Thread: Don't Spend, Save!!

Look at the bill the next time you get it and let me know what YOURS says. I mean--all I use is the "charge" option and that was like 12%, wasn't it? Well, I'm not going to pay them any interest so I won't worry but that DOES sound like WAY too much.

Bootsie, no the 12% is an annual apr rate. Something is wrong. Call them and find out what the APR of 35.94% is and then call the AG's office in NC and ask them what the current usury cap is. I saw it recently and it's around 30%. CitiBank in the mid 70's busted all the state usury laws over a credit card processing center in South Dakota. Because South Dakota chaned their law, basically eliminating usury laws, shortly thereafter, all the other banks wanting the same outrageous profiterring that CitiBank was enjoying lobbied their states to change the cap way up into the 20 + percent and over time they have raised them up close to or at 30%.

These rates are like Russian Loan Sharks and no one can afford to pay them. That's why they changd the bankruptcy law this year to make all this "unsecred credt" secured during a bankruptcy filing.

I'll put that on my list for tomorrow.

OKAY- I've called MBNA and this is the gobbledegook explanation I got. My CHARGE rate is the 12.49% BUT, if you have SPECIAL charges, they can charge any rate they want. Now, what the "special charges" were was something new to me too. They charged me a fee for a transaction from Canada and one from Australia. It was on for a total of $7.43 but that was what she said upped the interest rate. So, I told her that I thought that was USURY and I was going to report it to the NC Attorney General and she said that the interest rates are set by the state in which the credit card company is based!!! She told me to look back at my statement from last month and see what it said and it was the 12.49% so I guess that's right but that is total BS. Since that bill was for $2500, it's a damn good thing I was able to pay it or I would have been BURNED. WHAT if I had DIED before the bill got paid?? My estate would all go to MASTERCARD!!!

Bootsie, call her back and ask her what state MBNA is based in. It's Maryland. MBNA handles all of Wachovia Credit Cards. Are you sure this card didn't originate as a Wachovia Card?

Check back, if it originated as a Wachovia Card, it is still a Wachovia based account originating in North Carolina, where you are and subject to North Carolina law.

Furthermore, in order for MBDA to do business with you direct, they are subject to the laws that protect you which are North Carolina laws.

If you ever defaulted on the card, you can bet your "bootsie" they'll sue you in a North Carolina court claiming North Carolina jurisdiction to attach your North Carolina assets.

Call these lying pieces of crap back and quote this post...tell them you want to speak to their attorney is the customer service people don't understand what you're talking about.

The law follows the CONSUMER, not the creditor.

It's based in Wilmington, DE and it has been since I worked at Wachovia 25 years ago. I THINK that was the REASON they based it there if I remember correctly. They didn't have the controls there that North Carolina had and maybe there was a tax advantage for them as well. But, remember, every other month except THIS ONE, it will be the 12.49%. I did go back and look at my other bills and the rate on all of the ones I have are the 12% rate.

I think it will be best if I send a check to Canada for my prescriptions rather than charging and incurring that foreign transaction fee. And, the one from Australia was FRONTLINE FLEA DROPS for the dogs. I have NEVER had that charge before and I buy the drugs from Canada every three months. If I have, I sure haven't noticed it.

OH WELL. I will start paying closer attention.

Bootise, if you have a Costco near you, you can use their pharmacy to get those Canadian drug prices. I can't remember if they have them in NC or not but it's worth the annual fee. or so my sister says. I am fortunate enough not to need those meds yet but I have two diabetic sisters.

And you can get the same flea drops from US suppliers as well. I think the one I use is PetRX. We get turtle vitamins from the same place as TopSpot and Sentinel for our dogs.

OK--I pulled out a statement. My APR for purchases is 18.74% and for cash advances is 21.740%. The statement (Citibank) comes out of The Lakes, NV.

Okay, Bootsie--Bank Card Services that handles this for MBNA is based in Wilmington, DE. The credit card is still a Wachovia card and that is North Carolin law. MBNA purchase handling, not the debt, from Wachovia who then assigned the handling, not the debt, to Bank Card Services.

Wachovia is headquartered in North Carolina and is subject to NC Usury.

The state of jurisdiction doesn't change when they transfer processing.

I might pursue that this morning if I motivate.

Junius---I've priced the three things I get from Canada at Costco, which is a 45 minute drive from me, and I am still getting them in Canada considerably cheaper. When you are saving 40% over my COPAY, there is something WRONG. These drugs are packaged in the factory-sealed bottle and the company is very reputable so I will just start sending a check since they've started this FOREIGN TRANSACTION FEE.

When I order the FrontLine, I didn't realize it was coming from Australia!! The shipping was CHEAP and I did check every other online Pet supply place and these were by far the cheapest. Even with the foreign transaction fee, I saved a good bit and, like I said, I am not going to pay interest so I'm not worried about it that much.