Ok, so I want to provide some more additional detail about this issue. There are two problematic months April and May.
April Statement - Statement balance $203. Minimum payment $35
On April 9th received a $320. The total account balance was approx $-100. Nothing at all due. As of April 9th, how could I owe a minimum payment my account balance was in the negative? I continued to use my card as normal. No payments made.
May Statement - Statement balance $414. Minimum payment $35.
Used card as normal, received three credits $448, $5.60 (x 2). After the credits posted, my account still had a balance of around $250. This month my account was not in the negative, but the credits fufilled the entire previous statement balance. No payment was made.
Both months the app/online showed $0 remaining statement balance and $0 remaining minimum payment due. No statement show any past due amount and show no amount subejct to interest charges.
April statement. I disagree that I could have possibly owed anything at all in April. The 4/9 credit brought my account into a negative balance. There is no logic as why any payment would be due at all.
May statement. I understand your logic that I still owed the minimum or statement balance. I disagree, but we can move on past that point.
Regardless, Chase treated this credits as payments. I relied on their system and their intrepretation of the cardmember agreement, based upon how their system processed the payments. If Chase wants to do things differently, then they should have showed that I had a remaining statement balance / minimum payment OR that my account was past due. None of these things happened. Expecting someone to pay a minimum payment when the bank owes you money is the most illogical thing I've ever heard before. But, it could make sense if Chase had this in their card member agreement, did not treat the credits as payments, or showed my account past due. There is none of this. Again, I would have paid, if Chase had put me on notice that I actually owed something.
April Statement Summary
May Statement Summary
May Statement Interest Calculation
The June statement summary didn't post for some reason. Here it is.
June Summary
This thread reads like a Twilight Zone episode script.
Credit Cards 101: ALWAYS pay the statement minimum payment, regardless of account credits.
If you overpay, you simply charge your next tank of gas to use up the credit. Simple stuff.
Why you opted to go scorched earth over what could be an easy account fix eludes me. You're a lawyer. Surely you know that blowing this thing up will not end well for you.
I don't think anyone has stated that you are in the wrong (other than filing the CFPB complaint, particularly before they even have a chance to get back to you as they stated they would). But you're trying to apply common sense to the situation (I owed X and got credit of Y which was more than X), and common sense is not always what is laid out by bank policy. The account is now current and no adverse action was taken by Chase, so the net result is that this did not harm you.
@Caught750 wrote:
@tacpoly wrote:
@Anonymous wrote:I really don't agree. I didn't owe Chase anything. There was nothing to pay. The statement balance was paid by a credit. I get a grace period on all new purchases.
Regardless, I would have paid if Chase told me to. Instead their app and website said I had $0 remaining statement balance/$0 remaining minimum payment due. If Chase wants this policy they should update their app and website and the cardmember agreement.
I think you have a case if, after the credit posted, the app and site indicated that $0 is due. That change in amount due suggests that Chase applied the credit against the current balance. I hope you got screen shots.
LOL about people here saying they'd still pay the minimum* even when a credit balance is showing. If that's true, this is the most conscientious bunch of credit card users that have walked the earth
* For all PIFers (aren't we all), if you believe that Chase does not have to apply the credit as payment towards the balance, why only pay the minimum? Shouldn't you be paying the statement balance? If you, all of a sudden, pay the minimum, aren't you expecting Chase to apply some of the credit as payment?
I'd call it responsible but conscientious works. I'd pay the minimum because the TOS say I have to pay and the credit is not a payment...
Right, because end of day that is essentially all that matters. Period. You could have a $40K credit coming with only a $200 balance, but if you miss the required minimum payment you're in default per the agreement you signed. Furthermore, what's wrong with paying the minimum if you know you'll get it back anyways? I sure wouldn't be arguing over a few nickels if it keeps issues such as this from happening.
Could Chase be less confusing between the app and online statments? Possibly, but I've never tried this type of haggling over whether my payment was made by the fact there's a credit coming. Just as I don't assume that when I redeem statement credits, they're applied to the minimum payment resulting in me owing less or nothing at all.
Of all the issues to stand on principle over, I don't believe this is one of them. I'm not for or against anyone here, just stating the facts per wording of how CC's treat credits. You may or may not have a case for some slight confusion, maybe not. Is it really worth burning a bridge over though? Considering you would have eventually gotten that Money back as a check?