Been a long time since I dealt with an inflexible CSR

[kranky]

I borrow money using 0% balance transfers with multiple credit cards, so when the 0% rate is near expiration, I always contact the bank in advance through their online messaging system to ask exactly what is the date by which it must be repaid in order to avoid any finance charge. That way I have a record in writing in case of problems.

Of course, I have never had a problem... until now. In January I had to repay a 0% balance transfer from WaMu. In early December I asked when it had to be repaid without a finance charge. Answer: January 31. I paid in full on January 29.

Hmmm... but my new statement has a $32 finance charge! I call to get it cleared up, and the CSR just will not listen to what I'm saying. He keeps telling me that the terms and conditions were clearly outlined when I opened my account, and I didn't pay until about 2 weeks after finance charges started. I tell him to look at the messages linked to my account which says Jan. 31. He says they do not use email to discuss account information. (It's not even email, it's the message center on their own site.)

After 15 minutes of back-and-forth, hoping he would finally understand what I'm telling him, I just quit trying to explain and said I wanted the $32 credited to my account.

He says OK. For 15 minutes, he cannot comprehend why I am justified in pointing out their error, but when I just say "credit my account", he agrees. Logic be damned.

I have read so many stories about lousy customer service at WaMu, I'm just one more.

 

[HappyPuppy]

Why are you bouncing credit card debt around instead of paying it off?

 

[aplefka]

Smart of you to get it in writing. Although I do have to ask, why wouldn't it always be the same day of every month? I know that in general on my credit card regardless of how much is on there, the minimum payment (or payment in full if I've got a balance less than $25) is due sometime between the 21-25.

 

[Wuffsunie]

You'd think after around 5 or so he'd offer it just to get you off his phone and keep his handle time down.

 

[summit]

don't you pay transaction fees for this shenanigans?

 

[Special K]

Originally posted by: HappyPuppy
Why are you bouncing credit card debt around instead of paying it off?

He's not bouncing debt around, he's borrowing money against credit cards with 0% interest offers (or more specifically, requesting a balance transfer check from such a card) and depositing it in a savings account, and holding it for the duration of the 0% interest offer. Right before the 0% interest offer expires, he pays the balance back and keeps the interest.

It's called an App-O-Rama (AOR). Back in 2006-7 you could make a few extra thousand in a year if you were good, although with falling interest rates the AOR is becoming increasingly less attractive.

 

[kranky]

Originally posted by: HappyPuppy
Why are you bouncing credit card debt around instead of paying it off?

I don't have credit card debt. If I get offered a 0% balance transfer, I take it and put the money in a money market fund to earn interest. Then I pay it off before the 0% rate expires, and I keep the interest.

Originally posted by: Summit
don't you pay transaction fees for this shenanigans?

No fees. I wouldn't do it if there were fees involved.

But these days, with money market rates so low, it's not nearly as attractive to do it now as it was when I took that offer a year ago.

 

[BoomerD]

Sounds like you got what you wanted...the finance charges reversed...how does that make the CSR inflexible?

Consider that the bank is in business to make money...and they make their money by charging you fees...

 

[summit]

Originally posted by: kranky

Originally posted by: HappyPuppy
Why are you bouncing credit card debt around instead of paying it off?

I don't have credit card debt. If I get offered a 0% balance transfer, I take it and put the money in a money market fund to earn interest. Then I pay it off before the 0% rate expires, and I keep the interest.

Originally posted by: Summit
don't you pay transaction fees for this shenanigans?

No fees. I wouldn't do it if there were fees involved.

But these days, with money market rates so low, it's not nearly as attractive to do it now as it was when I took that offer a year ago.

what bank has no fees on balance transfers... seriously i have excellent credit i've been offered bt w/ no interest but most of the time a 2%-5% transaction fee, which kills the deal

 

[Tooncesthedrivingcat]

Originally posted by: Summit

Originally posted by: kranky

Originally posted by: HappyPuppy
Why are you bouncing credit card debt around instead of paying it off?

I don't have credit card debt. If I get offered a 0% balance transfer, I take it and put the money in a money market fund to earn interest. Then I pay it off before the 0% rate expires, and I keep the interest.

Originally posted by: Summit
don't you pay transaction fees for this shenanigans?

No fees. I wouldn't do it if there were fees involved.

