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Bank Card Offers NOT Special
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MAY-9-06
14:44:10
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Forum: Christian Singles Member Surveys
Bank Card Offers NOT Special
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Submitted Anonymously
Female
31-40
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We learned a lesson today about Bank Credit Card Special Offers.
Every month in our Chase credit card statement, we receive a special offer to write a check at 3.99% interest for the life of the loan until it's paid off. Yay!
So when my husband decided to get a motorcycle to drive to and from work to save on gasoline, we wrote a 3.99% check for around $7,000.
We use this same credit card for our home and business expenses so each month it runs up quite a hefty amount which we always pay in full. But this month, I noticed a large Finance Charge payment showing up on my statement. What's this? I ask.
Come to find out, when I PAY my card payment, the payment I make goes toward my low interest loan first, the 3.99% interest loan, so then I am charged interest based on the card interest rate of 16.99%. Wow! I pointed out that their offer wasn't so special and that nothing was said about this in the offer. I was told that I should have gone back to read my original terms (5 pt. type tiny print with billions of words of gobbledy-gook jargon).
Ouch! So here's a lesson on special offers. They ain't special. The only way to take advantage of an offer like that is to use the card for the offer only and NEVER MAKE ANY FURTHER CHARGES ON IT. But if you choose to use their card for other charges, be aware you're going to be paying 16.99% or whatever high interest they charge, because your payment in full is going toward the "special" low interest payment first, and not your regular monthly charges.
Fortunately, I had savings set aside for emergencies and was able to pay off the entire balance. But I did wish to warn everyone about this, yet another type of underhanded money-making scheme by your credit card company.
There ain't no free lunches and there ain't no special offers.
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