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Wachovia Visa Card / Finance Charges

1 FL, United States Review updated:

I was recently offered a 12 month interest free balance transfer if I opened up a new Wachovia Visa Card I thought what a great offer!. Subsequent to opening the card I made several small charges but always made sure that I did not incur any interest charges by making payments in the full amount of the charges. Today I discovered a $13 finance charge and a $3.50 cash charge on the card. I was confused because I had so carefully paid off all new charges every month. I called the bank and was informed that the reason for the charges was that any time I made a payment it was applied to the balance transfer monies and not to the balance from the charges that I had made. These have been happily building up over time, and I have been thinking I had paid them. Ultimately this system now puts me in a situation where there is no way I can ever pay off the new charges without paying off the entire balance transfer first. This was not made clear to me over the phone when I made the initial transfer. This appears to me to be a trap that a consumer cannot get out of because they can never pay their way out no matter how punctual you are on your payments. I find this practice disgusting. I was told by the bank employee and their supervisor that there was no way that they could make this right and put me where I am supposed to be. I spend about 30 minutes on the phone with them and was shocked by their lack of willingness to work with me. I am sure that the small print somewhere outlines this practice, yet frankly there was no explanation up front, and I feel that I was tricked. I have been a customer of this bank since 1984 and it is unreasonable for them to not be willing to work with me, even on the assumption that I made a mistake because i fell into their trap they will not NOT help me to make it right. This is not alot of money but there is a huge principle involved. I am trying to start up a new business and cashflow is critical right now so i cannot really just dump the balance into the credit card to get out of the situation so I will continue to be charged until I am able to do this. This practice goes beyond disgusting because there it no way out. I wonder how many people they have trapped this way.

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  • Zt
      28th of Jul, 2009
    0 Votes

    I too discovered this the hard way. I now know to only use a balance transfer if there is a zero balance on the card to begin with. They apply your payments to the amount with the lowest APR first. Some banks allow you to call and tell them where you want your payment to go, and some do not. Good luck!

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