Check the details on your Chase/BP card statement - 324.76%.
saving a little
MAR
19
2009
Chase - BP Gas Visa Credit Card —
We have paid in full the balance of our Chase/BP card every month for years. I must confess to not really paying much attention to it. I just looked at the balance and paid it. A few months ago my wife noticed finance charges. Upon inquiry we got the reply, "Yes you have been paying the balance, the finance charges are just part of how the card works." That was three cycles ago, and we closed the account immediately. Last month the bill was $17.00. OK, a few transactions fell into the next cycle. This month we got a bill for $2.00 under Finance Charges.Here is the real kicker: Daily Rate = .07463%, Cooresp. APR = 27.24%, Effective Annual Percentage Rate = 324.76% (three hundred twenty four point seventy six per cent - just in case you thought there was a typo) Underneath that the statement explains: The Effective APR represents your total finance charges - including transaction fees such as cash advance and balance transfer fees - expressed as a percentage. We have never taken a cash advance, never transferred in a balance. We used this card exclusively for gas at BP stations. I am sure glad my wife paid closer attention than I did.
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