My statement due October just arrived. I have been paying on the balance for a couple of years now. I pay slightly more than the minimum payment and my credit report with one of the credit reporting agencies is riddled with "never late". I opened my current bill and it says the minimum payment is $304. The amount I payed last month was $160.
I called them up and asked about it, and they said that the $304 is the real amount that I should have been paying all along given their policy on balance transfers. The customer service rep. Claimed the higher amount had something to do with some law passed as a result of customers complaining that their balances weren't going down fast enough, but she said I could opt. Out of the higher minimum payment. I'll believe it when I see it.
I also don't buy that it has anything to do with a law, given all my other balance transfer minimums on all my other cards are at 2%, not the 4% Discover is asking for. She also said it was in my CC agreement dated not in the offer text. Even if that is so is after I borrowed the money... Can anyone say bait and switch? BTW, this is the second time I've been burned by this company... Never give a CC company a second chance, or anyone they bought or were bought by.
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