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Credit Card Finance Charge
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Credit Card Finance Charge - July 14, 2009, 09:48 PM

From last month my credit card company started taking so called "PURCHASE *FINANCE CHARGE*" .. they say its coz of the balance I have?!?! I was never charged with this before .. and I didn't leave room for this charge so now I have overlimit fees as well How do I know if its a legit fees .. I checked the transactions since April and they started taking it since last month!!!!


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July 14, 2009, 09:50 PM

that sounds like your normal finance charges. it often shows up as a purchase. were you previously in a no interest period?


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July 14, 2009, 09:53 PM

That is yo interest charge yo.

you ain't posed to git det close to yo maximum.
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July 14, 2009, 09:53 PM

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Originally Posted by nastybastard View Post
that sounds like your normal finance charges. it often shows up as a purchase. were you previously in a no interest period?
I am not sure .. had this card since 2007 .. aren't they supposed to notify or something?


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July 14, 2009, 09:58 PM

Quote:
Originally Posted by DEEP View Post
I am not sure .. had this card since 2007 .. aren't they supposed to notify or something?
You've never had a finance charge since 2007? They usually will notify you, but it's buried in your statement.


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July 14, 2009, 09:59 PM

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Originally Posted by nastybastard View Post
You've never had a finance charge since 2007? They usually will notify you, but it's buried in your statement.
nop .. I guess the charge came with a bang


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July 14, 2009, 10:01 PM

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Originally Posted by DEEP View Post
nop .. I guess the charge came with a bang

rates are goin up man.


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July 14, 2009, 10:39 PM

Quote:
Originally Posted by DEEP View Post
From last month my credit card company started taking so called "PURCHASE *FINANCE CHARGE*" .. they say its coz of the balance I have?!?! I was never charged with this before .. and I didn't leave room for this charge so now I have overlimit fees as well How do I know if its a legit fees .. I checked the transactions since April and they started taking it since last month!!!!
Stay on top of your shit Sudeep!
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July 14, 2009, 11:12 PM

ah to be a broke college student - those were the days!


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July 15, 2009, 04:59 AM

Check your Credit Card Disclosure Agreement for the actual charges they are permitted to charge. There should be two different finance charges listed.

1. Purchase/Finance
2. Cash/Cash Advance

#2 is usually tied to a larger interest rate and is charged immediately once a cash advance is taken and will be listed on a seperate line until paid in full. The purpose of that is so you can't take a cash advance and then turn around and use it to pay your account. They would make no money.

Standard purchase interest is applied (Normally) at the end of the billing cycle of 28-30 days depending upon your open date and remains until the balance of PURCHASES is paid in full.

If you have never had a finance charge before then you have either never carried a balance before or had a promotional period for a rather unusual length of time that "teased" you in for zero interest. Although those promotions usually expire no more than 6 months into your account.

As for the over limit fees.... call them up and tell them you want it removed or you are going elsewhere and be prepared to do so.

If you need any more help let me know.
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July 15, 2009, 05:31 AM

Pay it off when you can and either destroy it or keep it solely for emergencies.


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July 15, 2009, 06:12 AM

Quote:
Originally Posted by Dark View Post
Pay it off when you can and either destroy it or keep it solely for emergencies.
Cavet: If you need to use more than 1/2 your liquid cash to pay off this card then DO NOT pay it off unless you plan on closing the card. If you plan on using it for emergencies then keep the cash since you're likely gonna charge it again. This way you wont be out of the cash and still have a balance.

Freeze the card in a block of ice (ziplock back filled with frozen water) so that the numbers are obscured. The time it takes you to get at the card may be enough time for you to rethink "do i really want to finance that"

Good Luck.


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July 15, 2009, 09:17 AM

Tx guys .. I am going to call them again and see if I get a break .. I could have paid it before If I had known that they would charge me .. the kind of snuck up on me! I would have never used a credit card in the first place if I didn't HAVE TO build up my credit record! Getting sucked onto the American way of life.


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July 15, 2009, 09:39 AM

Was it your annual fee? Some cards charge you once a year for using their service you know and that is billed as a charge.
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July 15, 2009, 04:21 PM

Quote:
Originally Posted by BlackHawk View Post
Was it your annual fee? Some cards charge you once a year for using their service you know and that is billed as a charge.
I dont have an annual fee .. They said it was the bank charging me for the balance :/ I haven't haggled with them yet...


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