On Jan 28, 7:48*pm, "Eisboch" wrote:
"Don White" wrote in message

...





The nerve of them...
I had a small new charge of $24.60 show up automatically on my Dec
statement from Consumer Reports re the online service.
I forgot to pay the bill until 3 days after the due date... so...knowing I
had my camera purchase and moms books to come re Christmas, I decided to
pay the entire balance when the updated January bill arrived.
It came today and I noticed a $7.41 interest charge..which just didn't
seem right on a credit card with a 12.9% annual interest rate.
I called to complain and they informed me that I was being stung for
interest on the original late $22.60 PLUS my new purchases of $609.48.

It was bad enough that they called yesterday looking for the 'late
payment' and the girl couldn't even confirm that they were still charging
me the $39.00 annual fee.
I looked back and sure enough...it showed up in June.
Anyway..even a mild mannered Canadian can only take so much.
I told her to take the interest off the new purchases or cancel the card
right away.... she chose to cancel.
Good riddance to Citibank....maybe they'll go teats up after they squander
their share of the bailout money.
And yes...I adjusted the final payment to reflect interest on the
outstanding balance less that charged on the new purchases.
They'll have to come up here and squeeze the $7.00 out of me.

Note: *as confirmed by the 1st clerk...my credit is perfect......... (or
at least *was* if they follow through on their threat to send the o/s
$7.00 to the credit bureau)

There was something done about that practice down here in the land of
honesty and integrity.
I've forgotten (or never knew) the details, but it had to do with
prohibiting credit card companies from adding penalty interest on the entire
balance, rather than just the part that is overdue.

Problem is, although it was passed into law, I don't think it has gone into
affect yet.

Eisboch- Hide quoted text -

- Show quoted text -

Yeah, big deal they made, but it doesn't go into effect for 1-1/2 to 2
years iirc...