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Pier One Credit Card By ChasePromotional 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.

Responses

  • Ls
    lshill300 May 08, 2010
    This comment was posted by
    a verified customer
    Verified customer

    I just had the same problem with my best buy card, I caught it with 1.37 in interest small amount but the principal.I was lucky and have not made any more purchases.But I have a Home Depot card and have 1 year no interest coming due bathroom project(oh crap) called them to see if this was going to happen to.They told me that if there is still a balance in the final 2 months of the promotional period they would apply all payments to it because of the new law and if I had 100 charge at the time and did not pay enough to cover the 100 I would not be charged interest on the 100.They said it would not be fair to there customers, they were going to lose customers.So then in the last 2 months you would pay off the promotional balance and that 100 would be interest free for 2 months then would turn to a regular charge and then interest would start to apply.Thats what there customer service told me.But to beat Best Buy if you want, when they have 1 year at 299 buy a gift card for 299(if you plan to spend it soon) and just use the gift card then and never use that card for any other purchase.

    0 Votes
  • Bf
    BFD2 Mar 22, 2010

    The same thing happened to me with my Circuit City/Best Buy card. I thought I was making my monthly payment and eliminating the debt with the most immediate expiration date. But they applied my payments to the other promotional debt and now I'm stuck with $500 in accrued promotional debt. I have used promotions like this for years and always paid the balance off before the expiration date. Only these sheisters changed the rules and screwed me out of $500. I have paid the balance in full and cancelled the card. Costco will be getting all of my business for electronics in the future.

    0 Votes
  • Ac
    accordtrnsheads Mar 16, 2010

    I have the same issue with my Circuit City card by Chase!!! I just noticed the same issue. I have a promotional balance that ends 10/15/10 and another one that ends 2/5/11. I make way more than the minimum payment every month and all of a sudden my payments are going towards the later ending balance. There is already over $300 in deferred interest accrued that I will be charged for because my first-ending balance will not be paid off in time! I just to work for Circuit City and we use to be able to have our customers make a one-time "allocated" payment to pay off one specific promotional balance and when I brought that up he told me that is no longer an option due to the new laws as well! That is ridiculous! But he did tell me that in the last 2 months of the promotional period I will be able to make payments towards the one that is about to end. How much BS does this sound like!?! I HATE CHASE!!!

    0 Votes

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