuse the card! Just call and cancel the account and do it in writing if they require it.

I suggest instead you cut the card in little pieces and then keep three: one from the magnetic strip towards the middle, one with one of the card numbers on it, and one from the hologram. If you're paranoid about your trash people, also take a piece with the CVV (the 3 digit code on the back). Throw all the rest out in one months trash. Keep the other 3/4 pieces for a few months, then dispose of them in the trash. That way no one can reassemble the entire card unless they are stealing and going through *all* your trash. If you have reason to believe that kind of activity is happening, throw the other 4 pieces out somewhere else. And call the police. ;-)

heydude
1-28-11, 5:34pm
Anita,
I am confused as to why you had to pay the 1.30. They said it was because you made a purchase after paying off the amount. You said you never made a purchase after you paid the balance. So, what is the reason for the 1.30 for real?

Anita
1-30-11, 11:17am
Hi heydude.I have no idea what the interest charge was for.sure did not use it after it was paid in full as I only used to buy gas,oh well it's done and over with.
Anita

heydude
1-30-11, 2:16pm
oh wow, so you went and paid it. how awfull. probably for the better. you would hate a buck to screw up your credit rating.

cards suck!