When my account was approximately one year old fleet decided to slash my credit limit just few dollars above the balance. After that i received a letter that my apr is increasing twice. I've closed the account and kept paying off my balance.in july they applied my on-line payment two days after the date due using their right to take up to two days for processing and hit me with $35 late fee and $35 overlimit fee. They applied my payment and overlimit fee at the same day, but, of course - overlimit fee was applied first, before payment.
If payment would have been applied first my balance wouldn't go over limit at all. Well, i was apset, but thought that it was my fault. They specified the amount of minimum payment, which i paid immediately. This amount included $54 minimum payment and $29.45 - overlimit balance. My next statement, however, again included overlimit amount, this time it was $4.04 and, of course $35 overlimit fee. Same story have repeated the following statement - $3.85 overlimit and $35 - fee. Every time, i have paid exact minimum payment (which included overlimit amount) specified in a statement.
I finally called customer service seeking for explanation. The brain-dead customer service rep had no idea what he is talking about and how the balance was calculated. I had to do math on my own. My discovery was shocking: fleet applies overlimit fee before overlimit occures, "just in case". That is how they do it based on $2700 credit limit:
previous balance: $2729.45
payment and credits: -$83.45
finance charge: $23.04
total: 2729.45-83.45 23.04=2669.04 - still under the $2700 limit.
Then, they ADD $35 OVERLIMIT FEE, which brings (hurray!) account to $2704.04, which is $4.04 above the limit. They keep doing the same trick on my account for the last three billing cycles.
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