1. I purchased a computer at Circuit City because it offered 'no finance charges' for 6 months. I opened up a Circuit City credit account (which is Chase Cardmember Services).
2. Statements still include finance charges.
3. Their website provide an option to "Pay Balance in Full". The website reported I had a zero balance.
4. Today, I recieved a bill with $10.04 in finance charges. The website now reflects the finance charges.
I realize that card companies claim that there's an interest amount to pay in their calculation. Nevertheless, if you were to 'pay the balance in full' each month, you would still receive a bill w / interest charges. Several credit card companies pull this stunt.
I'm not asking for help... I know how to fight back... It'll be removed when I call & create a large fuss. However, they make it difficult and card companies need to be put on notice by their customers. Try calling their toll-free number 800-477-6761 and see how long it takes to find a live person.
Truth: I believe that most credit card companies purposely make it difficult to pay balances in full — without a stiff argument. I think this is a way to collect fees from those that don't know how to fight back.
Legislation ought to be introduced to clarify the meaning of "payoff balance'. Too many companies completely ignore someone that 'pays in full' — can claim it to be interest payments.
If Chase's website offers me a choice to 'pay the balance in full' — and then follows up with finance charges, it must be fraud... Perhaps legal, but definitely unethical.
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