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JennyPenny
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Member since 1/08 12702 total posts
Name:
Jen
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I am so annoyed (credit card related)
So- DH has an American Express card. The APR went up to 28%, give or take a few decimals. The balance was almost $2800, so we were being charged an obsene amount each month in interest.
I FINALLY completely paid off the card with christmas bonus money, and they have the nerve to send me a bill for a $45 finance charge. 
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Posted 2/4/10 11:47 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: I am so annoyed (credit card related)
Same thing happened to me. I hate them.
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| Posted 2/4/10 12:02 PM |
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Finally1108
My two boys
Member since 12/08 3541 total posts
Name:
Angela
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Re: I am so annoyed (credit card related)
i am so flippin upset about my macy's visa card and their interest rate, unfortunatly money is very tight and i can not pay that card off... i basically just pay the interest every month... i feel like i am never going to get out of this hole!
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| Posted 2/4/10 12:07 PM |
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ThePinkGoose
In Your Hands
Member since 8/08 4706 total posts
Name:
Nunya
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Re: I am so annoyed (credit card related)
Posted by Finally1108
i am so flippin upset about my macy's visa card and their interest rate, unfortunatly money is very tight and i can not pay that card off... i basically just pay the interest every month... i feel like i am never going to get out of this hole!
Did you look at Discover Card or an alternate card that has a zero or low interest rate...you can do a balance transfer 
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| Posted 2/4/10 12:15 PM |
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nraboni
Uggh...
Member since 10/09 6905 total posts
Name:
Nicole
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Re: I am so annoyed (credit card related)
Call American Express and see if they can waive the finance fee...it's worth a shot!
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| Posted 2/4/10 1:14 PM |
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BlueDiamonds
mommy to 3 boys
Member since 2/07 3885 total posts
Name:
proud mommy
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Re: I am so annoyed (credit card related)
is it residual? i have AmEx too and always pay the card in full, except December i carried a balance. big mistake, the finances charges were ridiculous. i called to complain about the residual finance charge, told them i was not aware they charged it (no lie) and they waived it for me this one time. definitely worth calling them. everytime i call, they work with me. i actually love AmEx for their rewards and customer service.
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| Posted 2/4/10 4:09 PM |
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Domino
Always My Miracle
Member since 9/05 9923 total posts
Name:
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Re: I am so annoyed (credit card related)
One of our cards just did this to us (of course right after we put my brand new computer on it ) Our APR jumped from 8.99 to 25%. I basically told them to go stick it and I paid off the whole thing (before the due date). I look at the next statment and there was a finance charge. I called them up and they removed it.
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| Posted 2/4/10 9:27 PM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: I am so annoyed (credit card related)
Posted by JennyPenny
So- DH has an American Express card. The APR went up to 28%, give or take a few decimals. The balance was almost $2800, so we were being charged an obsene amount each month in interest.
I FINALLY completely paid off the card with christmas bonus money, and they have the nerve to send me a bill for a $45 finance charge.
The ARP cannot exceed 24.99% - the moment it hits 25% it is usury and against the law.
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| Posted 2/4/10 9:40 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: I am so annoyed (credit card related)
Posted by DancinBarefoot
Posted by JennyPenny
So- DH has an American Express card. The APR went up to 28%, give or take a few decimals. The balance was almost $2800, so we were being charged an obsene amount each month in interest.
I FINALLY completely paid off the card with christmas bonus money, and they have the nerve to send me a bill for a $45 finance charge.
The ARP cannot exceed 24.99% - the moment it hits 25% it is usury and against the law.
really? citi bank tried to raise my rate to 29.99% - I had to opt out and close the card
I know I was one of many people that they did this too
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| Posted 2/4/10 9:52 PM |
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CunningOne
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Member since 5/05 26975 total posts
Name:
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Re: I am so annoyed (credit card related)
All cards charge interest each day, so even when you pay off the balance in full, you accumulate interest until the date they receive the payment.
When I paid the balance on my CitiCard, I was billed the next month for interest. It was only a couple of dollars, but I called them up and asked why I still had a balance, was explained the above, and then for my troubles, got the balance waived.
I was pis sed since I never carry and a balance and on this one month, had to carry over just this one time and got socked with finance fees.
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| Posted 2/4/10 9:59 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: I am so annoyed (credit card related)
Posted by chmlengr
All cards charge interest each day, so even when you pay off the balance in full, you accumulate interest until the date they receive the payment.
This is correct. You a. could of gotten a payoff balance that would of factored in this interest. After you pay this, you should be free and clear...
Amex is not the only one that does this. Every bank does this 
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| Posted 2/4/10 10:30 PM |
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telmah
LIF Infant
Member since 1/10 239 total posts
Name:
Prince
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Re: I am so annoyed (credit card related)
Posted by DancinBarefoot
The ARP cannot exceed 24.99% - the moment it hits 25% it is usury and against the law.
Actually, I believe that the current interest rate cap set by Congress is 30% (hence the reason why you see so many 29.99% APRs)
But each state can set its own cap, altho it can't be more than the Federally set rate.
Delaware, where MANY of the major credit cards are based, is one of the states with the most liberal laws when it comes to money-lending.
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| Posted 2/4/10 10:47 PM |
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DancinBarefoot
06ers Rock!!
Member since 1/07 9534 total posts
Name:
The One My Mother Gave Me ;-)
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Re: I am so annoyed (credit card related)
Posted by telmah
Posted by DancinBarefoot
The ARP cannot exceed 24.99% - the moment it hits 25% it is usury and against the law.
Actually, I believe that the current interest rate cap set by Congress is 30% (hence the reason why you see so many 29.99% APRs)
But each state can set its own cap, altho it can't be more than the Federally set rate.
Delaware, where MANY of the major credit cards are based, is one of the states with the most liberal laws when it comes to money-lending.
New York statute usury rate is 25%
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| Posted 2/4/10 11:10 PM |
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telmah
LIF Infant
Member since 1/10 239 total posts
Name:
Prince
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Re: I am so annoyed (credit card related)
Posted by DancinBarefoot
New York statute usury rate is 25%
It doesnt matter where you live. What matters is where the issuing bank is located.
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| Posted 2/4/10 11:14 PM |
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