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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308782  
Subject: Re: Fleet...venting Date: 12/14/1999 2:10 PM
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BaritoneFool:

[prior post] <<<<Um, wouldn't you do precisely what Fleet did? That is to say, when an account has balances that are incurring interest at various interest rates, then you, the bank, credit payments against the lowest interest balances first. That way, you, the bank, collect more money. After all, you are the bank, not Santa Claus.>>>>

"I'm not mocking you, I'm just making a point:

"Um, wouldn't you do precisely what wunderwoman did? That is to say, when an account has balances that are incurring interest at various interest rates, then you, the consumer, credit payments against the highest interest balances first. That way, you, the consumer, spends less money. After all, you are the consumer, not Santa Claus."

Fleet should disclose this policy or abandon it. [emphasis added by JAFO]"


Agree, but I suspect that it was disclosed, somewhere in the terms and conditions. I have never read a CC terms and conditions sheet that did not indicate that all payments would go first to low interest balances.

The recent term and condition that I find most off-putting is one that said something to the effect that:

THE CC issuer is free to raise the interest if I (the crard holder) increases my unsecured debt without adequete income to support the debt. [may not be verbatim]

but it contained no definition of a baseline amount of debt or of "adequate income" or any formula that allowed me to to determine the whether I was close to triggering this increase.

Yuck. The shredder got a workout that night.

Just my $0.02. Regards, JAFO
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