Credit Card Vent

June 29, 2010 at 13:22:35
Specs: Microsoft Windows XP Home Edition, 2.8 GHz / 2.0 Gb
I have a Visa card from one bank and a MasterCard from another.

As part of a debt consolidation effort I filled out a form on the Visa bank's website which authorizes them to pay off the MasterCard with my Visa card.

The day after I filled out the form, the balance on my Visa card was increased by the "transfer" amount, but the balanced still showed on my MasterCard account. I called the bank that holds the MC and they said that they have no record of any pay off transaction coming from the Visa bank.

I called the Visa bank and they said that it could take 7 to 10 days for the transfer to go through. I then asked them about the fact that the transfer is showing up on my balance...

"Does that mean I'm paying interest on it?"

"Yes sir, you are."

"But you haven't paid off my other card yet. Why should I be paying interest on the same money at 2 different banks?"

"Sir, that's how it works. When you filled out the consolidation form, it's treated like a cash advance so you start paying interest immediately."

"But this is not like a cash advance because I did not benefit from the receipt of any cash. I can't buy anything with the funds and my other card hasn't been paid off. How can you charge me interest on money you haven't given to anyone yet?"

"Sir, would you like to speak to a supervisor?"

"Yes"

"Please give me a phone number and someone will call you within 48 hours."

"What? Are you telling me that I can't speak to someone today?"

"No sir, escalated calls are handled by a group that will call you within 48 hours."

How sucky is that!

It's not the money..it's the point. I don't think they have any right to charge me interest for a transaction that won't get processed for 7 to 10 days.

The only joy in all this is that as soon as the MC is paid off, I'll be transferring the entire Visa balance back to the same MC to take advantage of a 12 month 0% interest offer.

I'm still waiting for the 48 hour call back...


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#1
June 29, 2010 at 13:31:27
That sounds pretty typical for today.
I was using People's First, they got bought out by Hancock bank and now instead of just having a check debit card, I also have a Visa Card as well as a check debit card. No service charges or interest rates on either of them...YIPEE, that's a first for me. I never applied for the Visa card, they just added it on with a $3,000 a day limit and a $300 a day withdrawal from the debit card.
Works for me.

I only regret that I let my Mastercard go in 1990 as it's interest was so high. Visa was much lower and I asked MC if they would match things. They flatly said NO, so I paid them off and dumped them. I'm probably better off in the long run with just 2 visa cards now.

Some HELP in posting on Computing.net plus free progs and instructions Cheers


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#2
June 29, 2010 at 13:52:50
Just one of the major problems with this country(assuming america), unregulated business.

PowerMac 9600(1 ghz G4)
512mb RAM
50gb SCSI
ATi 9200 PCI


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#3
June 29, 2010 at 14:09:58
Hey outlander, I don't think I have a license for your trailer. Do you enjoy riding on my coat tails lately? I smell a TROLL on this one!


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Related Solutions

#4
June 29, 2010 at 15:29:53
Isn't there an old joke about using your Mastercard to pay off your Visa?

I only have MC & Discover. I use Discover about 99% of the time & I have auto-pay set up to pay off the entire balance each month. I make hundred$ a year in cash back bonuses!


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#5
June 29, 2010 at 16:17:59
Hey jam...if you sent me a simple PM, I could help you earn some additional cash back bonuses!

Skip
Audares Juvo


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#6
June 29, 2010 at 16:27:37
re: Isn't there an old joke about using your Mastercard to pay off your Visa?

Unfortunately, in some cases it's not a joke, it's a way of life - making the minimum payment on one card by using another.

That's a sad state of affairs.

In my case, MC is offering me 12 months at 0% interest on balance transfers, but they won't reduce the current rate on my balance. So I'm paying off the MC with the VISA and then once that's done, doing a balance transfer (as part of the offer) back to the MC, including what was already on the VISA, thereby getting the 0% on all of my debt.

In both cases, the balance isn't a huge number, but 0% is better than 6.something and 8.something.


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#7
June 29, 2010 at 18:11:32
Skip, something tells me you're the one that would be getting the bonus & I wouldn't be getting my cash back!

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#8
June 29, 2010 at 20:30:49
It's funny. My credit sucks. However several years ago I was offered a visa card. Very low limit ofcourse. I thought about it a while and decided to try to use it to help fix my credit. (YEAH RIGHT) All it was used for was gas to get back and forth to work. The balance was paid off each month. After just a few months my limit was raised but I didn't care. This happened 4 times until my limit was $5000.00. Then I was sent a Master Card from the same bank. I had a credit check ran and noticed after about a year my credit had not changed. I had no need for the mastercard so I sent it back. They inturn returned it to me and raised the limit. I cut it up and sent it back they sent me another new one and raised the limit. It took 8 monhs to get them to understand that I did not want this master card. Then I get this charge on my visa. I forget how it was worded but basically it was a service charge for the master card I never wanted or used. After many discussions over the phone they claimed it was part of the original agreement that I signed for the visa card. I read every bit of this agreement and I could never find anything on it. A lawyer stated that there is a stipulation that I must pay all service charges aquired on the card(s) I am issued. Being a bit younger and somewhat stupid I set out to get even. I took cash advances until I maxed out the card. Put the money in an IRA. I have been sending them checks for 25 cents each month for over 9 years now. They ofcourse sent all kinds of letters claiming they would do this or that but never have done anything. I was contacted by a rep once and after some heated words I told him if they remove the service charge for the card I did not request I would gladly pay it off in full. I have not gotten any more letters or calls. They still get there 25 cents a month. Surprisingly it was never turned over to a collection agency? I haven't figured that one yet. Or maybe it was and I threw that letter away. I don't open anything from them anymore I just send the check.

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#9
June 30, 2010 at 05:32:05
As long as we're talking about credit cards and their fun tricks.

I have two Capital One cards. Both low limit units. But they are handy and I pay them religiously.

When I was paying them off each month, they started a new tactic. They would hold my online payments until they went past the due date and then throw something like a $35 service charge against the account so they could make money.

When I complained, they said read the agreement, that they could hold funds for up to two weeks before applying it against the balance.

I said that since I made the payment in a timely manner, they could hold them if they wanted to, but they couldn't roll it over so that I would be charged late payments. Then they tried to have it show up on my credit report as a slow pay.
'
I keep pretty good records, so that finally went away.

But even though I've been a good customer for over 6 years, they have proven time and time again what scum balls they are.

I suppose there go my credit cards now.

Chuck Norris was once asked why he doesn't use an iPhone, he responded, "Same reason I don't use tampons."


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#10
June 30, 2010 at 22:02:28
This isn't about credit cards but credit in general. My father had like ultra credit. Anything he wanted he could get on credit. He past away in 2004. At the time I was living up north but now live about 2 hours or 80 miles from where he lived. Last year I got one of those checks from some credit company addressed to him at my address? You know just sign the check and accept the terms. I contacted them to attempt to make them aware of the screwup. They did not want to hear it just kept pushing how easy it would be to accept the loan. Finally I got frustraighted and hung up. The next week I signed the his name to the check and then mine and deposited it. Then I contacted them again and screamed at them until they listened. They made threats but their contract was with a dead man that had they listened they would have known was dead. After getting transfered many times and explaining that the money would be lost if they push they agreed to me sending them a cashiers check for the exact amount of the check and calling it a day. I'll be damned if I didn't get another one from the same stupid people 3 months later.

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