Here's a brief overview of my credit card with Washingtom Mutual (formerly Providian):
I have a credit limit of $250
Last month I had a balance of 308.59 on my credit card. To bring my balance below my credit limit, I made a payment of $65.59 to bring my balance down to $243.00 (or $7.00 below my credit limit). Today (2/19) I was charged a finance charge of $7.43 which brought my balance to $250.43, which brought my balance a mere $. 43 above my credit limit. This in turn has allowed Washington Mutual to charge me an over the limit fee of an additional $39.00. Now my balance is $289.43. Looking at my next payment due, Washington Mutual says I owe them a minimum payment of $15.00 by 3/17. The math is very simple to figure out. $289.43 minus $15.00 would put my balance at $274.43, which is still $24.43 above my credit limit (and they can again 'justify' charging me another over the limit fee).
Washington Mutual does not care about it's customers (like we would expect a company in the business of making money), but this is an outrage. Credit cards are in the business of making money from those that are trying to get themselves out of credit problems, and credit card companies like Washington Mutual keep the poor more poor.
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