• Report: #445923


  • Submitted: Wed, April 22, 2009
  • Updated: Wed, April 22, 2009

  • Reported By:Laguna Niguel California
Laguna Niguel, California U.S.A.
  • Phone:
  • Web:
  • Category: Banks

CHASE CIRCUIT CITY CREDIT CARD Circuit City Chase Deferred Interest Promotion cost me $2,500 Paid on time for 2.5 years, was 4 days late on a min payment Laguna Niguel California

*Consumer Comment: The old x number of months no intrest

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Circuit City Chase Deferred Interest Promotion Fraud Scam cost me $2,500

I bought a TV & video camera 2 & 1/2 years ago. I got the 3 years deferred interest plan, with a min payment of $75 per month. I paid each month on time for 2 & 1/2 years. I guess I was 4 days late (96 hours) on a minimum payment of $75, of which I am sure Chase forgot to mail me a statement.

This 96 hours delay cost me $2,500, Chase undid the promotion, and applied all the deferred interest to my account, I went from owing $4K, to $6,500. They undid all the promotions the TV & Camera were bought in different years, they undid the entire account, and tacked on $2,500 to my balance.

After talking to 8 different advisers, (with their talking/answer scripts) they all had the same answers, which was I broke the contract, and it was in "my fine print", and their mailed statements are only a courtesy, and not only do I now owe them an extra $2,500, my interest rate is 22.9% on the entire balance.

The only thing I remember was I had to pay them off in 3 years, which I was closely watching, never knew that if I was an hour late on a payment, I would owe them all that money. I even offered to give them the $4K 6 months before the due date if they would let me off the hook for the (96 hours oversight)

No luck, if I don't pay them, the will mess up my credit. They did say if they agree to settle (my owing just the $4K, if I even get approved) that an "R5" will hit my credit report. So is it better to pay the ransom and save my credit report, or try and settle with an "R5" or just not pay a dime and get a charge off? Can I sue them in small claims court to try and get a judgment? Or just "bend over" grin and bear it?

Laguna Niguel, California

This report was posted on Ripoff Report on 04/22/2009 04:33 PM and is a permanent record located here: http://www.ripoffreport.com/r/CHASE-CIRCUIT-CITY-CREDIT-CARD/Laguna-Niguel-California-92677/CHASE-CIRCUIT-CITY-CREDIT-CARD-Circuit-City-Chase-Deferred-Interest-Promotion-cost-me-25-445923. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

The old x number of months no intrest

AUTHOR: Kevin W - (U.S.A.)

I hate to tell you this but you did agree to this when you signed on the line. Every single one of these retail no intrest promotions work exactly the same way. If you are one second late on a payment, or if you carry one cent past the end of the promo period, you will be back charged for every penny of intrest that would have assessed on the account going all the way back to the date of purchase. The lenders are counting on the fact that under these programs, a full third of people will end up paying all that back intrest for one reason or another. Another thing to pay attention to is that if you make what the statement lists as your minimum payment, at the end of your promo period you will typically only have paid a third of the outstanding balance. Wham! The back intrest kicks in! All that having been said, I have used these promotions sucessfully, for everything fron a $200 set of tires to a $4500 home theater set up, but it does take a little for thought. When every I am planning to use one of these promos, I always take a calculator to the store with me. This way I can figure out the sales tax add it to the cost of the item(s) that I am planning to buy, and devide it by the number of months that the promo runs for, and so I know how much I will need to pay each month to avoid all those finance charges. If you use one of these promotions, it is VERY IMPORTANT, to start with a card with a zero balance, and NEVER put any new purchases on top of your promo balance! Having any thing else on that card while you are paying this WILL screw things up! The last thing to aware of is with ANY recurring bill weather it is a utility or credit card or car payment that payment is always due around the same time each month. The Postal Service DOES lose mail from time to time. If you do not get your statement call customer service, they will tell you your due date and help you with your payment options. I personally would rather get stuck with a pay by phone fee than all the back finance charges
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