I caught this by chance, moving across country I had been pretty much just opening bills and paying them without close examination. One month I noticed on the CHASE statement I had a credit from over payment yet I also reflected some 30.00 in interest charges??? I called and asked if my payment came late? No it was actually two days early. Then why the interest charges if it's over paid? Because it is their policy to charge you interest right up till payments received, no 25 day grace period as with other creditors. I asked then can you apply the overage to my other card? No it is our policy we have to refund you upon request by check...hmmm that way they aren't halting interest charges on the second account. I then asked what is the pay off on my second account because of your "policies" I am going to close both accounts. I was then informed their policy forbids them to provide you with the pay off amount of your own account. They can give you the principle balance but not the pay off
What I did was a little math and computed the balance of my second account and paid then .2 cents more and closed the account. I let them send me statements for about the next six months reflecting a .2 cent credit. They finally stopped so I contacted them regarding my .2 cent credit. As it ended up I merely had to send a simple fax requesting my refund which they did send a check for .2 cents which I will NEVER cash! It will go on haunting their balance and forcing audits forever as far as I'm concerned. But as long as it costs them at least the 30.00 they charged me interest I'm happy. Pay backs a bi*ch and I promised them as long as I lived I would tell everyone I can about their under handed ways of doing business. Now I have told you all, if you have a CHASE CARD call them and ask for your pay off. Ask if you pay your balance in full will you avoid interest charges and I am betting you'll not like the answers.
Please Click the Star below if you feel this is a bad practice
As to Semen’s comment; Opps did I make a typo? Oh well anyway I spent my last 4 years getting poisoned with chemo-therapy which doesn't help the mental process. You are incorrect I have several that give a 25 day grace on my purchases...none that do not and as far as credit available I could buy a new car on plastic and pay it in full how about you hot shot? You are also wrong about the .2cents anything that prevents a perfect balance in big financial institutions flags an audit so I would educate myself a bit better before shooting off my mouth if I were you. IT IS MY INTENTION TO BRING THIS TO THE ATTENTION of those that didn't read all the small print and assumed CHASE was an upstanding institution built on good customer relations which is NOT the case! For the record I think you’re the idiot.
Phoenix, That's a very good answer and a big help a lot of people I'm sure. BUT I invite you to contact Chase Credit as to my statements. I went back and forth with them including Supervisors and got the very same answer and it's way I no longer deal with Chase. They do charge interest past the statement date until payments received and they will not provide the "pay off" amount, the customer will need your example to calulate what it is. They will only provide the principle balance. Thanks for taking the time as you did
Opps, why I don't deal with Chase, sorry for the typo
