So I have about $8k in combined cc debt, which I am on plan to have paid off by summer's end. In an effort to save a bit of money over the next 3 months, I transfered $5k of that debt to an open credit card I had (Chase) that was running a 5% promotional balance transfer rate. The balance has been sitting there for 3 months, running at the 5% rate until last month, when I noted that they kicked up my APR to 24%! I looked at the statement, and it shows my last payment posting on 5/31, when my credit card payment due date was 5/30. Not sure why my payment took 5 days to post, but that's another issue.

One day late, only one time, still hitting the month at hand (5 days before my statement date), and they jack up my rate 19%?

I am in the process of moving that balance now to yet another cc, and will not use it. (Only reason I'm doing the second transfer is so they see a competitor got the $, not that it matters.) I threatened that I would pay off the balance immediately, and they didn't seem to care. So, I'll follow through with my promise. Apparently 24% of $0 and 'teaching me a lesson' is more important to them than 5% of $5k. Odd.


Argh Sorry for being so long-winded, but I'm just curious - Do all cc companies do this?

Oh and yes, I know - I should make my payments on time (I have every other time that I can remember), but really - is it always 'one strike and you're out' with these guys?

 

I just transfered about 6k to a new CC with 0% apr for the first year.so i have till next year to pay it off...gives me a little breathing room.btw it's a chase CC

 

lol - my humble advice... Don't miss a single payment!

 

They set the rules so that it is next to impossible to meet them all the time which triggers a default interest rate.

They've been doing this for years and know how to get you.

 

This is so true. Threaten to close the account if they dont lower the interest rate.

 

sometimes i think they take a long time to post on purpose.

IMO, if it hits their mailbox by the due date, it's on time.

 

I believe what ever day the envelope is postmarked on is what the CC companys have to go by.

 

my humble advice... if you have to use a credit card to buy something... you can't afford it.

 

Good advice....A lot of people learn this lesson the hard way.

I think credit cards are a good thing to have in case any emergencies come up.

 

My humble advice....CHASE SUCKS ASS. They are the WORST bank/cc company I've ever dealt with.

Unfortunately I'm tied to them as my mortgage account was sold by Valley National to Chase. The most retarded thing? If you pay online, they STILL make you go through a post date. So for example, if your payment is due on 6/1, and you pay ONLINE on 5/26, you're LATE because it still takes them 5 fuhcking days to post an online payment.

You NEVER want to be late on a mortgage payment, they know this, so they set up an automated telephone payment line that will accept your payment immediately for a $25 service charge. Chase tries to screw you every way they can.