First National Bank of Omaha Credit Card Complaint

First National Bank of Omaha Credit card department,

Balance transfer Georgia

In - of 2015 I did a balance transfer from - of my credit cards with a higher interest rate to my First National Bank of Omaha card. The rate on the original balance was at 12.99 % and the rate being offered by FNB was 5.99 % guaranteed for the life of the balance and with no fees involved. The amount of the transfer was $7400.00 and was posted to the FNB account on -/-/15. The monthly payment on this amount on the original credit card was $140.00. The monthly payment on the FNB card before the transfer was $170.00, which resulted in a total per month of $310.00 for both cards. Now the payment on the FNB card has increased to $410.00 per month, $98.00 per month more than I was paying before the transfer occurred. My question to FNB was how can my payment increase $98.00 per month when the interest rate on the $7400.00 amount went from 12.99 % to 5.99 %? Also, in the '' minimum payment warning '' of their statement it was explained that if I were to only make the minimum payment of $410.00 every month it would take - years to


early payoff I was told I would be charged a late fee every month. When I asked the customer service supervisor to explain the fuzzy math '' to me, his answer was That 's just how it works. '' So, by attempting to save money every month by lowering my interest rate by a full 7 % I am now spending $98.00 more each month instead. I wonder how many other unsuspecting consumers have been mislead by FNB into transferring their higher percentage balances to this company and thinking they would also reduce their monthly payment by taking advantage of the lower rate.