No. of Recommendations: 0
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.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement