Ok, normally I am not one to be like "Oh the credit card companies are evil" and yadda yadda. I believe if someone chooses to borrow from a credit card company that is their choice and their decision and every person needs to learn to use this "service" responsibly and not blame their credit card if they have to pay interest or fees cause they didn't follow the guideline. Ok, off my soapbox.... the point of this post was, I feel like our Best Buy CC is trying to trick us into fees! We have a Best Buy CC that we got our laptop on for 0% interest for 18 months. The agreement is to pay at least the minimum payment every month, and pay the entire balance before 12/11 and there will be no interest and no fees. We have done several 0% deals before and have never had any trouble with them as we always follow the agreement and make sure we pay the balance at least a month before the 0% runs out. The minimum payment on the BB card was $10 a month. I was paying $20 a month every month, and even set up a auto pay online to pay $20 everymonth, that way when it was due we only had $200 left to pay and that money is already sitting in savings. So for 8 months now we have been paying $20 a month on auto pay....la la la....everything is fine. They I get this months statement and the min payment has gone from $10 to $25? HUH?! I have never seen a min payment go up as the balance went down......usually if your balance is going down then your minimum payment would go down, or at least stay the same. So I am so lucky I noticed that, cause I could have easily opened it and thought "oh BB is on autopay, so don't need to worry about this bill" and then I would have gotten slammed with a fee plus all of the deferred interest would have hit the card. UGH So really don't get what that was about. Lesson to all, make sure you check your statements even if you know what they are SUPPOSED to say!
Best Buy - Not gonna get me!
February 14th, 2011 at 03:19 am
February 14th, 2011 at 03:55 am 1297655746
Ohhhhhhhhhhhhhhh ..... thanks for the heads-up! I have 2 appliances on the 18 month SAC offer and have been paying on it since June. Haven't noticed the minimum payment going up. I will be sure to keep an eye on it from now on though.
February 14th, 2011 at 04:18 am 1297657120
February 14th, 2011 at 03:49 pm 1297698596
I am 100% for personal responsibility, but that doesn't excuse a lot of banks' behavior. For some reason we have high ethical expectations of PEOPLE, but we just sit back and let banks/businesses do whatever they want to victimize people. OF course, this is why I think financial education is so important - it's really the only defense.
February 21st, 2011 at 12:18 am 1298247487