Chase Mastercard UNanswered billing questions ripoff Wilmington Delaware

I have been reading all the comments and rebuttals for Chase Mastercard. I also fell victim to them. I had that account in good even great standing for over 10 years. After noticing my finance rate had slowly gone up from 12.99% to 29.99% this year, I called to ask why. As I explained I had been a loyal customer for years. My payments had never been late and I always paid at least twice as much as the minimum requested. The basic answer I got was because they could. I spent over 2 hours on the phone with the "customer service reps and supervisors."

On June 8, 2006 I was sent a statement saying my balance was $250. I called and again spent over 2 hours on the phone. I told Chase I wanted to pay off everything. I wanted a pay off balance so I would not get any more bills. NO ONE in the entire place could give me that figure.

Ok. So let's see, they up my finance rate because they can, they are unable to give me a pay off balance. So the statement printed on June 8, 2006 reached me June 10, 2006, which is the day I called to get a pay off balance. Since I couldn't get that I decided to send $400. I did find out that my finance charges were only figured thru June7, they all agreed on that.

So as I said I sent $400 for a $250 plus finance charges.

I figured either


Choice A.......... $250 + $0.21 (1 day finance charge at .08217% daily, per Chase-- Day 1), $250.21 + $0.21 (day 2), $250.42 + $0.21= $250.63 (Day 3), $250.63 + $0.21= $250.84 (day 4), $250.84 + $0.21= $251.05 (day 5), $251.05 + $0.21= $251.26 (day 6), and finally day 7, June 14, 2006 when my check to Chase cleared my bank, the total with finance charges should be $251.26 + $0.21= $251.47.

or Option B........ $250 + ($74.98 (total finance for 30 days)/30 then multiply it by 7 days before adding it to the $250)= $250 + $17.50= $267.50.

In both scenarios the entire balance is paid plus more by June 14 when my check cleared the bank. What does Chase charge me for finance charges on 7 days for $250?? The answer $100.

Do any of the Chase employees that so excitedly support Chase want to tell me how these figures came about? I would simply love to know how Chase does their math.

Kelly
Detroit, Michigan
U.S.A.