[ What a b*tch! ]
This is my 11th installment for this series. It’s really late, I was sure that I had already posted it, but I was wrong.
The basics:
- I applied and was approved for a $3,000 credit limit on 4/12/11
- On the same day ( 4/12/11) I charged a complete root canal & filling on the card = $2,297.00
- 48 month promotional period = 14.9% APR
- Minimum monthly payments = $64.00
- If I paid only the minimum payment of $64.00, in 4 years it would be paid off. I would have paid $3,095.00, which is $798.00 in interest.
- If I paid $80.00 a month, I would have paid $2,887.00, which is $590.00 in interest.
THE ELEVENTH BILL
Previous Balance- $191.71
New Purchases- $0.00
Payments- $174.00 ($87.00 posted on 2/16 & $87.00 posted on 2/28)
Credits, Fees, etc.- $0.00
Interest Charge- $2.00 (minimum interest charge)
New Balance- $19.71
Minimum Payment Due- $19.71
Days in Billing Period- 29
TOTAL INTEREST CHARGED: $134.46
TOTAL PAYMENTS SENT: $2,390.50
Notes: I still can’t believe I forgot to post this earlier, I’m so forgetful sometimes. I was only suppossed to be charged $1.57 in interest this time, but they apparently impose a minimum interest charge of $2.00. It seems kinda tricky, but it’s only 43¢ (which of course, still adds up) so I didn’t make a fuss about it—my time is worth for than a few pennies. One more payment and it’s over. 
Woohoo! You’re almost done with it! Congrats!
Thanks, there’s an final edition coming soon—since I was so late posting this.
I’ll bet your will be glad to be rid of that second round of pain (the first being the actual root canal itself!). Dental insurance?
Definitely! I still need to look into dental insurance, I was hoping to get health & dental insurance in one, but I have no clue when we’ll be able to afford health insurance.
Only almost $20 away! That’s awesome!
Wooooo hooooo! 😀
A minimum charge for interest? That’s absurd! I’ve never heard of anything like that…
However, I agree it’s not worth fighting over 43 cents. Not worth your time, for sure.
Crazy buggers.
With my luck, I’d be on the phone for 1/2 hour to save 43 cents.
That seems illegal. Imagine how much money they must make off of that one stupid rule when you get to apply it on the scale that they do? Insane what these guys get away with.
Yep, they’re probably making tons of money from that one little thing.
I’ve had the minimum charge for interest before, I think it’s crap.
It really is, they love finding additional ways to get our money.
Congratulations you are almost there!
Thanks Katie.
Good for you! That is going to be an awesome feeling to pay it down so quickly. Perhaps you’ve covered this, but have you ever tried Citi Card? They often offer 0% for the first 6 or 12 months or something like that. I’ve used them a couple of times for balance transfers as well. Since they usually offer 0% for a while, and you only have to pay the initial 3% to do the transfer.
Normally, I don’t pay interest on my credit cards. I prefer to pay off the balance before I get charged interest. I haven’t looked into Citi Card yet, but I’m planning to research credit cards in the near future, so I’ll add it to my list. Thanks.