Reply #75: Chase's latest game - NO PAYMENT DUE [View All]

[imdjh]

I'm sitting there trying to figure out why I have a balance, but no payment due. My account was purchased from Washington Mutual.

On the second or third page, ie one that has no transaction info, it says something like, "You can skip a payment if you like. No payment is required in this billing cycle. blah blah blah normal interest charges will accrue..."

Yes, I am an adult and I am smart enough to know that this gift horse is a jackal. But not everyone even knows about their two cycle interest calculations, or that skipping this month, doesn't mean that next month you can simply pay off the balance while accruing a minor interest charge. In fact, what will happen is that this month's balance will be charged interest based on the average of last month and this month, which means that while my balance is only $600, the interest will be calculated on an average balance of over $1000. Moreover, by not paying this month, al of next moth's charges will accrue interest based on the rolling average.

Thanks Congress - clearly these people don't need to be regulated any more than the Gotti family.