Encountered something novel today with my business credit card.
I'm self-employed, just finished with a large round of buying for the coming business year. Checked my current statement so as to be able to anticipate what I'll need to pay off the balance when it's due early March (I habitually pay that amount off in full to avoid finance charges).
One complicating factor is that, due to having been preoccupied with a family situation back in early January, I missed the payment due entirely... about $7000. When I realized that had happened I paid it in full, though had finance charges of fifty-some dollars added.
Over the past few weeks ran up about $50,000 in purchases. Checking my online statement to see what I'd need to pay it off in full come early March, I noticed I'd been hit for $394 in finance charges. Called citicards to see what that was about.
Long story short... I'd been assessed the approx 12% interest/finance charges on that roughly $50,000 even though the payment on that amount isn't even due for weeks.
Had I not noticed the charge I would not have had that same $394 credited to my next statement, something the second supervisor at CITI assured me will occur (first supervisor hung up at me when I became incredulous with a dawning realization of what their system had generated).
Seems like criminal behavior to me. Anybody here know if this is SOP with all credit card companies?
`
I'm self-employed, just finished with a large round of buying for the coming business year. Checked my current statement so as to be able to anticipate what I'll need to pay off the balance when it's due early March (I habitually pay that amount off in full to avoid finance charges).
One complicating factor is that, due to having been preoccupied with a family situation back in early January, I missed the payment due entirely... about $7000. When I realized that had happened I paid it in full, though had finance charges of fifty-some dollars added.
Over the past few weeks ran up about $50,000 in purchases. Checking my online statement to see what I'd need to pay it off in full come early March, I noticed I'd been hit for $394 in finance charges. Called citicards to see what that was about.
Long story short... I'd been assessed the approx 12% interest/finance charges on that roughly $50,000 even though the payment on that amount isn't even due for weeks.
Had I not noticed the charge I would not have had that same $394 credited to my next statement, something the second supervisor at CITI assured me will occur (first supervisor hung up at me when I became incredulous with a dawning realization of what their system had generated).
Seems like criminal behavior to me. Anybody here know if this is SOP with all credit card companies?
`
via International Skeptics Forum http://ift.tt/1LulIBD
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