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Author: DHOLAI Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Was I cheated ?? Date: 3/31/1999 9:04 PM
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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.
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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: 8269 of 308881
Subject: Re: Was I cheated ?? Date: 3/31/1999 9:13 PM
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DHOLAI: You wrote, "Am I being cheated? Can anything be done ? I never read those fine prints, man!

But, thanks to this board, I am learning."


Although it was buried in the fine print, the bank is not doing anything other than what it told you; I understand while you feel cheated, but it is not necessarily the bank's fault.

Glad to know that you are learning to read the fine print. You probably will not make this mistake again.

One plan, if you can, would be to transfer the entirety of this balance, both the 9.9% part and 17.99% part to another card that currently has a zero balance and was offering a good rate for balance transfers, preferably without a 2-3% transfer fee.

Virtually every credit card I have read applies payments to the promotional rate items - the portion earning the credit card company the lowest return. I never transfer a balance to a card that already is carrying a balance.

Regards, JAFO

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Author: TMF2Aruba Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8271 of 308881
Subject: Re: Was I cheated ?? Date: 3/31/1999 9:18 PM
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I never read those fine prints, man!

But, thanks to this board, I am learning.


Dholai,

Yes, you're learning, and that's great!

I can't say it enough times, nor loud enough...

Everyone has GOT to read ALL of the fine print when accepting a new account or transferring a balance. Knowledge is power, and if it means getting a magnifying glass, go get one.

Don't let any of these offers turn out to be unpleasant surprises. :)

Tony
...but I still am...

Off2Aruba

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Author: JABoa Big gold star, 5000 posts Feste Award Nominee! Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8272 of 308881
Subject: Re: Was I cheated ?? Date: 4/1/1999 1:00 AM
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Just to add a bit to the previous replies, even if you did not read the fine print, you know the bank ain't Santa Claus. Therefore, you know that payments will be applied in such a manner as will maximize the bank's income. I bet if you were the bank, you would do the same thing too. I would, and I am even a fairly nice person.

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Author: davis007 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8275 of 308881
Subject: Re: Was I cheated ?? Date: 4/1/1999 12:34 PM
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When I was doing the credit card shuffle several years ago I sent a note with each payment over the minimum required.

EXAMPLE:
Please find enclosed a check for the amount of $XXXX.XX
The minimum payment for this month is $YY.YY Please apply the amount over the minimum payment ($ZZZZ.ZZ)to (which ever portion of your bill you want to pay of first).

END EXAMPLE

I do not know if the rules have changed but this always worked for me. (Even when the fine print said the extra would be applied to the transfered amount.)

Good Luck,
Davis007

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Author: DHOLAI Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8276 of 308881
Subject: Re: Was I cheated ?? Date: 4/1/1999 1:28 PM
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To JABoa,

Respectfully, I disagree. I would expect you to apply the payments proportionately based on the balance in each category.
If I borrowed money,it does not mean that the bank should bahave as the Shylock. They might end up paid like the Shylock.

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Author: JABoa Big gold star, 5000 posts Feste Award Nominee! Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8277 of 308881
Subject: Re: Was I cheated ?? Date: 4/1/1999 1:54 PM
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DHOLAI, I guess I am a bigger meanie than I thought I was.

Cheers,
JABoa

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