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Just figured out something tricky on my GEMB card

Frequent Contributor

Re: Just figured out something tricky on my GEMB card

CCC's also make their money when a consumer charges on a card AFTER putting on a balance transfer at a special rate.  In the T&C they always apply payments to the lowest apr. 
 
Its all in that fine print that requires a darn magnifying glass to read!
Message 11 of 16
Senior Contributor

Re: Just figured out something tricky on my GEMB card

HTSU,

The sign in the store said "0 percent for 12 months*", and I looked for the * in the fine print and saw that. I'm glad others have taken notice also. That's a sneaky little trick.

Message Edited by FretlessMayhem on 05-13-2008 02:26 PM
Here we go again...
Message 12 of 16
Senior Contributor

Re: Just figured out something tricky on my GEMB card



ivyalmighty wrote:
Me too, HTSU... thank goodness for it. I went back and re-read the terms, and indeed, the 26.99% APR would be retroactive to the entire balance, not just the remaining unpaid portion. Yikes...





Yeah. That's pretty sneaky. Glad you got it paid off!
Here we go again...
Message 13 of 16
Established Contributor

Re: Just figured out something tricky on my GEMB card

It is actually uncommon for CCC's not to charge all interest once the terms of 0% are finished.  This gets alot of people =)
 
Its not surprising, considering we all know that even if you have $1 charged after your grace period, you will get charged financing on the average daily balance, rather than just the $1.


Message Edited by fender on 05-13-2008 03:21 PM
"WTB Access Number"
Message 14 of 16
Established Member

Re: Just figured out something tricky on my GEMB card

I knew about how sneaky GEMB (WalMart) could be from the very start. I paid off almost 90% of my balance in the allotted 6-month no-interest plan that I had within 3 months. Then I miscounted the number of months and went way past the 6-month mark. Partly because I ignored it thinking it was well handled.

So for the remaining balance of $75 that I let slip, I got hit by a whopping $44.48 finance charge. It's good that it does not reflect on the CR, but still, the wallet hurts. I panicked, paid the balance off, then had the account closed.

Then here came myFICO forum that made me realize that keeping this account is still a good thing. Called GEMB and they re-opened the account, keeping the CL intact, without a hard pull. I'll just wait and see how my score flickers.

Message Edited by ericksond on 05-13-2008 06:54 PM
Message 15 of 16
Highlighted
Moderator Emerita

Re: Just figured out something tricky on my GEMB card

Wow, I'm a babe in the woods on all this, since I'm such a compulsive PIF'er! Smiley Surprised

Thanks for everyone's info! I'll be sure to pass it on. Good stuff, guys and gals.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 16 of 16