Friday, September 01, 2006

Chase Charged Me Additional $40.49 For 0% Balance Transfer

And no, this is not the balance transfer fees, which is another $75.

The current balance transfer was made in June and will expire in December. Since I only have the balance transfer in my account, I usually don't check the statement, assuming that as long as I pay the minimum, everything should be fine.

However, when I did read the statement tonight, I notice a $1 charge under the "Finance Charge Due To Periodic Rate."Periodic rate? This is the first time I noticed such a fee and have no idea what it is. So I clicked last month's statement and there it is: a $40.49 finance charge under the same label. This may be the origin of the $1 charged this month. In addition, instead of getting a 0% APR, the statement says:

"Effective Annual Percentage Rate (APR): 0.10%"

where the effective APR "represents your total finance charges - including transaction fees such as cash advance and balance transfer fees." But there is no explaination of Periodic rate and how it is calculated.

I hate to call CSR as they always sound like I am the bad guy who didn't follow the rule or didn't read the fine print (yes, I didn't read the fine print), but I guess I have to give them a call next Tuesday to clear it up.

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