Chase Freedom MasterCard 0% Interest Offer
Author: Guest
Posted: Sun Mar 28, 2004 4:29 pm
Post subject: Buyer Beware
I believe the Chase Freedom MasterCard is fleecing me. I recently accepted a $5,000 check at 0% percent interest for 6 months back in January 2004. I charged my card $210 in February and $73 in March. I sent them a payment of $716.87 in February. Thinking that I was paying the purchases in full and some for the $5,000. They charged me $3.31 in finance charges in February and have charged me $4.99 in finance charges for March. The interest rate they are charging me is 13 % on the average daily balance. I called the Chase Customer Service center to complain. I first spoke to a customer service representative and asked her to reverse the finance charges. When she could not help me I asked to be transferred to a supervisor. When the supervisor could not help I asked to speak to a manager. The manager was polite compared to the supervisor and the representative. They all had the company line that all payments I make go against the $5,000 and nothing goes against the purchases so I will be paying finance charges until the $5,000 balance is paid off. I have had the Chase card for 10 years and have never paid finance charges until now. Nothing in their terms and conditions indicated that this is their policy. I am disgusted with their business methods and the only way to get even is to pay off the balance and cancel my account.
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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sun Mar 28, 2004 4:43 pm
Are you sure the interest is not for purchases? If they say zero % interest for the 5000. 00 it should be interest only for purchases, not for the 5000.00 check. But Chase is famous for bait and switch. See if you can transfer or pay off the balance....Good Luck!!
native
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Author: mouse
Guest
Posted: Sun Mar 28, 2004 5:53 pm
NEVER use a card for both BT and PURCHASES unless both are included in the 0.00% offer. I have cards for BT ONLY and cards for PURCHASES ONLY. I NEVER do both on the same card.
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Author: mouse
Guest
Posted: Sun Mar 28, 2004 5:56 pm
MORE...any payments go to the 0.00% first and $0.00 are to pay down the 13% rate for the PURCHASES. This is normal with most cards. So your PURCHASES accrue interest till the account is totally paid in full.
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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 331
Posted: Mon Mar 29, 2004 2:26 am
Do you still have the 0% balance transfer offer showing? If so, pay off the entire card and then do another balance transfer. And don't use the card for any purchases. You didn't read the fine print. Payments are always applied to the lowest interest rate offer first. Why else do you think you got a 0% offer when prime is 3.75% or so? It's to suck you into doing exactly what you did. What I do with these offers is first pay off all the purchases, then add $50 or $35 (if the offer charges a maximum transaction charge of $50 or $35) and then do the transfer. Otherwise, you pay high interest on the transaction charge, which is not a big deal--but it's better handled this way.
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Posted: Sun Mar 28, 2004 4:29 pm
Post subject: Buyer Beware
I believe the Chase Freedom MasterCard is fleecing me. I recently accepted a $5,000 check at 0% percent interest for 6 months back in January 2004. I charged my card $210 in February and $73 in March. I sent them a payment of $716.87 in February. Thinking that I was paying the purchases in full and some for the $5,000. They charged me $3.31 in finance charges in February and have charged me $4.99 in finance charges for March. The interest rate they are charging me is 13 % on the average daily balance. I called the Chase Customer Service center to complain. I first spoke to a customer service representative and asked her to reverse the finance charges. When she could not help me I asked to be transferred to a supervisor. When the supervisor could not help I asked to speak to a manager. The manager was polite compared to the supervisor and the representative. They all had the company line that all payments I make go against the $5,000 and nothing goes against the purchases so I will be paying finance charges until the $5,000 balance is paid off. I have had the Chase card for 10 years and have never paid finance charges until now. Nothing in their terms and conditions indicated that this is their policy. I am disgusted with their business methods and the only way to get even is to pay off the balance and cancel my account.
View our latest credit card ratings!
Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Sun Mar 28, 2004 4:43 pm
Are you sure the interest is not for purchases? If they say zero % interest for the 5000. 00 it should be interest only for purchases, not for the 5000.00 check. But Chase is famous for bait and switch. See if you can transfer or pay off the balance....Good Luck!!
native
View our latest credit card ratings!
Author: mouse
Guest
Posted: Sun Mar 28, 2004 5:53 pm
NEVER use a card for both BT and PURCHASES unless both are included in the 0.00% offer. I have cards for BT ONLY and cards for PURCHASES ONLY. I NEVER do both on the same card.
View our latest credit card ratings!
Author: mouse
Guest
Posted: Sun Mar 28, 2004 5:56 pm
MORE...any payments go to the 0.00% first and $0.00 are to pay down the 13% rate for the PURCHASES. This is normal with most cards. So your PURCHASES accrue interest till the account is totally paid in full.
View our latest credit card ratings!
Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 331
Posted: Mon Mar 29, 2004 2:26 am
Do you still have the 0% balance transfer offer showing? If so, pay off the entire card and then do another balance transfer. And don't use the card for any purchases. You didn't read the fine print. Payments are always applied to the lowest interest rate offer first. Why else do you think you got a 0% offer when prime is 3.75% or so? It's to suck you into doing exactly what you did. What I do with these offers is first pay off all the purchases, then add $50 or $35 (if the offer charges a maximum transaction charge of $50 or $35) and then do the transfer. Otherwise, you pay high interest on the transaction charge, which is not a big deal--but it's better handled this way.
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
View our latest credit card ratings!
posted by CardRatings.com at 8:56 AM
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