I recently purchased two items from Dell online, a DLP projector and a XPS laptop. The purchases were made separately, but both appeared at the same time on my Dell bill that was mailed to me. The laptop had a no interest for 12 months promotion, whereas I'd would not have to pay interest at all if I paid it off completely before the promotional expiration date. A minimum monthly payment still would apply for the laptop. The projector had no such promotion and would require immediate payment in full to avoid a finance charge.
My plan was to pay the full balance that was due on the projector and to pay the minimum required payment towards the laptop. My worry was that they'd credit the payment towards the laptop first, then what was leftover towards the projector. After reading a note under the Finance Charge Summary section of the bill, I was sure all would go fine. It stated' PAYMENTS ARE APPLIED FIRST TO MINIMUM REQUIRED PAYMENTS WITH EXCESS TO CREDIT PLANS IN ORDER OF PROMOTION EXPIRATION DATE.
There actually is a column that lists the Promotional Expiration Dates of the different plan types. The projector (REGULAR LOAN) was not a promotion and it did not have an entry in the PED column. The laptop had a date approximately 12 months out. In my logical-thinking mind, I assumed that after both minimum payments were credited, the rest of my payment would go towards the projector and it would be fully paid for.
I scheduled an electronic payment and it was credited to my account. Unfortunately, my worst fears were realized, the excess payment was credited to the laptop, THE ACCOUNT WITH 12 MOS NO INT. Needless to say, I was fuming. I immediately got on the phone to India to straighten it out. I was assured that it would be resolved and my payment re-credited to the correct plans.
What really upsets me is how incompetent companies can be. Do they pull these kind of stunts on purpose? I'm starting to think so. With the order in which they credited the plans on this last bill, I would've had to COMPLETELY PAY OFF BOTH PLANS to avoid a finance charge. So much for 12 MONTHS NO INTEREST.
Don't assume they're not ripping you off.