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Hit by the richochet

June 5th, 2009 at 08:21 am

Yesterday's post mentioned my "shotgun" approach to transferring my $9000 balance off the BoA card.

(BTW, it's now below $9000. I made a regular payment of $89, and finally got that rebate of $24 from The Weekly Standard, so it's now about $8900)

Well, yesterday everning I get home to find one of my credit cards in the mail. The Chase card. Guess what? $1400 credit limit and a 0% promotion interest for THREE MONTHS!!!! So, I no longer want it. I call to cancel the balance transfer, and am told that once the request is submitted, it's humanly impossible to stop it. So I call BoA to have it stopped on that end. And am told that they can't stop incoming payments, only outgoing payments. Even if I closed my account, the incoming payment would still be posted. They can send it back once it's posted, but by them Chase will have charged me the 3%. I don't mind paying that 3% if the balance was good for 12 months, but not for 3. So now I'll either have to buckle down and get that $900 or so paid off in 3 months, or pay the 3% fee TWICE on the same balance.

I wish that credit card companies would tell you the terms that you qualify for BEFORE you recieve the card. Like in a regular loan. No one signs loan paperwork blind, but you do for a credit card. Once you sign, you're stuck recieving a card at whatever terms they decide.

I'm not a big fan of Chase this morning...

2 Responses to “Hit by the richochet”

  1. ceejay74 Says:

    Yeah, the balance-transfer game is a hard one. I tried it for awhile, but then I decided an unsecured loan was best. Even though the interest rate is higher, obviously, than 0%, it has a 5-year fixed-payment schedule and then it's done. I've knocked at least a year off that by paying more than the minimum, but the monthly payment stays relentlessly the same. It's a pain sometimes to pay that much, but it's better than a credit card where the minimum payment (and thus the amount going to principal) decreases every month. Makes it too easy to keep paying less and less on it.

  2. gamecock43 Says:

    yeah- thats true. How blind you are when you apply for the CC.

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