My email exchange with Dell financial "customer service" is self explanatory:
Original Message Follows: Sent 6/13
Topic: Interest Rate
Message: I just received my bill from Dell and was concerned that I was billed for finance charges since it was my understanding my account would be interest free if I paid the amount owed within 12 months. I called customer service to inquire about this and was informed I wasn't approved for the 1 year program and I was being charged an interest rate of 30% per year. This is clearly an outrageous and usurious rate that no one in their right mind would pay. I owe more now after making the first payment than the original price of the computer. I emphatically request approval for the one-year interest free plan or at the very least a lower rate. Please respond as soon as possible. Since you are charging me almost a dollar a day in interest I would like to resolve this as soon as possible.
From: US_DFS_Customer_Experience
Subject: Re: Interest Rate
Date: Tue, 14 Jun 12:59: 21 -0500 (CDT)
Dear Mr. Quinn,
Thank you for contacting Dell Financial Services (DFS) regarding your account.
We apologize for any confusion you believe you may have experienced in regards to the charges on your account.
Please note that your Dell Preferred Account does have a 25 day grace period on new purchases. The grace period began on your first statement date, which was 05/03. As payment of the full ending balance of the statement was not received by the statement due date, you are required to pay finance charges on the purchase.
Regrettably, you did not meet the requirements for receiving the No Interest Until 2006 promotion. We
were however, able to approve you for the Regular plan Dell Preferred Account. The decision was derived from a computer generated scoring model which uses information in whole or in part contained in your
credit bureau report. The credit model uses many pieces of data regarding the quality and quantity of credit you may have, or once had outstanding. Unfortunately, because the criteria contained in our scoring model is proprietary, we are unable to disclose the specifics
used to reach our decision. Please keep in mind that a combination of such factors such as payment history, amount owed, length of credit history along with many others may affect your credit score. Unfortunately we are unable to change the Interest rate or the Promotional plan on your account.
Kindly note that the deferred finance charges on your statement of $23.00 represent the finance charges that were earned but not billed on your first statement. These charges were not assessed at that time because your new purchases were eligible for a 25-day grace period. Because you did not pay those new purchases in full prior to the end of your grace period, the finance charges accrued during that time are now due. The billed finance charges represent the current statement period's
finance charges. However, note that you are not charged deferred finance charges every month; this charge is only assessed on new purchases that are not paid in full within the 25 day grace period.
As of today's date, your current account balance is $1096.02 with a minimum payment of $33.00 due by 06/28. Keep in mind however, that because interest accrues on your account daily, you may have additional
finance charges assessed on your next regular statement. To make a payment, please mail your check or money order to:
Dell Preferred Account
Payment Processing Center
PO Box 6403
Carol Stream IL 60197-6403
Please refer to your 19-digit account number on your payment and have your check payable to Dell Preferred Account. To make a phone payment to your Dell Preferred Account, please contact our collections department
at 1-800-443-1592. Please keep in mind that there is a $10.00 fee for this service.
If you have not already, we invite you to visit our new and improved website at www.dellfinancialservices.com. We now provide a variety of account information including balance, available credit, and the date and amount of your last payment received. You can even update your
billing address online as well.
Of course, should you have any other questions regarding your account that are not addressed by our website, please do not hesitate to contact us at (800) 283-2210 or respond by return e-mail. We will be happy to assist you.
Sincerely,
Brett Lee
Customer Service
Dell Financial Services L.P.
I was not "confused" about my account. I was misled.
What an honor - I am the proud owner of a Dell "PREFERRED" Account. Thanks. If you charge your PREFERRED Account holders an APR of 30% I can't imagine what you charge the regular customers.
You must be aware of how outrageous this finance rate is. I will pay the bill in full before June 28th. Then, hopefully, I will not have to deal with this type of usury from your "Financial Service" again. Given your lack of interest in customer satisfaction I'm sure you will not be concerned, but be assured, I will spread the word of my experience with you to anyone I encounter who may be interested in purchasing a product from Dell.
Timothy
Tribes Hill, New York
U.S.A.
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