- Report: #94993
Complaint Review: Retail Services - Carol Stream Illinois
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Author Not Confirmed
Why?
Retail Services
Dept 7680 Carol Stream, 60116-7680 Illinois, U.S.A.
Phone:
904-741-1387
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Retail Services ripoff fraudulent billing Carol Stream Illinois
My June 9, 2004 finance charges are .18 more than my May 9, 2004 finance charges, despite the fact that my balance for the June statement is $110. less. The interest rate is the same, so how could my finance charge be more on a balance that's $110 less than it was the month before.
I called customer service, got a bunch of explanations that just don't add up. I was told because May has 31 days, and April only has 30, that's why the higher finance charge. But if my balance is $110 less, it just doesn't add up.
I feel my finance charge should be lower on a lower balance.
I look forward to hearing from you, and hopefully resolving this problem.
Thank you,
Michelle
Coral Springs, Florida
U.S.A.
I called customer service, got a bunch of explanations that just don't add up. I was told because May has 31 days, and April only has 30, that's why the higher finance charge. But if my balance is $110 less, it just doesn't add up.
I feel my finance charge should be lower on a lower balance.
I look forward to hearing from you, and hopefully resolving this problem.
Thank you,
Michelle
Coral Springs, Florida
U.S.A.
1 Updates & Rebuttals
Mark
Laguna Hills,California,
U.S.A.
Finance charges are correct
#2Consumer Suggestion
Tue, June 15, 2004
As a person with a large balance of credit card debt, I have researched these occurances in the past (I also work in the financial industry). The customer service group you spoke with is correct in regards that there were more days in one month then the other. I have included the below example of how a you can have a reduced balance but have a higher amount of finance charge at the end of the month. April May Balance 3,800.00 3,690.00 Interest Rate 16.9% 16.9% Annual INT 642.20 623.61 Interest amount per day 1.76 1.71 Number of days 30 31 Multiply Int/day and # of days Total Finance charges: 52.78 52.96 This type of fluctuation should happen throughout the year, even though the actual interest rate has not changed. This may be confusing at first, but you are not being ripped off by the credit company. The next statement you received should have a finance charge lower than this on, as only 30 days were in the month. The month after that should be a little higher than next months, but lower than the statement you received showing the .18 higher. Hope this helps!
