Chase Credit Cards ripoff Wilmington Delaware
Poor Chase they need money bad !!
I just paid my Chase credit card off last month. This month I got a statement for a finance charge that I owe for a paid off balance. Are you ready, I have been charged because I paid my balance in full and not by monthly payments as I had been doing in the past. Yes, I was bumped up to their 29.99% for no reason that makes any sense. That is the reason I paid it off. These guys are really hard up for money.
Robert
Dalton, Georgia
U.S.A.
1 Updates & Rebuttals
David
Fallon,Nevada,
U.S.A.
I had the same problem with Chase....but
#2Consumer Comment
Thu, July 07, 2005
I posted here with the raised interest rate also. Unfortunately, with most, if not all credit cards, the balance you pay off was still earning interest from the statement date, until the payment (in part or in full) was received and posted. In other words....
A balance of $1000 is on a statement with interest of 12%, of which the statement adds the $10.00 to make a total statement balance of $1010.00. (12%/12months, 1% per month). In the case of most credit card accounts I have had, the cardmember agreement will outline specifically what balance will be charged interest. In this hypothetical case, the cardowner will pay off 15 days after the statement closing date by sending $1010.00 to the company as an immediate transfer. Recorded 1/2 month since interest was last charged, will most likely create $5.05 of interest on the next statement because the amount of $1010.00 was borrowed for that 15 days (1% * 1010 = $10.10, $10.10 / 2 = $5.05). For almost all credit card companies, this is the nature of the business. Once the charge is recorded on a monthly statement, the card holder owes interest on that amount for every day that it is still not paid. The interest amount on a statement is the amount charged for the past use of the money. The future interest charge until paid off is still accrued and owed.
Be thankful that you were able to pay Chase off, and get out from under that account. There will be plenty who will not be able to close their accounts and will be paying that ridiculous interest for a LONG time.