Chase hung up on me! I was speaking to Debra about my account on 4/23/2010 at 6:23PM. I was not mean, I was just trying to understand why the balance subject to interest rate on my promotional APR rate was higher for the month of April than it was for the month of March although no new charges have been put on the card for months!
I have a promotional rate of 3.99% on the card as well as a promotional rate of 0.00% on the card. I have not used the card in months so there are no new charges that enter into the picture. I ALWAYS make more than the minimun payment so that isn't at issue either.
I first asked her, "How do you apply payments?". She replies, "First, we apply your payments toward fees and interest and then to the balance with the lowest APR.". I didn't stop her because my main issue was still how in the world does the balance on my 3.99% promotional go up when I am making above minimum payments.
On my statement due in April, the balance on my 3.99% portion is 10 cents higher than the balance on the March statement even after you add in the interest charges (we are dealing with small balances, but if they Chase cheats each customer out of 10 cents, they will make enough for the the CEO to get a good bonus this year). Debra was trying to tell me that this occurs because the balance used to calculate the balance subject to interest rate is done on an average daily balance basis and then she goes into some sort of song and dance about one month having 30 days and the other month having 31 days. A fifth grader can tell you that if we are averaging 2 numbers, your number should fall in between the two numbers you are averaging, not outside the range.
She kept referring me to the top of the billing statement to show me that they are applying to payments correctly and my total balance is coming down. I felt like she was reading a script because she wasn't processing anything I was saying. So, moving on, I said, "You told me earlier that you apply my payments to fees plus interest and then to the balance with the lowest APR." She replied, "That is correct." I said, "Well, according to the new credit card regulations you are suppose to apply any payment I make above the minimum payment to the balance with the highest APR." She then replies, "That is right, first we apply your payment to the fees plus interest and then any payment above the minimum to the balance with the highest APR." I said, "Well, that's not what you said about 5 minutes ago." She then repeated, "First we apply your payment to the fees plus interest and then any payment above the minimum to the balance with the highest APR." I asked again, so which one is it. Just five minutes ago, you told me it was the balance with the lowest APR. Let's go through this calculation together. When I walk through the calculation with her, I now find a $3.22 discrepancy. When I asked her about that, I got the response, "If you look at the top of your billing statement you will see the total of all your balances and the interest charged and your payments. I assure you your payments are being applied correctly!"
I then told her, I understand what is at the top of the statement, my issues are in the details. I am trying to figure out how to get the numbers are you are posting at the top of statement. I then asked her, "Am I the only customer that is having these problems, or are you getting other calls with folks who have the same issues?" At that point, she hung up me!
To be fair, in Chase's defense there is something on the statements they are not sharing with us because when I add to the balance used to calculate the interest rate, it's a few dollar short of the balance due even after adding the interest rates. I guess we need a little more transparancy here. I may forward this on to the credit card regulation people Senator Shelby told me to refer any of my issues to. I just have to find the letter. I'm pretty sure I scanned it into my Neat Receipts software.