I Thought I’d Never See

I got a letter today that certainly wasn’t expected.  It came from a credit card issuer.

In fact, I have to wonder how bad it might have been, for them to send this.

“After reviewing your account listed above, we found that we may have applied an incorrect APR (Annual Percentage Rate) to the account when it was opened.  We apologize that this happened.

To correct our mistake, we have credit the account for the excess interest (and any related charges) that resulted from the incorrect APR.”

You could have knocked me over with a feather.

I’ve certainly gotten the (nearly always worthless) letters about class action suits, and I’ve even filled out the paperwork only to get a check months worth about as much as a grocery store coupon.

I called the number on the back of the card, and was blown away to find out that I now have a credit of nearly $900!

OK, so that card migrates to the front of the wallet and pays for the gas and groceries for the next indeterminate period.

It still leaves me wondering, if this is what they do if they may have overcharged, just how bad was the situation? How huge could the class action liability have been to get their in-house lawyers to tell them to go back ten years or more and pay people money who didn’t even ask them for it?  It boggles the mind what they would do if they knew they had overcharged!



3 Responses to I Thought I’d Never See

  1. Bruce B says:


    I must confess to being astounded that you have carried balances on your credit card over the past decade.

    • hhill51 says:

      Frankly, so am I. It was well over a decade ago, but I vaguely recall them making a really fabulous zero percent offer, and me taking them up on it over the phone, only to have them decide that they weren’t giving me a credit limit as big as what I had already drawn. I quickly paid off the $20K or so, and put that card “in the penalty box”…. They did say in their letter that they may have made an error. I’ll accept their money, since it helps them sleep at night (coff, coff). I know I’ve had that card with zero balance for at least five years, so it was a true bolt from the blue when the letter showed up in the mailbox.

      • sidekick robin says:

        i second the confusion about running a balance. if it was a zero interest rate then there would not be a interest charge no?

        some sound advice, before investing in stocks or bonds, pay off your credit card balances.

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