- Report: #797500
Complaint Review: Macy's Department Store
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| Macy's Department Store P.O Box Des Moine IA 50368
Des Moine, Iowa United States of America |
|
Macy's Department Store BEWARE OF MACYS CREDIT POLICY Des Moine , Iowa
*Consumer Comment: Late fees
*Consumer Comment: Entire Story?
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A salesperson at Macy's promoted their credit card which I opened and used to buy a blouse for a total of $14.41. When the bill came in, I had my bank pay directly prior to the due date. Three weeks later, I received a Macy's bill for $30.82, which included late charges of $16 or a 114% increase in the bill. I called their number and was told it was late charges ($14.41 or doubling the bill) plus $2 interest charges (annual rate of 166%). As it turned out, Macy's had put the money my bank sent aside somewhere and at my demand were able to find it, so I didn't have 100-166% additional costs. However, all you readers, please tear up your Macy's card. It is too expensive to use. I will be checking with the Arizona consumers protection about the usury laws in our state. Can't believe 166% interest charges is anywhere legal.
This report was posted on Ripoff Report on 11/13/2011 07:56 AM and is a permanent record located here: http://www.ripoffreport.com/r/Macys-Department-Store/Des-Moine-Iowa-50368/Macys-Department-Store-BEWARE-OF-MACYS-CREDIT-POLICY-Des-Moine-Iowa-797500. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Are not interest charges. You only get charged them if you are late, and they are a set amount. It doesn't matter what the balance is on your card, the fee remains the same. As for your 2$ in interest:
2 / 14.41$ = 13.9%
You aren't getting charged 166% interest, you are getting charged 13.9%
2 / 14.41$ = 13.9%
You aren't getting charged 166% interest, you are getting charged 13.9%
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Seems like there is quite a bit missing. I actually have a Macy's card and have never had a payment "set aside" until I demand they find it. So I guess you are saying that they had nothing better to do and were just picking on you.
As it turned out, Macy's had put the money my bank sent aside somewhere and at my demand were able to find it, so I didn't have 100-166% additional costs.
- If I read this correctly. Macy's did find your payment and reversed the late fee and interest. I guess a company is not allowed to make a mistake, or even if they correct the mistake you feel you can still claim you were Ripped Off.
As for the charges. Most credit cards will have a Minimum Finance Charge, and yes it is legal. Don't believe me? Well just go through the terms of your other cards, I can just about guarantee that you will find it. Depending on the bank it will generally vary between $1-$3. So in your case the Interest that would have been charged on your balance is less then the minimum, they assessed the minimum instead.
If you are late you get charged a late "fee", it is a set amount and not totally based on your balance. Some credit cards have tiered fees. That is if your balance is under a certain amount you are charged one fee, if it is over you are charged another. Some also will increase the fee the more times you are late.
I will be checking with the Arizona consumers protection about the usury laws in our state.
- You can check all you want but your State's laws have nothing to do with the terms. That is unless you happen to be in the same State where the Credit Card is based in. There is a reason why most major credit cards are based in 3-4 States, as those states have the least restrictive regulations.
As it turned out, Macy's had put the money my bank sent aside somewhere and at my demand were able to find it, so I didn't have 100-166% additional costs.
- If I read this correctly. Macy's did find your payment and reversed the late fee and interest. I guess a company is not allowed to make a mistake, or even if they correct the mistake you feel you can still claim you were Ripped Off.
As for the charges. Most credit cards will have a Minimum Finance Charge, and yes it is legal. Don't believe me? Well just go through the terms of your other cards, I can just about guarantee that you will find it. Depending on the bank it will generally vary between $1-$3. So in your case the Interest that would have been charged on your balance is less then the minimum, they assessed the minimum instead.
If you are late you get charged a late "fee", it is a set amount and not totally based on your balance. Some credit cards have tiered fees. That is if your balance is under a certain amount you are charged one fee, if it is over you are charged another. Some also will increase the fee the more times you are late.
I will be checking with the Arizona consumers protection about the usury laws in our state.
- You can check all you want but your State's laws have nothing to do with the terms. That is unless you happen to be in the same State where the Credit Card is based in. There is a reason why most major credit cards are based in 3-4 States, as those states have the least restrictive regulations.
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