Chase 0% APR Balance Transfer Charges Follow Up

So I called Chase this morning before I came to work about the finance charges associated with the 0% balance transfer I made back in July. The $40.49 charge was under the “Periodic Rate? category and my main questions to the CSR were what is periodic rate and why was I charged for 0% balance transfer. After the conversation, I realized the charge seemed due to my mistake. However, Chase agreed to waive the charge because I had a good history of paying my bill on time before.

Right before I took this balance transfer, I paid off a previous one on July 2nd and transferred $11,000 of the current offer on July 10th. The previous offer had an expiration date on “the first day of the billing cycle that includes July 1, 2006. I called Chase before the offer expired to get the exact date the balance had to be paid off, and I was told it was the payment due date of July 7th. However, the statement was printed on June 19th, and that made “the first day of the billing cycle that includes July 1, 2006, June 20th, not July 7th, the payment due date as I was told.

Though the issue was resolved with Chase being nice to waive the fee, it reminds me I have to be very clear about my own responsibilities and no to rely too much on what I was told as it’s likely I will get different answers when talking to different people.

The other fee, $1 finance charge of periodic rate, was, however, Chase’s fault. Apparently, Chase treated the $75 balance transfer fee as purchase and charged me for carrying a balance on top of the amount I transferred.


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