Beware - learn from my mistake!
I have (soon to be had) a BankOne account for 8. Something% interest, 1-cycle billing. I liked this card's interest rate, so I have charged my in-and-out expenses on it. I didn't pay attention and went $192.83 over-the-limit last month. I accepted it and the $35 over-the-limit fee. I am average working class just trying to get by - I am a good, profitable customer to them, have always paid my bills on time, etc.
I paid a large payment and remedied the over-the-limit issue. However, this month, ANOTHER $35 over-the-limit fee was charged! Their explanation was that because my balance was still over-the-limit for "a portion" of that next billing cycle (until they received and posted my payment that was due in the future), then I am "in default" again. I verified that a consumer/customer will get hit with TWO (2) cycles of over-the-limit fees (really $70 then).
Further, because I am "in default" they more than doubled my interest rate to 17.99% with no notice. They didn't double it last billing; the interest rate rose on the 2nd over-the-limit slap which even "making it right" couldn't control.
The "next in charge" gave me a "courtesy" credit of the 2nd over-the-limit $35 charge. Because I haven't ever asked for a "courtesy" before. However, he would not budge on the interest rate. His excuse was that is how the corporate office set the most recent terms and it would not be changed. He put me on hold and did account research several times (or so he said) but it did not produce results on the interest rate.
The most disgusting excuse I heard was "we are consistent with industry standards". Really? $70 over-the-limit fees? Doubling an interest rate for ONE TIME, the FIRST TIME, without notice, on an account that is not some new or special low-interest offer? No, this is not a true statement, as evidenced by the new card I just got and am transferring the balance to for free (yes, I researched and found many offers, and I read the fine print).
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