all of this is the exact reason I refuse to use a credit card unless it is
a dire (read absolutely no other way to avoid it) emergency. I consider
anyone who wishes to charge me 21% interest a loan shark and if I do ever
have to use one of my cards, the balance is paid in full well before the
due date. The best thing I ever did was get a check card (draws straight
from checking account), this makes me double think every purchase as well
as insures that I had better have the cash in hand if I buy the item. It
is amazing the number of frivilous purchases I had avoided for that exact
reason
Bob
75 Triumph TR-6
74 MGB GT
77 MG Midget
79 MGB
71 Jaguar XKE
97 Jaguar XJ-R
00 Jaguar S-type actually the wife's but she let me ride it in once!!)
On Tue, 21 Dec 1999, Michael D. Porter wrote:
>
>
>
> jniolon@uss.com wrote:
>
> > Richard,
> >
> > Here's one of my rants that I fired off to Sears after a late charge was
> > tacked onto my 21% interest charge account.
> > Made me so mad I paid them off and sent this letter. I enclosed my credit
> > cards (in small pieces). It did get a response apologizing and a $25.00
> > certificate to use at my local Sears store..
>
> It doesn't work nearly as well as that at Citibank.... I got a statement
> with a $29 late charge on a $36 balance received only four days after
> the due date, paid the bill and sent back the credit card with the bill.
> I got a letter saying, "we don't understand why you returned your card.
> Perhaps you misunderstood the reason for the late charge," and the
> letter went on to explain. I wrote them back and said, I never argue
> about a bank charging interest for the time I have their money. Late
> charges should be applied for exceptional payment problems. It is not a
> matter of misunderstanding, but rather, disagreement with the practice,
> since it is effectively a rate of interest which is usury--80% interest
> for four days. I can get better terms from the local loan shark.
>
> All I got from Citibank, in reply, was a letter notifying me that my
> payment insurance was cancelled. I'd had their card for roughly thirteen
> years.
>
> Sometimes complaining works, sometimes not.
>
> Cheers.
>
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