inveresk
Platinum Member
I invariably pay my credit card bill on time and in full. I had a surprise in store when I got my statement today intimating I'd incurred $18. 53 interest. When I called the company, they advised that I hadn't paid in full last month - apparently I had misread my statement and paid $6,323. 23 instead of $6,326.23. When I queried how a $3 shortfall accumulated $18.54 interest, he advised that interest wasn't charged on the shortfall, but on the full amount of $6,326.23 and it would apply last month and this coming month - i.e. I had another interest charge coming in my next statement for over $35. To summarise, because I was $3 short, interest of $53 - plus change - applied.
I've had the card for a number of years so couldn't believe my ears. As well as earning 3% on every purchase I make, this lot wanted to charge me over 1700% interest on a $3 shortfall when I've cleared my balance early and in full every month - except for last month's error - since obtaining the card.
I'm astonished there isn't legislation to prevent this sort of abuse. I doubt if there's a back street loan shark out there that would have the nerve to charge that sort of interest so what kind of government do we have in Canada that allows this sort of gouging? That level of charging should be illegal.
They agreed to waive the interest but I'm going to do some internet research and see what cards are available out there. The only way I have of lodging a complaint is to vote with my feet, cancel my card and tell MC why. I know it won't make a blind bit of difference but if more people did it, perhaps the companies would have to sit up and take notice.
I've had the card for a number of years so couldn't believe my ears. As well as earning 3% on every purchase I make, this lot wanted to charge me over 1700% interest on a $3 shortfall when I've cleared my balance early and in full every month - except for last month's error - since obtaining the card.
I'm astonished there isn't legislation to prevent this sort of abuse. I doubt if there's a back street loan shark out there that would have the nerve to charge that sort of interest so what kind of government do we have in Canada that allows this sort of gouging? That level of charging should be illegal.
They agreed to waive the interest but I'm going to do some internet research and see what cards are available out there. The only way I have of lodging a complaint is to vote with my feet, cancel my card and tell MC why. I know it won't make a blind bit of difference but if more people did it, perhaps the companies would have to sit up and take notice.