JULY
10, 2005 --
This writer called Bank One, last week to inquire about a reduction in the 26.99
percent interest rate on the credit card.
Thye gentleman at the other end of the line explained that this was not possible
now and that I might consider asking again after making six timely payments.
By coincidence the mail that day brought a letter explaining that two late payments
required the 26.99% interest rate and that I might want to ask for a lower rate
after making six timely payments.
With a minimum payment -- at this interest level -- of $309, the finance charge
is $288.27. Roughly then. after paying some $1800 (for six months) and getting
the principal reduced by some $120, the Bank One -- which within the Chase group,
apparently, this writer might get a lower interest rate. $1800 minus
120 -- seems like $1680 in nice thick punitive gravy, for BankOne Chase, in additiojn
to the penalty applied for the late payment.
LPR has, of course, little power to influence public officials to stop usurious
practices by credit card companies.
All LPR can do is award Bank One Chase, for its 26.99 back-breaking punitive
interest rate, the Henry F. Potter Memorial Trophy, named for the fictional banker
in the Frank Capra movie "It's a Wonderful Life," who committed himself,
borrrowing from Federalist No. 57, to the "ambitious sacrifice of the many
to the
aggrandizement of the few."
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And hope that
this grievance gets noticed on the web.
A close second place in the Henry F. Potter sweepstakes to Providian, a bank
whose credit card on purchases hits this writer with a 24.99 percent rate and
is not at the time prepared to lower this impost.
The Providian twist was, however, that the payment bill stating the account was
past due nevertheless announced 06/30/05 as the date minimum payment of $119
was due. Accordingly, I used the card in mid
June to learn that the charge was dishonored.
LPR is not certain that one person can make a positive change. If, however, one
person goes on the internet with experiences of overreaching -- econommic
or otherwise, by others -- and finds that he or she is not alone in bearing such
treatment, perhaps action for the common good will result.
Perhaps this is what 1776 was all about.
What was it Franklin said -- if we don't hang together (for the common good)
we most assuredly will hang separately?
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