Credit card BS - - 5th Generation Camaro Enthusiasts
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post #1 of 9 Old 06-04-2008, 08:22 PM Thread Starter
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Credit card BS

Today I got my citi bank statement. My balance is 1 dollar fourteen cents. 2 months ago my balance was a little over 300. I paid them 50. Last month when i got the statement I paid the balance which was about 270.00 This is for purchases that rolled over for about 3 months. Today when I opened it up I expected to see a balance of 0. In the past with every card I've ever owed except for a balance transfer it always was 0 for purchases when I paid the new balance. So I had to call, not that I really care about the dollar and change. It was explained to me that that was the finance charge from the month before. I asked well why wasn't it on last months bill. She replied that they can't figure that out since they don't know how much I intend to pay. So I looked at the line that says purchases balance subject to finance charge and it shows the whole amount 270.00 This is where I told her that doesn't make sense since the amount is 270 for the last month and the rate on this card is 16% the finance charge should be more than $1.14. She completely had no clue and couldn't explain since her computer probably didn't explain how they got this $1.14 finance charge on $270.00 for a month. So I wrote them a check for $1.15 and i don't intend to use the card for a long time

2010 Camaro RS SS LS3 (Bumble Bee) Vin#192 & 8 others made by GM and one Christine
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post #2 of 9 Old 06-04-2008, 08:43 PM
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If you had threatened to cancel the card, I bet they would have taken the $1.14 off.

Time to get a GM card...points towards your new Camaro.

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post #3 of 9 Old 06-05-2008, 10:08 AM
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he and I already have GM cards

"All alone in my funeral home, playing in blood, there's just got to be something wrong with me" -Slayer-
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post #4 of 9 Old 06-05-2008, 10:13 AM Founder / Former Camaro Disciple
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Credit card companies are screwy.

Once in a great while you come across one that is nice to deal with though.
I had a similar occurrence once with a Best Buy card (HSBC bank) with a last bill of $9.xx all interest.
I called and was like WTF is this junk? And they waived it.

FWIW, HSBC bank also houses the GM card.

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post #5 of 9 Old 06-05-2008, 10:26 AM
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It's not 16% per month. It's an APR, typically compounded daily. APRs are very complicated, but the most simple math would say that finance charges for the whole month would be $3.50 or so on a $270 balance. If you paid it off in the middle of the billing cycle, it would be half that.
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post #6 of 9 Old 06-05-2008, 02:58 PM
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heres a cc story for you...i had a sears card maxed out at over 2,000 any how i came into some money and paid off 1500 my balance should be 500. my next bill says my balance is 750 wtf so i call, after about 2 hours on the phone with 5 different people i finally get the answer of its an insurance i say i didnt purchase any insurance, they said we sent you the notice in the mail along with the states that if you dont return this letter saying that you dont want it, itll be automaticly charged off on the card.well i *****ed and got it taken off but if i wouldnt have paid that 1500 i probally never would have known about it.

lesson learned ,read the junk mail part too.

or better yet just dont use credit cards period they all rip you off.

just another guy dreaming of owning a 09 camaro

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post #7 of 9 Old 06-05-2008, 04:53 PM
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They use a 2-cycle billing method, which is EXACTLY why you THOUGHT you had it paid off, when in fact, they were going to make money off of your previous month's balance. Go back and look at your terms, and I'll bet you'll see something about "2-cycle" billing or something to that effect.

I didn't realize that was the case until I bought my Dell computer. If I opened an account with Dell, I'd save some percentage, whatever...I forget. Anyway, I bought the computer using them, that's when I got my first taste of 2-cycle billing. I had a 1200 balance one month, sent them a check for 1200 and the next month I had like a $5 and change balance. WTF?? I went back and read the fine print and there it was..2-cycle billing. I sent them 25 bucks and made them send me about 3 or 4 statements with a credit on it before they refunded me the credit via a check. Then they had to send me another statement the next month to show my balance was zero. So I got a little bit of satisfaction knowing that they had to carry that credit forward and send me statements costing them a little bit of postage for a while.
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post #8 of 9 Old 06-05-2008, 07:08 PM Thread Starter
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I just don't get the number they came up with. It should be more if thats the case since I let it go through an entire cycle before paying it. Like Dev said it should be around $3.50. I guess what really kills me is that the customer service person couldn't even attempt to make a logical explanation. Does anyone know what their company is in buisness for anymore?

2010 Camaro RS SS LS3 (Bumble Bee) Vin#192 & 8 others made by GM and one Christine
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post #9 of 9 Old 06-06-2008, 12:30 PM
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Citi is falling apart. You should look into a Chase Freedom or just continue using your GM card (that's what I use for EVERYTHING - I make a payment once a week so it doesn't report).
Present: '02 SS #7146
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