- Report: #908769
Complaint Review: Tribute Mastercard - Internet
Reported By:
creditcarduser -
, Nationwide, United States of America
Submitted:
Updated:
-
Author Confirmed
Why?
Tribute Mastercard
Internet, United States of America
Phone:
Web:
www.mytributecard.com
Categories:
Business Rating:
(0)
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Tribute Mastercard First Bank of Deleware Not adhering to new Credit Card laws Internet
Tribute Mastercard is not complying with the new credit card laws.
First of all you can not view statements online. If you do not get a statement they want to charge you for it. This is a normal for most credit card companies yes. However if you have not gotten the last 3 statements and your address is correct. You can not see your payment numbers. Most companies allow you to see statements online. According to the new credit card laws, they are required to educate you on when your credit card payment will be be applied and how long it will take to pay you credit card off. I have done the math and only 4 dollars a month goes to the statement balance.
So for a 300 dollar balance.,
a 9.95 dollar maintnence fee a month x 12= 119.14
and 14.95 in interest a month = 179.40
A minimum payment of 29.04 = 359.28
=60.75 applied to your account balance.
This would take 5 YEARS TO PAY OFF IF YOU PAY THE MINIMUM PAYMENT.
TOTAL INTEREST 595.70 IN ACCOUNT MAINT FEES
AND 717.16 IN INTEREST
TOTAL PAID ON A 300 DOLLAR BALANCE:1312.16 OVER 5 YEARS FOR A 300 DOLLAR BALANCE
YOU TELL ME IF THIS IS FAIR LENDING OR NOT ???
First of all you can not view statements online. If you do not get a statement they want to charge you for it. This is a normal for most credit card companies yes. However if you have not gotten the last 3 statements and your address is correct. You can not see your payment numbers. Most companies allow you to see statements online. According to the new credit card laws, they are required to educate you on when your credit card payment will be be applied and how long it will take to pay you credit card off. I have done the math and only 4 dollars a month goes to the statement balance.
So for a 300 dollar balance.,
a 9.95 dollar maintnence fee a month x 12= 119.14
and 14.95 in interest a month = 179.40
A minimum payment of 29.04 = 359.28
=60.75 applied to your account balance.
This would take 5 YEARS TO PAY OFF IF YOU PAY THE MINIMUM PAYMENT.
TOTAL INTEREST 595.70 IN ACCOUNT MAINT FEES
AND 717.16 IN INTEREST
TOTAL PAID ON A 300 DOLLAR BALANCE:1312.16 OVER 5 YEARS FOR A 300 DOLLAR BALANCE
YOU TELL ME IF THIS IS FAIR LENDING OR NOT ???
2 Updates & Rebuttals
The Outlaw Josey Wales
Golden Meadow,United States of America
Ashley
springfield,Missouri,
U.S.A.
So pay more?
#3Consumer Comment
Mon, July 09, 2012
You do know there's nothing stopping you from paying more than the minimum payment. If you don't want to pay it off over 5 years with all that interest, then increase your payment to pay it off faster. Its a 300$ charge, thats not excessively hard to pay off. Just look at your math (which is wrong by the way, your interest per month will go down as you pay the balance off) if you paid an extra 10$ a month ( or 39.04 ) you would pay off the card in about 18 months.
You should NEVER just make minimum payments to a credit card company. They want you to do that though, as it makes them more money.
I don't see a ripoff here, just someone who doesn't understand credit cards.
