WTF? STUPID credit card terms

May 18, 2004
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GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR. LOL OMFG WTF this is bull$hiznit. Time to VENT.

(Cliff)
The ONLY way to stop recurring finance charges for a cash advance on my credit card 2 months ago is to pay off the balance in full, STOP using the card for 30 days, wait another 30 days for a bill with ONLY finance charges, pay that off, and resume using the card. Period.

(Long story)
Let me start by saying I've been a credit card user for literally 20 years and this is the first time I've ever come across this. 99.95% of the time I pay off my credit cards in full. I'm fully aware that credit cards can be evil and dangerous and people frequently spin down a black hole into debt.

So, the wife and I have been comfortably using one primary credit card for the last 10 years or so. We've got our tollway passes hooked-in, Netflix and a couple other revolving charges that hit every month. We spend A LOT on the card for day-to-day expenses but knowingly do so in order to maximize whatever rewards we can get. And maybe 5 years ago we switched to a Starbucks card because airline miles were just too hard to use, we don't want a GM card, and we both love coffee.

Over the holidays I mistakenly grabbed the credit card instead of my ATM card to get some cash at an ATM. No big deal, I see that on the next credit card bill, realize what happened, call them up and get them to waive the $10 cash advance fee. I figure I'll pay a few bucks in finance charges because of the mistake and I'm happily back in business.

This month I notice another cash advance finance charge even though the bill was paid in full last month and there have been no further ATM transactions. So I call them up and the nice customer service lady was fully aware of what's going on...

She says....the finance charges for the cash advance 2 months ago will continue FOREVER because the card activity continues and the balance never gets to zero. The ONLY way to stop them is if I stop using the card for 30 days, wait for another bill with only another cash advance finance charge, pay that, and then resume using the card. There is no F'ing way. She says she understands it's illogical but that's the terms of the credit card - and most credit cards in general.

I told her that I will likely be cancelling the account because I might as well get a different credit card. I will have to switch over all automatic payments to another card (a new one that I have to open because of this) and stop using this card.

This really pisses me off because I like this particular card and don't care to add another card to my credit rating.

Thanks for letting me vent.
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
47
91
www.alienbabeltech.com
Originally posted by: courtjester123
GRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR. LOL OMFG WTF this is bull$hiznit. Time to VENT.

(Cliff)
The ONLY way to stop recurring finance charges for a cash advance on my credit card 2 months ago is to pay off the balance in full, STOP using the card for 30 days, wait another 30 days for a bill with ONLY finance charges, pay that off, and resume using the card. Period.

Quite a racket of loan sharking by these Corporations the U.S. Government has allowed eh?

Americans enjoy being screwed over.
 

waggy

No Lifer
Dec 14, 2000
68,145
10
81
how can you be charged a cash advance fee every month? that does not seem right.
 

waggy

No Lifer
Dec 14, 2000
68,145
10
81
Originally posted by: pontifex
Originally posted by: leftyman
debit card FTW

debit cards give rewards?

nope. but what good is rewards when you get charged a fee for every little thing. and by the looks of it forever heh.
 

pontifex

Lifer
Dec 5, 2000
43,806
46
91
Originally posted by: waggy
how can you be charged a cash advance fee every month? that does not seem right.

i agree. i don't understand how they can charge you if you don't use the feature and paid off the balance. those cash advance rates are like 2x the regular CC rate too.
 

Looney

Lifer
Jun 13, 2000
21,941
5
0
hmmm does this apply to all CC? I better read my terms and conditions on mine, because this is highway robbery.
 

JC86

Senior member
Jan 18, 2007
694
0
0
debit cards from BOA offers keep the change . . . never calculated how it compares to miles or reward points
 

Kelemvor

Lifer
May 23, 2002
16,930
7
81
Call and get a supervisor on the phone and raise a big stink. They can waive any and all fees that they want to. Just have to get the right person on the phone.

Also ask them where in your terms and condition it states this. Have them give you the page number and paragraph info so you can compare it to yours. If it doesn't say it or they can't tell you where it does, then tell them they have to waive the fees or you'll be contacting your state's attorney general's office.

Probably wont' help and you'll have to ditch the card for a month, but doesn't hurt to try.

Also have them turn off the cash advance option of the card so you don't ever do this again.
 
May 18, 2004
141
0
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Originally posted by: waggy
how can you be charged a cash advance fee every month? that does not seem right.

It's not a fee it's a finance charge. There was a one-time fee $10 they were happy to reverse when I realized the mistake.

The problem is, since there is still account activity, even though it's for normal purchases, there is always a daily balance on the account and they will continue to rack up finance charges at the higher cash advance rate until the balance is paid to ZERO.

I don't quite understand this fully, but supposedly it's in the terms of the account and is basically standard for most credit cards.

