Calculator or Math wiz needed - is this right?

cathie54May 17, 2007

Who loves math or who has access to a program (perhaps works in finance or bank or???)

Need an online calculator or someone do the math for me? This doesn't seem correct to me. Am I getting messed with, or am I wrong? I need to see numbers for myself!

Did balance trf from one credit card (A) to another credit card (B).

Balance on CC "A" was approx $945.00 (low intro ran out, and was now at approx 16%)

Trf'd $925.00 to CC "B" at 1% APR for 9 months. Fees were 4% to trf = $37.00, bringing ttl to $962.00.

Initiated bal trf on Tues, 04/24/07 after 6:30 pm PST. (They said would take 3 to 6 days to go thru.)

Called acc't "A" on Friday, and showed $925.00 had been paid and posted on Friday 04/27/07. Outstanding Balance was just over $20.00.

Called acc't "B" immediately after and verified: Balance was $962.00. Statement closing date would be 05/15/07. Didn't want to wait almost 3 weeks to get statement, so immediately paid thru bill-pay $62.00, which I called again and verified it was paid and posted on 05/02/07. Balance was now $900.00.

Called account "B" again on Wednesday, 05/16/07 approx 7:30pm PST, and they said my balance is now $901.50. (I still don't have my statement yet)

My question is: If the APR is 1.00%, how can I have $1.50 in finance charges already? It hasn't even been one full month since the balance trf went through.

1.00% (.01) / 12 = 0.0008333 OR 1.00% / 360 = 0.0000277

(is this correct?)

SO, I need explaination - how can it be $1.50 in finance charges for not even a full month? It's probably based on the average daily balance.

I expected fin chgs to be lower than that - for even a FULL month.

I wasn't aware until several days AFTER I did the balance trf, that the bank changed my card (which I've had since 1981) to a new issue card! I can still call with my OLD account # and still get the same info. (I only found out when I rec'd a letter in mail thanking me for the balance trf - and it had a whole different account # on it! So I had to CALL to find out what was going on!)

SO, is there somewhere online (some sort of "amortization" type thing for credit cards - or can someone explain this to me? (I could do it, but my old computer which had "Lotus" on it broke about 3 years ago, and I've not learned Excel...I was very proficient at lotus!)

Thx all!

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I don't know what is in your 'fine print'... but there might be a monthly minimum finance charge.

    Bookmark   May 17, 2007 at 3:53PM
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Not a calculator or a Math wizard, but my question would be....

Does that card have a "minimum finance charge"? (Most do and it's usually around the amount in question)

You are now in another month (old one ended on 5/15), and you have a balance, so finance charges apply from day one.

If your projected finance charge is less than $1.50, and they have a minimum charge, they applied it on day one, instead of the last day of the "month".

    Bookmark   May 17, 2007 at 3:55PM
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Good Points! Thanks - I hadn't even thought about that!
THAT is probably the answer! If I don't find the info, I will call- AGAIN!

(My "old" card "B" just expired April 2007 - so this "new" card "that is the same but different(!)" just recently came in, and is probably buried in that stack of all those other cc offers, re-fi offers, etc, etc, haha!) Yes, I am so far behind!

(Shouldn't they have told me that when I did the bal trf? They USUALLY run thru all the terms on the phone when you do a bal trf via phone! They didn't tell me that one!)

I spent all day yesterday sorting thru all my "offers" - (and shreadding most), and trying to figure out "who's who" with my current accounts - (since the banks have been merging or buying out others, etc...LOL! Makes your head spin!), and I DID find my NEW CC "B" - but no "terms" in THAT envelope!
Plus numerous phone calls to get things straightened out. (I'm not in a "phone call mood today" - at least not yet! haha!)
Thx everyone - you are terrific!

    Bookmark   May 17, 2007 at 6:58PM
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"APPEARS" the min. finance chg is $1.50! (Thx all for pointing that out!) Not completely verified - but I think that's the answer.

I'd say...UNBELIEVABLE...but nothing surprises me these days. (Just angers me - the carp 'they' pull.)

I spent all day Friday again going thru more papers. I don't even know how to explain - it was SO messed up.

I had one old acc't - the one I did trf TO. But, they had assigned a new acc't # to that account. That messed me up, because I hadn't used it (the OLD) for about a year. (Funny thing is, I can call and enter OLD acc't info, or NEW acc't info, and I get same information - at least for now!)

So, on that one, I have two different #'s for the same account.
More papers...oh so confusing! ANOTHER CC acc't with the same company as above. (Where did that come from? I didn't apply for it?)

Long/ short...more papers gone thru... Ended I had a CC for one company (which I paid off about 3 yrs ago and didn't use since).
Backtracking - ends up I had ONE account by the orig company that CHANGED my account # THREE times, then the ABOVE company bot out that company, changed NAMES, but left last acc't # intact.
So, on THIS account...have had 3 different acc't #'s and two different companies -all within 2-1/2 years!
What it boils down to - I'm only talking about two cc's issued by two seperate entities. Now they BOTH are issued by one company. BUT- I've had FIVE different account #'s in 2-1/2 years between the two. (Talk about confusing...)
I found policy and terms on both (now that I know what's what - lol!) HOWEVER, the one I did bal trf TO does not say ANYTHING about min fin chg - even tho it was issued just within last couple months. The 'other one', DOES state min fin chg of $1.50/mo., and was issued about two months earlier! (I had to TRIPLE CHECK, and NOPE, the orig does not say anything about min fin. chg.)
I still have TONS of papers to go thru...maybe it will show up, maybe not. But am 'assuming' the min fin chg is $1.50/mo on either card. If I don't find it soon, I will call.
I still think they should have told me on phone when I did bal trf. But they DIDN'T.
I KNEW I didn't like this company...but was what "appeared" to be best offer without applying for NEW CC at the time. Just motivates me to pay it off even faster! LOL!
Are you all totally confused as I am now? LOLOL! I think they did this just for that reason - to confuse the heck out of me and everyone else who had those certain companys' cc's!
I remember telling DH some time back, that I don't even know WHAT I've got these days, as I'm seeing / getting all this mail for "stuff" I never applied for! "I just keep getting cc's and bal trf offers for cards I never applied for!"
Well, now I know why!
Anyway - a LOT of shreading has been going on around here last couple days, and it feels GREAT! (ALMOST can't wait for winter to burn all that stuff!)

THX AGAIN for those who mentioned the "MINIMUM" fin chgs!

    Bookmark   May 19, 2007 at 4:30AM
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