Re: Finance charges on late fees and annual fee?

Posted by obderver (64.12.101.162) on February 19, 2003 at 18:27:50:

In Reply to: Finance charges on late fees and annual fee? posted by Curt on February 19, 2003 at 17:52:29:

As long as they are disclosing the correct apr they can charge interest on any sort of fee.
For example, a friend of mine brought me a Chase statement the other day. He did a modest BT and the BT fee was 3% of the balance. His fixed interst rate is 6.99% and they disclose that but due to the BT fee the effective rate for this billing cycle was 42%-and they disclosed that which led to his question.

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