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Warning to users of recurring transactions...

I didn't find a post similar to this one. I'm in a bad mood and wanted to make sure others know it.

Chase (I was formerly with Bank One) decided to change my due date with about as little warning as possible. It's on the statement where it changed -- and it even says it "may have changed". I'm just fortunate I happened to catch it. They moved it by two days - two days *earlier*. I have on-line recurring transactions for them and pay little attention to the statements. Why should I? I download all transactions into Quicken to validate charges. I just send them a large sum of money each month (several times minimum) while paying them off. Payments always post when they should and I've never had a problem.

This subtle change they weaseled in would have thrown me into the dreaded Default APR state had I not caught it. Yes, I want to pay 30+% interest rates.

Let this be a warning to everyone. Review your statements and watch for weasely practices. I really thought that when I scheduled everything for on-line recurring payments that I could just sit back and not think about it. Fool.

Maybe I was just being naive. Maybe the rest of you are already watching for these practices. I wasn't. They are getting a very long letter from me.

- Virgil

Reply to
vjg
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hi virgil

thanks for this warning post. I also just switched from bank one to chase, so i checked my statement. indeed the due date changed, but it changed from the 15th to the 17th.

-- jim

vjg wrote:

Reply to
James A. Crittenden

A further warning for Chase credit users... if you go to the Chase online site, you can specify what day you want your payment to be due. I have specified the 19th of the month.

You have to keep an eye on it because the due date will slowly creep back in days, without warning. For me, it went to the 15th. (note: I have always been a Chase customer, so this has nothing to do with any bank One stuff).

I noticed that Chase revamped the due date portion of their website recently, perhaps they have fixed this major problem. In the meantime, I am, as has been suggested, keeping a close eye on the statements.

Reply to
bjn

You're welcome. I went home on Friday and found a new credit card offer in the mail (surprise!). They come in constantly, but I watch for the ones that I think are really good. This one was 0% on balance transfers until the middle of 2007. I transferred my Chase balance. They aren't getting another dime from me.

Reply to
vjg

Did they get any dimes before if you paid your balance in full each month?

Reply to
Heather

I've been watching these "0% until whenever" deals for a while now. It seems to me you get 0% as long as you actively use the card. Then thy apply your monthly repayments to the lowest APR balance of the card, meaning you pay off the 0% balance transfer while holding onto the

16.8% (or whatever) balance for current purchases. Not a good deal IMNSHO.
Reply to
MikeB

I've used many of these teaser cards and teaser rates. While it's true that they operate as Mike says, if you don't make purchases on them but rather use them for debt storage you don't have those 16.8% balances. I have not had a card that said I needed to actively use the card to have the 0% deal.

Reply to
Andrew DeFaria

Oh... don't go there. I'm cleaning up someone else's mess. ;-) It's a long and slow process.

Reply to
vjg

Indeed, there are some that are like that. The low or non-existent rate extends on a monthly basis up to a maximum as long as you were using the card. I put $7.95 on that card each month paying my (charter member) AOL subscription. The overall interest generated while I was servicing the debt was extremely small.

You do have to pick the right ones. I pitch about 90% of the offers on sight. Another 8% are considered thoughtfully and then pitched. 2% might get serious consideration. I might use one a year to keep my interest rates low while I pay down the debt.

It is a slow process but can be managed very effectively.

Reply to
vjg

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