MasterCard Stealing Your Money

[frozenchurchwarden]

I just ran through my numbers for the year, I have paid exactly for what I purchased, yet they say I owe $13... somehow.
Customer support gracefully ran me through their numbers, MasterCard calculates the amount you owe based on last month's amount owing plus what you owe now, and by some Mathematical wizardry, they're double dipping.

I don't understand what's going on, but I know that when I add up my total expenses and payments, they match (and there have not been any purchases within the last few days to throw off the credit limit without notice).
Lesson of the Day: Do not allow ANY balance to carry over from one billing period to the next, the "grace period" is there for them to fudge the numbers, in order to avoid owing money you need to pay off every bill before that billing period is over.

 

[shutterbugg]

Is mastercard still in business? I thought only AMEX, VISA and Discover.

 

[didimauw]

I miss the days of simple cash... Yet I can't live life without plastic.

 

[frozenchurchwarden]

Is mastercard still in business? I thought only AMEX, VISA and Discover.

Up here in the great white wilderness, it's pretty much just Visa and MasterCard.

 

[warren]

If they are violating the contract you both agreed to, take them before the responsible agency in your state. All the arithmetic is usually laid out in that contract. If there were/are changes in the contract you should have been given notice with the option to opt out of their services. I say go after them if they are in violation!

 

[agnosticpipe]

I dumped Master Card, closed the account and told them to take it off my credit report. About 11 years ago my wife and I were buying out first LCD TV at WankerMart, and they had an incentive if you got one of their credit cards you could get $50 off your first purchase over a $100 or something like that. Anyway after paying off card within 30 days we never used it again. Then we get notice that our WankerMart card is being changed to a Discover card. Again we seldom used it and usually had it paid off within 90 days. The interest rates were fairly reasonable if I remember. Then a couple of years ago they informed us that they were replacing out Discover card with a Master Card. Again we seldom used it, but when we did I noticed that they monthly payments were quite a bit higher than the Discover card. I compared rates, and Holy Crap!! they had almost doubled the interest rates from the Discover Card. As soon as we paid them off, I cancelled the card. Of course they asked why, and I said their interest rates were ridiculous! She said that we had one of their lowest interest rates! Seriously?!! Between them and WankerMart they are two of the greediest corporations I've seen in a while. I know, I know, I'm naive.... :roll:

 

[tuold]

I always thought it unfair that if you accidentally underpay your credit card bill by even a penny you get charged for interest on the entire balance. Credit cards are very convenient but they do have dangers as well.

 

[dochudson]

I was cash only for years.. but, finally gave up. Now I carry an Amex and a card the wife issued me from our local bank. Seems it replaces cash.

 

[leacha]

If you get paid weekly or bi-weekly, pay off your card on payday. If you can't you are spending too much.
Never carry a balance unless you have a 0% interest period. Pay the minimum but be prepared to pay it off at the end of the period. If you can't, you are spending too much.