JPMorgan Chase & Co. Credit card department,
I have a Chase Slate Credit Card on which I carried - separate Balance Transfer Promotions which carried a 0 % APR for varying periods of time. It appears during the time the promotions were active, my minimum payments were applied to reduce the balance of the outstanding promotional balance transaction due to expire 1st. When the promotion which had a 0 % promotional APR expired, it 's unclear as to how the subsequent payments were allocated. It appears that the payment amount was split between the remaining 0 % promotional balance outstanding as well as the expired promotions outstanding balance. However, the amount applied to the expired promotions outstanding balance does not appear to have even satisfied the current statement cycle interest charges. Thus, between the -/-/- and -/-/- statements, the Balance Subject to Interest Rate increased from $6300.00 to $6400.00 even though a payment of $190.00 exceeded the $71.00 interest charges. Moreover, when I attempted to pay in full the expired promotional balance by paying $6500.00 ( which exceeded the balance subject to interest rate on the previous monthly statement ), I was surprised to see still yet a remaining balance and interest charges accruing and perplexed as to why any portion of this payment would be allocated towards a promotional balance earning 0 % interest before fully satisfying the balance subject to interest charges.
JPMorgan Chase & Co. customer in Illinois
May 10, 2016
* Source: CFPB Complaint Database
JPMorgan Chase & Co. response to complaint:
Closed with explanation
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