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Personal Finances / Credit Cards and Consumer Debt
|Subject: Was I cheated ??||Date: 3/31/1999 9:04 PM|
|Author: DHOLAI||Number: 8268 of 308782|
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.
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