Re: Credit card company payment posting

Posted by Don (64.203.129.94) on February 06, 2004 at 17:23:16:

In Reply to: Credit card company payment posting posted by Hatch on February 06, 2004 at 15:32:14:

It’s not your imagination. First USA was on the receiving end of a class action lawsuit for aging people’s payments in their cellar like a fine wine before applying them to their accounts. This was proven to have been done intentionally in order to pump up interest and late fees. It is now one of the reasons they all force binding arbitration clauses which prevent class action lawsuits. Now everyone would individually have to fight them and claim they intentionally did this in order to change your guaranteed low interest rate. (Does anyone still have that guaranteed low rate or has everyone’s guaranteed low rate increased?) Yes, it is predatory; yes it is intentional on the part of the credit card companies; and no you can’t prove it, because they’ll blame it on the post office.

Not much you can do other than paying the account down to zero and realizing that credit card companies are criminal enterprises. If you need a personal loan, get it from your local credit union or community bank. National credit card companies are loan sharking, crooked thieves. Who says crime doesn’t pay? They just make sure no one can prove anything.

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