[thechat] Hey Buddy, Can you Spare a Dime?

Matt Warden mwarden at gmail.com
Fri Jul 17 10:18:20 CDT 2009

On Thu, Jul 16, 2009 at 3:45 PM, Luther, Ron<Ron.Luther at hp.com> wrote:

> I'm sure you already know, (I think we talked about this a few years ago maybe?), but you have to watch those low interest 'cash advance' things on your credit card because those amounts slide underneath the revolving charges and get paid off last - which, if you normally float a balance, means they accrue interest for a longer period of time than a separate loan would -- which translates to a higher "effective" interest rate than they are advertising.  Just something to watch out for ... they ain't doing this stuff to be nice to folks!

That's true for now. Luckily, government has once again decided to
protect us from ourselves and credit card companies will surely still
magically offer us the same low rates rather than adjusting their
offered rates to that very effective rate.

"Amounts in excess of the minimum payment must be applied to the
highest interest rate, except in the last two months before a deferred
interest balance is due"

(In case you can't tell, I'm not thrilled about the bill.)

Matt Warden
Cincinnati, OH, USA

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