Was 3 days late- never happened before- and was hit with a $39 late charge and almost $21 in interest. As I said this never happened to me before, as I always pay off the full balance by the pay date. Anyway called the CC company, and asked them to waive the late pmt charge- they wouldn’t budge. said looking at my account history I didn’t make them enough money. (even though my monthly paid in full average monthly balance is about $1,400) Is there anything I can do? An honest mistake ( i was on vacation), never happened before, and I get hit with $60 in fees and interest. This is really bothering me.
sucker…they got you…they see you have not paid them 1 cent in interest and now they are sticking it to you…deadbeat
Call them. I got out couple of times
L3BeatIt Wrote: ------------------------------------------------------- > Was 3 days late- never happened before- and was > hit with a $39 late charge and almost $21 in > interest. As I said this never happened to me > before, as I always pay off the full balance by > the pay date. Anyway called the CC company, and > asked them to waive the late pmt charge- they > wouldn’t budge. said looking at my account > history I didn’t make them enough money. (even > though my monthly paid in full average monthly > balance is about $1,400) > Is there anything I can do? An honest mistake ( i > was on vacation), never happened before, and I get > hit with $60 in fees and interest. This is really > bothering me. What bank is this? Stop using the card…boycott 'em.
$1,400/month paid in full? You’re worth less than $500/year to them, without even considering the costs of maintaining your account. I’d say they probably want you to cancel your card.
just tell them to close your account - you refuse to pay bogus fees
These are bad suggestions (boycotting or closing doesn’t cost them anything). Just put like $.50 in gas each month and pay in full. If you raise the issue to managers and can’t get it reversed, you can send a letter to their executive office (I emailed Lowes and ended up with a 3k fridge for $1200 delivered after an ‘incident’).
jcole21 Wrote: ------------------------------------------------------- > These are bad suggestions (boycotting or closing > doesn’t cost them anything). Just put like $.50 > in gas each month and pay in full. > +1
I talked to three people, including a manager. I did threaten to close the card, and they said ok. however after thinking it over I wonder If I’d just be spiting myself because I think it’s Visa and NOT the bank, Chase, that is assessing the fee. anyone know? I would think that I am worth to them at least $360/year (2% from the merchants) - $300 rewards dollars = $60. 60 bucks is greater than the $39 fee. I guess there is other overhead as well but I receive all my statements electronically. They suck.
L3BeatIt Wrote: ------------------------------------------------------- > I talked to three people, including a manager. I > did threaten to close the card, and they said ok. > however after thinking it over I wonder If I’d > just be spiting myself because I think it’s Visa > and NOT the bank, Chase, that is assessing the > fee. anyone know? > > I would think that I am worth to them at least > $360/year (2% from the merchants) - $300 rewards > dollars = $60. 60 bucks is greater than the $39 > fee. I guess there is other overhead as well but I > receive all my statements electronically. > They suck. Dude its the bank (Chase) not Visa that’s assessing the late fee. Chase sucks BTW.
Jcole - What was your Lowes incident?
L3BeatIt Wrote: ------------------------------------------------------- > I talked to three people, including a manager. I > did threaten to close the card, and they said ok. > however after thinking it over I wonder If I’d > just be spiting myself because I think it’s Visa > and NOT the bank, Chase, that is assessing the > fee. anyone know? > > I would think that I am worth to them at least > $360/year (2% from the merchants) - $300 rewards > dollars = $60. 60 bucks is greater than the $39 > fee. I guess there is other overhead as well but I > receive all my statements electronically. > They suck. You are joking, right? Jamie Diamon is an HBS grad, so maybe one of the HBS grads on here can get his number from the alumni directory for you so you can let him know you’re not happy.
Analyze_This Wrote: ------------------------------------------------------- > Jcole - What was your Lowes incident? Not even really an incident (unless you read the letter I sent). I went in to buy a fridge and couldn’t get anybody to help me. One of the dudes finally came over and was kind of a pr!ck to me, and I asked to speak with a manager. He called a manager and nobody came. Then I tried to get back to the store manager, but they had a new one coming in later that week and I didn’t get a return call from the assistant store manager or department manager. Then I beefed with the CEO’s office, and the new manager called me as he was flying into town. He thanked me for identifying areas he needed to work on and I got a callback from another guy I spoke with the day before the ‘incident’ (who I praised in my letter), he thanked me for not getting him in trouble and said I’d have the fridge the next day for $1500 (it had a ding in it, they had it on the floor for 1800 I think). I countered @ $1200 and they took it. I think the store manager liked my swagger and having the opportunity to come in pi$$ed off and show people that he didn’t tolerate poor service. I also talked to him about the area.
Question: My understanding of credit cards was that the card company (Visa, Mastercard, AMEX) made money on a percentage of all transactions, say 2-3% which the merchant had to pay in excess. And the issuing bank (Chase, CapitalOne) only made money on the interest charged for people who didn’t pay their balance in full. Is this correct? If so Chase would never make money off people who don’t spend more than they can pay in one month.
SlaveII Wrote: ------------------------------------------------------- > Question: > > My understanding of credit cards was that the card > company (Visa, Mastercard, AMEX) made money on a > percentage of all transactions, say 2-3% which the > merchant had to pay in excess. And the issuing > bank (Chase, CapitalOne) only made money on the > interest charged for people who didn’t pay their > balance in full. > > Is this correct? If so Chase would never make > money off people who don’t spend more than they > can pay in one month. That is incorrect. Visa makes a much smaller percent, (maybe 50 BPS or something), and the issuing bank makes the bulk.
jcole21 Wrote: ------------------------------------------------------- > > That is incorrect. Visa makes a much smaller > percent, (maybe 50 BPS or something), and the > issuing bank makes the bulk. Correct. Visa and MC are nothing but brands and transaction processors. They get a very small percentage of the transaction fee. They also charge the issuing bank (Chase) an annual fee. Chase bears the financial risk of you not paying, so they get the bulk of the transaction fee and all of the interest and penalties.
L3BeatIt Wrote: ------------------------------------------------------- > Was 3 days late- never happened before- and was > hit with a $39 late charge and almost $21 in > interest. As I said this never happened to me > before, as I always pay off the full balance by > the pay date. Anyway called the CC company, and > asked them to waive the late pmt charge- they > wouldn’t budge. said looking at my account > history I didn’t make them enough money. (even > though my monthly paid in full average monthly > balance is about $1,400) > Is there anything I can do? An honest mistake ( i > was on vacation), never happened before, and I get > hit with $60 in fees and interest. This is really > bothering me. Something similar happened to me. I went from the rep to a manager, and finally said, “Fine, close the card, I’m done with you.” All of a sudden concessions were able to be made…I took them, and still closed the card.
Late fees suck, sorry to hear you got hosed! I got out of a late fee by killing them with kindness… Of course the call center reps can be jerks sometimes, but most of them seem to want to help if you keep your cool.
Which bank is it? I have mistakenly done that more than once and always got full refund back.
Chase. It’s the Visa Chase Rewards card. I was very kind and explained my situation to 3 people. I just applied and was approved for a Citi mastercard “diamond rewards” card (no annual fee). Once I receive I will promptly call Chase and say “Please close my account, and F yourselves. have a nice day” ( not sure why this whole thing arouses so much anger in me)