Welcome to the MacNN Forums.

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

You are here: MacNN Forums > Community > MacNN Lounge > Minimum Interest Charge on $0.00

Minimum Interest Charge on $0.00
Thread Tools
Clinically Insane
Join Date: Dec 1999
Status: Offline
Reply With Quote
Sep 26, 2011, 01:58 PM
I pay off my credit cards every month. I had gotten an offer for a much better credit card, so I got it and stopped using my old one. I then noticed a $1.50 "Minimum Interest Charge" on my Chase Bank credit card. The only reason I really noticed it was because I had stopped using the card and it was the only transaction on it.

So I called chase and found out that they kept charging me a $1.50 MIC on my credit card even when I had no balance on it. They apologized and were too quick to reverse all the $1.50 charges that I had missed in pervious statements, but I had a sneaking suspicion I wasn't the only one.

Sure enough, a quick Google search, and there are tons of people with the same problem. Chase just charges everyone $1.50 even on $0.00 balances. Apparently it's up to the customer to dispute the charge.

How is this even legal? It's obviously not an accident. It's exactly the same as those bogus charge scams where people are billed small amounts, and only a few people actually call in to get the "accidental" charges reversed. For everyone else who doesn't notice or bother to call to dispute, it's free money for the company.
"…I contend that we are both atheists. I just believe in one fewer god than
you do. When you understand why you dismiss all the other possible gods,
you will understand why I dismiss yours." - Stephen F. Roberts
Person Man
Professional Poster
Join Date: Jun 2001
Location: Northwest Ohio
Status: Offline
Reply With Quote
Sep 26, 2011, 02:11 PM
I'd report it to your state's Attorney General. It may not accomplish anything for you specifically, but if they get enough reports they may investigate.
Join Date: Jun 2000
Location: inside 128, north of 90
Status: Offline
Reply With Quote
Sep 26, 2011, 02:14 PM
Hmm, I should check my statements... I don't usually carry 0 (I get points) but it's paid off every month and I don't recall seeing any 1.50 fees.
Addicted to MacNN
Join Date: Sep 2000
Location: The Rock
Status: Offline
Reply With Quote
Sep 26, 2011, 03:24 PM
I smell....some lawyer making a lot of money off a class action that will net individuals about $80.....
Mankind's only chance is to harness the power of stupid.
Professional Poster
Join Date: Feb 2002
Location: Why do you care?
Status: Offline
Reply With Quote
Sep 26, 2011, 04:33 PM
Paying Interest
Your due date will be a minimum of 21 days after the close of each billing cycle. We will not charge you periodic interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on balance transfers, cash advances, and overdraft advances on the transaction date.

Minimum Interest Charge
If you are charged periodic interest, the charge will be no less than $1 to $1.50.

Problem is, that $1.50 only applies as a minimum IF you are charged periodic interest. With no balance, there should be no periodic interest and therefore no minimum interest charge.

I hope they get the pants sued off them.
el chupacabra
Mac Elite
Join Date: Apr 2001
Status: Offline
Reply With Quote
Sep 26, 2011, 09:34 PM
Im waiting for the day that one of these big companies accidentally puts 1.50 into everyone's account periodically.
Thread Tools
Forum Links
Forum Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Privacy Policy
All times are GMT -4. The time now is 02:51 AM.
All contents of these forums © 1995-2017 MacNN. All rights reserved.
Branding + Design: www.gesamtbild.com
vBulletin v.3.8.8 © 2000-2017, Jelsoft Enterprises Ltd.,