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Thread: Cash Grab?

  1. #1 Cash Grab? 
    Time Lord zinjanthropos's Avatar
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    Dec 2005
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    The latest:
    Had zero balance on VISA credit card
    April 23 use my card for a $5000 purchase (trying to score some cash back with some points)
    Set up for the $5G to be paid on May 14
    $5G is paid May 14 which should’ve set balance back to zero
    May 23 use charge card again for $1560
    Today I check balance online and find I owe $1612.86
    Look back on my transactions and find I’ve been billed $49.50 plus tax for insurance premium
    Start calling to enquire what’s going on?

    I never charge up more than I can handle and pay off total balance within 30 days to avoid interest charges. I just picked May 14 this time because my wife’s pension is deposited on 15th of each month. I phone bank who tells me to call insurance company. I say to them I’ve never been charged a premium before. I’m told that they do a credit card balance check on 14th of every month and if there’s a balance I get charged 99 cents for every dollar. I’ve had card since 2008 and apparently they tell me I agreed to insurance in 2015. I don’t recall this at all.

    So I say that even though it’s a remarkable coincidence, my balance was paid on the 14th, same day they do balance check. Why do I have to pay if there’s no balance after that date. I don’t get a satisfactory answer so I threaten to cancel card at bank. I go to bank who says I can only cancel by phone. While there I explained what’s going on and the manager there agrees I shouldn’t have to pay insurance charge. The bank does the right thing and puts the insurance charge plus tax into my account and I pay off remaining money owing.

    Throughout all this I tried to explain to insurance company that at no other time have I been charged the premium. There is no notification to alert a customer online to pay up by 14th of the month to avoid carrying a balance and charges. I said to them that if I had charged the 5G on the 15th I would have had zero balance on 14th and avoided premium. They don’t dispute this. I figured it must be computers talking to each other and something was amiss in their programming.

    Have I been that lucky over the last six years to have always used card after 14th and paid up before 14th of following month, thus avoiding an insurance premium I knew nothing about or didn’t know I had agreed to (which I wouldn’t have)? I think there’s some mistaken identity possible here.

    Check your online statements my friends. Otherwise find out the date VISA insurers check credit card balances. If it’s the 14th like my situation then use card on 15th to get more time to pay it off without being nailed for premium. I said to the insurer that if I had charged $5G on 13th then I would have been hit with premium the next day. WTF? Bloody crooks never denied it.


    All that belongs to human understanding, in this deep ignorance and obscurity, is to be skeptical, or at least cautious; and not to admit of any hypothesis, whatsoever; much less, of any which is supported by no appearance of probability...Hume
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