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Tricia…Read the Darn Credit Card Statements!

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In the mail yesterday was the statement for Credit Card #6. That’s our store credit card that we applied for and received to take advantage of 10% off the purchase of our stove. Saving over $60 seemed like a great deal so we went ahead and applied. As an extra bonus, the card came with the offer of zero payments and 0% interest until March 2007.

Anytime a store credit card offers a deal like that, you should make sure of two things…

1.) If you still have a balance on your card when the special offer expires what is your interest rate?

2.) Will you be charged back-interest (meaning they will go back to when your charge(s) originated and charge you interest) when the offer expires and your balance is not paid?

I asked the sales lady those questions and she said that “their” card is different. They do not charge back-interest and when the offer expires there is an interest rate of 24%. The interest rate wasn’t a good one, but we were planning on paying the card off before the offer expired. Everything seemed straightforward enough for me.

This was back in March. We received our first statement in April and I looked at it. Everything seemed fine and I saw the terms of zero payments and 0% interest and all looked well. The months passed by and I opened the envelopes but didn’t really look at the statements. For some reason I looked this month and I was shocked. I was being charged a finance charge!

As it turns out, our stove was under the special deal, but the cord we purchased for $14.00 to go with the stove was subject to finance charges! I’m not sure at this moment if it’s because the sales lady rang up the two items separate or because the special offer only applied to major appliances.

In either case I am upset. Upset at the store because I feel duped. Upset at myself for not noticing this sooner. It’s only been $1.00/month (due to the minimum finance charge being assessed), but I really feel like I should have known better.

It is my fault for not being vigilant with my statements for that card, but I still feel like going into that store and compaining since I was under the impression the whole purchase would be under the special offer. The sales lady was very misleading (and, as a sidenote…she’s the owner of the store).

I was going to wait until January or February to pay off Credit Card #6, but in light of this recent development – it’s now next on the chopping block to get paid.

Credit Card Rates Lowered…Auto Insurance Lowered…This Reader is on a Roll!

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I am very fortunate with this blog. I had hoped it would keep me in line and keep me focused with paying off my debt. And it has done so more than I ever thought.

One thing that helps keep me going are the great emails I have received from others sharing their stories. I see people making a difference in their financial life, and I’m not sure how else to say it…it’s just awesome.

Here’s two emails I received from one reader (and just so everyone knows, I do not share emails on here unless you give me permission to do so).

“I wanted to share with you the good news that I got two of my higher interest rates reduced by calling the company. One card I have had since 1992 and after talking to a customer service rep. he suggested in switching my card to a reward type card. I did have to write to Discover which took a little more time.”

That right there is great news! It never hurts to try to contact your credit cards to see if they will lower the rates. And in this case – it worked! 🙂

A few days later I received this email…

“Again, I have good news to share. In June, in an attempt to have our auto insurance reviewed to reduce the rates, I called my agent. Neither my husband or I have had any tickets and I haven’t had an auto claim in 9 years. Well, my agent said that she would check into it; review my credit etc and if anything could be done she would let me know. I didn’t hear from her before my policy renewed in July. I received a call on my home recorder to call my agent on Tuesday. When I returned the call on Wednesday I was told that my policy is being rewritten which will save me $200 every six months; $400 annual. I had actually given up and thought I’d try again next year. This news made my day.”

I haven’t called my insurance company in quite a while. After hearing this, I’m tempted to give them a call and just ask. It doesn’t hurt to try, and this reader is now saving $400/year by just giving it a shot! That’s A-W-E-S-O-M-E!!! Way to go!!!! 🙂

Thank you everyone for your emails and for sharing things with me 🙂