But these days, with money market rates so low, it's not nearly as attractive to do it now as it was when I took that offer a year ago.

what bank has no fees on balance transfers... seriously i have excellent credit i've been offered bt w/ no interest but most of the time a 2%-5% transaction fee, which kills the deal

BOA, Citi, Chase.

I have an offer right now from all 3.

 

[summit]

Originally posted by: Tooncesthedrivingcat

Originally posted by: Summit

Originally posted by: kranky

Originally posted by: HappyPuppy
Why are you bouncing credit card debt around instead of paying it off?

I don't have credit card debt. If I get offered a 0% balance transfer, I take it and put the money in a money market fund to earn interest. Then I pay it off before the 0% rate expires, and I keep the interest.

Originally posted by: Summit
don't you pay transaction fees for this shenanigans?

No fees. I wouldn't do it if there were fees involved.

But these days, with money market rates so low, it's not nearly as attractive to do it now as it was when I took that offer a year ago.

what bank has no fees on balance transfers... seriously i have excellent credit i've been offered bt w/ no interest but most of the time a 2%-5% transaction fee, which kills the deal

BOA, Citi, Chase.

I have an offer right now from all 3.

with no transaction fees. that can't be i have both citi and chase... both have 2% and 3.5% transaction fees... no interest

 

[wiredspider]

Originally posted by: Summit

Originally posted by: kranky

Originally posted by: HappyPuppy
Why are you bouncing credit card debt around instead of paying it off?

I don't have credit card debt. If I get offered a 0% balance transfer, I take it and put the money in a money market fund to earn interest. Then I pay it off before the 0% rate expires, and I keep the interest.

Originally posted by: Summit
don't you pay transaction fees for this shenanigans?

No fees. I wouldn't do it if there were fees involved.

But these days, with money market rates so low, it's not nearly as attractive to do it now as it was when I took that offer a year ago.

what bank has no fees on balance transfers... seriously i have excellent credit i've been offered bt w/ no interest but most of the time a 2%-5% transaction fee, which kills the deal

Citi has them all the time, my credit is alright and I just sign up for a new card and get the offers

 

[Tooncesthedrivingcat]

Originally posted by: Summit

Originally posted by: Tooncesthedrivingcat

Originally posted by: Summit

Originally posted by: kranky

Originally posted by: HappyPuppy
Why are you bouncing credit card debt around instead of paying it off?

I don't have credit card debt. If I get offered a 0% balance transfer, I take it and put the money in a money market fund to earn interest. Then I pay it off before the 0% rate expires, and I keep the interest.

Originally posted by: Summit
don't you pay transaction fees for this shenanigans?

No fees. I wouldn't do it if there were fees involved.

But these days, with money market rates so low, it's not nearly as attractive to do it now as it was when I took that offer a year ago.

what bank has no fees on balance transfers... seriously i have excellent credit i've been offered bt w/ no interest but most of the time a 2%-5% transaction fee, which kills the deal

BOA, Citi, Chase.

I have an offer right now from all 3.

with no transaction fees. that can't be i have both citi and chase... both have 2% and 3.5% transaction fees... no interest

I can post a screen if I get time. There are no fees. Citi sends them to me all the time.

 

[kranky]

Originally posted by: BoomerD
Sounds like you got what you wanted...the finance charges reversed...how does that make the CSR inflexible?

Consider that the bank is in business to make money...and they make their money by charging you fees...

Oh yeah, I know they want the fees. I just could not get this guy to comprehend that their own CSR told me Jan 31 was the date and that they should honor it, and he could just view the conversation in their own online message system. I suppose it's possible he did understand but hoped that I would just give up after he kept telling me over and over about the terms and conditions which were mailed to me when I opened my account and that they don't even use email for customer service.

Originally posted by: Summit

Originally posted by: Tooncesthedrivingcat

Originally posted by: Summit
what bank has no fees on balance transfers... seriously i have excellent credit i've been offered bt w/ no interest but most of the time a 2%-5% transaction fee, which kills the deal

BOA, Citi, Chase.

I have an offer right now from all 3.

with no transaction fees. that can't be i have both citi and chase... both have 2% and 3.5% transaction fees... no interest

Different people get different offers. I find my luck improves if I don't use a card for a while. MBNA offered me a 1.99% BT with a max $75 fee, and if I could still collect 4.5% in a savings account, I'd be all over that because my credit line with them is abnormally huge.

 

[shortylickens]

Sorry you had issues with WaMu.
They've always been really good to me.