The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt

URL:  http://boards.fool.com/was-i-cheated--10722578.aspx

Subject:  Was I cheated ?? Date:  3/31/1999  9:04 PM
Author:  DHOLAI Number:  8268 of 308782

Friends,
I have a Chase card on which I have a balance of about
$ 9500.00 out of which about $4500.00 carries an interest of 17.99% and the rest $ 5000.00 carries a rate of 9.9% because the bank offered me a balance transfer option with that rate locked for the life of that loan.

Only after reading on this forum about how the repayments are applied I opened up my folder and had a close look at the last bill. Do you know what I have seen ?

I made a payment of $ 1200.00 in February 99. Out of this $ 1150.00 has gone towards my balance transfer with 9.9% rate and only $50.00 went towards my purchases having 17.99% !!!!

They were correct, I will be paying back for MY life, not the loan's, at that rate.

Am I being cheated? Can anything be done ? I never read those fine prints, man!

But, thanks to this board, I am learning.

regards.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us