Pier One Credit Card By Chase / Promotional Interest charge
I purchased items through Pier One using their credit card by Chase. I had promotional balances that expired 3/1/2010, 4/1/2010 and 7/1/2010. I paid the balance before the promotional expiration of 3/1/2010 prior to that date; however, they applied my payment to the balance which expired 4/1/2010 resulting in an interest charge of $88.57 from the promotional balance that ended 3/1/2010.
When I called Pier One customer service, they claimed that this was a result of the new credit card law changes effective 2/22/2010. Their explanation was that all payments had to be applied to the lowest interest rate. I explained that all my rates are the same. They then said that they had to apply the payment to the promotional balance that ended the latest. However, this didn't make sense since they applied my payment to the next promotional balance which ended 4/1/2010 rather than to the last balance that ended 7/1/2010. Both the customer service rep & the supervisor refused to refund my interest, so I closed my account.
Not sure if there is anything that I can do about this. Thank you for your time & please let me know if you have any suggestions.