I have and use a Circuit City Visa credit card which is supplied by Chase Card Services (which I believe is subsidiary of Chase Manhattan Bank). After making several purchases utilizing the typical "18 month, no interest" format at Circuit City, I made a purchase outside of Circuit City for approximately $900, which I sent the following month IN addition to a smaller amout to pay toward the "promotional" purchases that already exist.
I thought nothing of it at the time, comfortable in the knowledge that I would not be charged any undue interest.
After a few months, I happen to look at my online statement and see an interest charge. How is this possible? After all, I sent the payment that would more than cover it? After speaking with an agent, I was informed that unless I SPECIFICALLY directed them to apply the payment to the non-promotional purchases, then all payments would go to the promotional purchases first.
This is a very silly policy and I stated as much, but told them how I wished to apply my next payment and they stated it would be applied to the non-promotional purchase amount and that I would not see any more interest after the next bill.
Sorry folks, we are not done..
Afterwords, I needed to place an order for for something and used my Circuit City credit card as the payment. The total was $748.99. I also about a week or so after, happened upon a great deal at Circuit City, a stereo for
$508.09 with 18 months, no interest and made that purchase.
At this point, only $1000 worth of promotional purchases were left on my account prior to these two transactions. Knowing that Chase would need me to tell them to apply my next payment specifically, I phoned them to let them know how to notate the payments on my account. Guess what?
Credit card customers are allowed by Chase Card Services policy to direct their payments toward non-promotional purhcases ONCE PER 12 MONTH PERIOD!
So this means that unless I pay off the entire amount, I will get hit with interest, since Chase won't apply payment to the $748.99 amount until the very END! And that means that my $508.09 purchase under the provision that it is 18 months no interest is not as advertised. Isn't that fraudulent somehow?
Doesn't smell right does it?
A check of the FAQ on thier site mentions nothing about a "once per year allowance to direct payment" (in fact, I read it word-for-word to the supervisor who said it is "somewhere in the contract"). I have a strong feeling that I am not the first person duped by this, nor will I be the last.
Even though it put me in a financial hardship, I paid the entire amount less the amount for my new stereo (which I am probably returning before the 30 days are up). I would hope everyone learns of this deceptive practice and takes considerable care in using any Chase Card Service product.
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