I am not rich, so I shop at Sam's Club. I use their credit because it gets points.
I pay the total due each month. I get the points.
Payment is due on the 15th of each month.
Last month I sent the check on the 12th because I forgot to send it sooner and then I thought Monday was a holiday. I suppose not that it really wasn't. Anyway, they should have got it by the 15th. They didn't.
I haven't paid interest on a credit card for a long time, so I was agitated that they had not got it.
I was thinking that the interest could not be so bad on 495 dollars. I might have been rounding down to five dollars. Hahahahahahh. I called them agitated. Oh god, I wouldn't like that job! I hadn't got the next bill yet.
The poor thing. LOL She was extraordinarily patient, something like a machine would be.
She said she took off the penalty (I don't know what it was).
That was a week after it was due that I called. I was watching my bank account.
Two days ago I decided to pay the whole damn thing via online. The whole damn thing was the amount the check was for and the next month's shopping, which was higher. I was thinking maybe someone will find that check, but probably not.
My paranoia has me checking my bank account often and today, OH NO! they found the check!
But, that is not what this is about.
This is about the statement that came today. This si what I want to tell you. The interest charged on $495.00 is $22.74. I don't know much about finance but I thought I knew about compounded interest. So, if a twenty percent interest is agreed upon and I held a five hundred dollar balance for a year then the interest would be $100.00 A YEAR and so a month would cost me just $8.33.
It seems to me that a 22 dollar charge means they are charging approximately three times that.
I do not understand. Is it really 50% interest that I agree to? Isn't that crazy? Do loan sharks charge less?
I pay the total due each month. I get the points.
Payment is due on the 15th of each month.
Last month I sent the check on the 12th because I forgot to send it sooner and then I thought Monday was a holiday. I suppose not that it really wasn't. Anyway, they should have got it by the 15th. They didn't.
I haven't paid interest on a credit card for a long time, so I was agitated that they had not got it.
I was thinking that the interest could not be so bad on 495 dollars. I might have been rounding down to five dollars. Hahahahahahh. I called them agitated. Oh god, I wouldn't like that job! I hadn't got the next bill yet.
The poor thing. LOL She was extraordinarily patient, something like a machine would be.
She said she took off the penalty (I don't know what it was).
That was a week after it was due that I called. I was watching my bank account.
Two days ago I decided to pay the whole damn thing via online. The whole damn thing was the amount the check was for and the next month's shopping, which was higher. I was thinking maybe someone will find that check, but probably not.
My paranoia has me checking my bank account often and today, OH NO! they found the check!
But, that is not what this is about.
This is about the statement that came today. This si what I want to tell you. The interest charged on $495.00 is $22.74. I don't know much about finance but I thought I knew about compounded interest. So, if a twenty percent interest is agreed upon and I held a five hundred dollar balance for a year then the interest would be $100.00 A YEAR and so a month would cost me just $8.33.
It seems to me that a 22 dollar charge means they are charging approximately three times that.
I do not understand. Is it really 50% interest that I agree to? Isn't that crazy? Do loan sharks charge less?