Yes,
As of 3/1, in spite of the convoluted language (ACCIDENTAL?) in the card I received, A "MINIMUM" $2.00 finance charge will be "applied 4 each billing cycle for which a finance charge is payable". This means every time you have not paid in full!!!
They have the guts to tell you it "may increase the actual annual percentage rate on your account"; YOU BET!
At 22.4% they already charge a usuary rate, but with a $100 balance left, the "minimum" charge of $2 will add 2%/MONTH!
This means 24% extra annually, and probably more because it accrues monthly as long as there is a balance on the account (26)
(that's what credit is for), so you are at 22.4 26= 48.4%!
How this can be legal I don't know.
I had to send a certified letter to the CEO (Mr Bond) to get a call from Terry Roe (spelling?) she confimed my "reading of the card" but objected no charge had appeared yet on my statements... Sure: I was paid in full! No exeptions could be made!
WE MUST send letters to senator Grassley about this to our
Rep.
A sick person in the hospital with a balance of $5.00 would incurr an APR of 118%. Even on $1000 balance this "MINIMUM" charge would raise the interest rate by. 2%/month -probably 3% per year = 25.4%.
Chris D, in NM
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