Ask Terry Questions Credit Card predatory charges

Credit Card predatory charges

By Terry Savage on March 27, 2024 | Credit/Debt

Terry, I purchased furniture at the room place 3 years ago on a 36 month interest free promotion. I was given a 4,100 credit limit. I have made my payments timely always paying more than the minimum amount due in an effort to build my credit (I am a single mom and I own a mortgage). When I went to make a payment today I saw my balance went from $1000k to over my credit limit at $4300 odd dollars. I called Commenity the issuer of my credit card and they informed me that the promotional period ended on March 17th and because I didn’t pay the $1,000 balance prior to 3/17 they added the accrued interest at an adjustable variable rate of 35.9% to my balance. I asked if they would allow me me the 3 day grace period if I paid the $1,000 and they said NO. I am beside myself – crushed and crying with this added debt, I’m 58 years old and I have been trying to pay my credit card debt off so I can retire by 65. Is there any recourse?? This seems like predatory lending at its best.

Terry Says

What an interesting question. In researching the answer with Bankrate.com, I found the material for an entire column on credit card “gotchas”! Look for it in a week or two.
Bottom line: this is a common practice with “store” or “retail” cards. But I might be able to find a way out for you! Please watch for the column.

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