topic Re: Finance Charge Reversed - Wamu. in Credit Cards

Finance Charge Reversed - Wamu.

Anonymous — Wed, 10 Dec 2008 15:49:27 GMT

I just checked my statement. I was revolving a $1300 purchase that I had made with a promo apr of 1.99%. I purchased an Sony Bravia with that

This month I paid it off around mid month, so I should have acured finance charge for half a month.

It turned to be 38 cents, but they reversed it. I thought most of the CCC have minimum 50 cents as finance charge, so i am not sure why they came up with 38 cents FC.

Anyway, that helped me report a zero balance to Fico which would help.

btw, as a tip on revolving with wamu (coz wamu has avg bi-monthly finance charge calculation) I made 2 payments every month. one at start and another on 15th... This brings the avg value and hence you pay less finance charge.

Re: Finance Charge Reversed - Wamu.

score_building — Wed, 10 Dec 2008 21:10:28 GMT

@Anonymous wrote:
(coz wamu has avg bi-monthly finance charge calculation)

do you mean double cycle billing? only some of their cards have that interest calculation, my wamu platinum was daily avg balance method incl new purchases. i don't app for double cycle billing cards on principle. it is one of the questionable practices of some lenders that is currently being scrutinized and may be barred.

Re: Finance Charge Reversed - Wamu.

Anonymous — Wed, 10 Dec 2008 21:14:34 GMT

@score_building wrote:
@Anonymous wrote:
(coz wamu has avg bi-monthly finance charge calculation)

do you mean double cycle billing? only some of their cards have that interest calculation, my wamu platinum was daily avg balance method incl new purchases. i don't app for double cycle billing cards on principle. it is one of the questionable practices of some lenders that is currently being scrutinized and may be barred.

yeah doube cycle billing, it is the contract that the card I have is double cycle billing. it didnt bother me coz i usually PIF, just used this promo offer of 1.99%.

I paid i guess 3% + less than 3 dollars in finance charge during the life of the loan.

Re: Finance Charge Reversed - Wamu.

score_building — Wed, 10 Dec 2008 21:20:40 GMT

@Anonymous wrote:

I paid i guess 3% + less than 3 dollars in finance charge during the life of the loan.

good going void, they aint gonna get rich off of you no time soon. try as they will! he, he

Re: Finance Charge Reversed - Wamu.

Anonymous — Wed, 10 Dec 2008 21:56:51 GMT

@score_building wrote:

good going void, they aint gonna get rich off of you no time soon. try as they will! he, he

haha, yeah... Well, I appriciate wamu's part of reversing the small amout of finance charge that I should have paid.