Lesson to be had - don't take cash advances on any of your credit cards.

 

pontifex

Lifer
Dec 5, 2000
43,806
46
91
Originally posted by: Looney
hmmm does this apply to all CC? I better read my terms and conditions on mine, because this is highway robbery.

just don't use the CC for a cash advance.

 

tfinch2

Lifer
Feb 3, 2004
22,114
1
0
Originally posted by: JC86
debit cards from BOA offers keep the change . . . never calculated how it compares to miles or reward points

Yay, alright, keep the change. Put my own money in a savings account, throw in a few pennies and act like you're doing me a huge fvcking favor.
 

dyna

Senior member
Oct 20, 2006
813
61
91
This might make sense if you didn't pay the card in FULL but since you did, i'm confused.
 

Pacemaker

Golden Member
Jul 13, 2001
1,184
2
0
Originally posted by: pontifex
Originally posted by: waggy
how can you be charged a cash advance fee every month? that does not seem right.

i agree. i don't understand how they can charge you if you don't use the feature and paid off the balance. those cash advance rates are like 2x the regular CC rate too.

I bet what they do is creative accounting. In other words you pay off all other debt before the cash advance debt therefore if you carry any balance at the end of the month it is the Cash advance money so you pay the charge.
 

leftyman

Diamond Member
Sep 15, 2000
7,076
3
81
Originally posted by: pontifex
Originally posted by: Looney
hmmm does this apply to all CC? I better read my terms and conditions on mine, because this is highway robbery.

just pay off the balance every month.

fixed
 

pontifex

Lifer
Dec 5, 2000
43,806
46
91
Originally posted by: leftyman
Originally posted by: pontifex
Originally posted by: leftyman
debit card FTW

debit cards give rewards?

no and they dont hit you with senseless charges either.

yeah but if i read the op correctly, he used the CC cash advance by mistake? normally eh wouldn't be using the CC to get cash, so a debit card wouldn't help.

wait a minute...isn't a debit card like a credit card except it draws from your bank account? he wanted cash, not to put something on credit...
 
May 18, 2004
141
0
0
Originally posted by: Pacemaker
Originally posted by: pontifex
Originally posted by: waggy
how can you be charged a cash advance fee every month? that does not seem right.

i agree. i don't understand how they can charge you if you don't use the feature and paid off the balance. those cash advance rates are like 2x the regular CC rate too.

I bet what they do is creative accounting. In other words you pay off all other debt before the cash advance debt therefore if you carry any balance at the end of the month it is the Cash advance money so you pay the charge.



Yes, this is how it was explained to me. You are paying off all debts but you never get down to ZERO which is the only way to pay off the cash advance.
 

leftyman

Diamond Member
Sep 15, 2000
7,076
3
81
Originally posted by: pontifex
Originally posted by: leftyman
Originally posted by: pontifex
Originally posted by: leftyman
debit card FTW

debit cards give rewards?

no and they dont hit you with senseless charges either.

yeah but if i read the op correctly, he used the CC cash advance by mistake? normally eh wouldn't be using the CC to get cash, so a debit card wouldn't help.

wait a minute...isn't a debit card like a credit card except it draws from your bank account? he wanted cash, not to put something on credit...

he wanted to use his atm card but grabbed his credit card by mistake. so yes a debit card would have been FTW
 

yowolabi

Diamond Member
Jun 29, 2001
4,183
2
81
Originally posted by: leftyman
Originally posted by: pontifex
Originally posted by: Looney
hmmm does this apply to all CC? I better read my terms and conditions on mine, because this is highway robbery.

just pay off the balance every month, don't use the card for a month and then pay off the balance again.

fixed

fixed properly
 

pontifex

Lifer
Dec 5, 2000
43,806
46
91
Originally posted by: leftyman
Originally posted by: pontifex
Originally posted by: leftyman
Originally posted by: pontifex
Originally posted by: leftyman
debit card FTW

debit cards give rewards?

no and they dont hit you with senseless charges either.

yeah but if i read the op correctly, he used the CC cash advance by mistake? normally eh wouldn't be using the CC to get cash, so a debit card wouldn't help.

wait a minute...isn't a debit card like a credit card except it draws from your bank account? he wanted cash, not to put something on credit...

he wanted to use his atm card but grabbed his credit card by mistake. so yes a debit card would have been FTW

can you get cash from a debit card?? i never had one so i don't know.
if you can, then yes, in this particular instance, a debit card would have been better, but based on what else he said, replacing his CC with a debit card isn't what he wnats.
 

BigDH01

Golden Member
Jul 8, 2005
1,630
82
91
There are some debit cards that have rewards. My debit card gives so much money to charity per every dollar unit spent (I forget the exact number). I may not be getting the reward but someone is hopefully!