Credit Card Companies & Finance Charges.
I don't understand why credit card companies continue to get away with
policies that are so unfair and anti-consumer. Last month my Mastercard
balance for my MBNA Mastercard was $345.53. I wrote the correct amount
in my check register, but when I went to made out the check my eyes slipped
and I made out the check for $343.13. That's a difference of $2.40.
When I received my new bill I was slapped with a finance charge of $6.19.
I called to find out why the finance charge was so high for a measly $2.40.
I was told that once you miss a payment or part of a payment you pay interest
not only on the unpaid portion from the prior month, but on any new purchases
you've made since. To my mind this is a total rip off!. Payment on the
new purchases in this case, is not due until October 30, They should not
be subject to finance charges unless payment is not received by then, not
from the day they are purchased. In addition to this $6.19 finance charge,
I will also be slapped with an additional finance charge on my next bill
even though I will have paid this bill in full. Utterly ridiculous. Isn't
it enough that credit card interest rates are outragously high at a time
when most other interest rates are minimal? If anything needs reform its
the credit card industry.
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