WachoviaFirstUSABankOne screweth its customers (again)
First there was Wachovia, and Wachovia was OK. Not good, not very bad, just OK.
Then Wachovia begat First USA. Or First USA bought Wachovia. Or the name changed. Whatever.
Verily unto a short period emergedeth Bank One. Which really should be called Bank Three by now.
And Bank One, in its finite wisdom, decreed the following to take place on October 1, 2003, or as soon as possible if your billing cycle contains October 1, 2003, or the billing cycle date has the letters "e" and "r" and the number "2" in it (in other words, pretty darn quick):
- Method of computing the balance for purchases
- Two-cycle average daily balance method (including new purchases)
Two-Cycle Average Daily Balance (including new purchases or excluding new purchases). This balance is the sum of the average daily balances for two billing cycles. The first balance is for the current billing cycle, and is figured by adding the outstanding balance (excluding or including new purchases and deducting payments and credits) for each day in the billing cycle, and then dividing by the number of days in the cycle. The second balance is for the preceding billing cycle and is figured in the same way as the first balance. The two-cycle average daily balance is used primarily to backcharge interest on a previous balance on which consumers did not pay finance charges (because their balance was zero), but neither did they pay off the current balance due in full. The method affects consumers who always or sometimes carry over a balance.
as explained by the fine folks at Credit Card Guide
- Transactions in Foreign Currencies
- 2% on top of the 1% Visa and MasterCard charge to convert foreign transactions into U.S. Dollars (your purchase=100%; Visa/MC + 1% = 101%; Bank One + 2% = 103.02% of your original purchase)
- Arbitration
- All parties are bound to go to arbitration. No court, no class action suit, now and forevermore, quoth the Raven.
And so on and so forth.
Thus endeth my involvement with this blood-sucking leech of a financial conglomerate.
Well, sort of. Before I sharpen my scissors, I'll try to find another credit card company 72% as good as USAA (which, in case you think I'm still being sarcastic, is a fine organization that treats its customers with respect).