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I have a Macys credit card, which I use only occasionally. I went shopping there yesterday, over the Thanksgiving holiday, and made several purchases, amounting to around $200.00. While there, I also paid my previous credit card balance in full, which was only about $33.00. When I looked at my Macys statement upon arriving home, I was SHOCKED to see this written on the statement: "A finance charge in the amount of $1.00 will be added to your revolving account balance if you choose to pay less than the full balance by your due date. If that happens, the actual ANNUAL PERCENTAGE RATE charged on that account is 51.84%". There were many folks doing their Christmas shopping while I was there and I'm sure they will also be shocked to discover that they have to pay for their purchases IN FULL or their interest payment will go to just under 52%...this is absolutely ridiculous, especially in these troubling financial times. Isn't there someone who regulates this type of thing?
Yes - its called the Federal Trade Commission,
Make sure you know which company is actually responsible.
JCP, Lowes - use GE Money to handle their credit cards and the stores have no control over how GE Money handles their customers accounts. GEMB is highly abusive of its customers and have reduced everyone's available credit to $100.
JCP is notorious for this as well. Going to talk to my US Congressman about this. The best way to go is to shop online with the various sites that are out there now offering great deals AND pay cash out of your debit card. Then you get the good deals plus don't pay interest. The online sites may take a little longer to process your order but it is worth it. This is the Millennial way to do things. Don't get screwed.
My wife was suckered in to opening a Macy's account last month despite our agreement this would never happen - but they offered her such a gosh-darn deal!
Got the bill, new balance of $93.60, similar statement to above, but this was the text (I add no emphasis- the caps are as printed):
"A FINANCE CHARGE in the amount of $2.00 will be added to your Revolving account balance if you choose to pay less than the full balance by your due date. If that happens, the actual ANNUAL PERCENTAGE RATE charged on that account is 256.08%."
Then when I went online to set up a web account to pay the bill through checking account transfer to make sure it got there, it said our balance was $95.60. So the $2.00 was already added somehow?
Not risking it - I paid it, I am then going to cancel the account, and if they give me any trouble at all, I'm going to file a complaint with the BBB and attorney general.
I found this page while Googling, so I thought I'd add my story to help others find that their story is not unique, and they'd better cancel the account as soon as possible.
Great going !
We should seek to sue Macys..because..i made my payments on time and paid more than suppose...and anyways they charged me a late fee...and before i got my paper statement the collection had called me...to say that i needed to make a payment..//Those satemet never say clearly..what if you pay more each month..what if don't make a payment at all...why if i go online to make an extra payment the system does not take it ...although you have 12 months to pay...or pay interest if you don't...please anyone let me know if ever the same happen to you...
Same thing happened to me when I opened my bill. The front page said annual interest rate of 22.90% but second page in small print said "$1 added...annual percentage rate charged...is 30.48%". When I called Macy's, the supervisor told me the annual percentage rate is actually 24.5% and will be going up again. In other words, they are charging whatever interest rate the feel like charging.
Also when I opened this account, Macy's went ahead and opened a second credit card, a Visa, with a different account number without my permission. I paid the account in full and canceled both accounts. Never again will I have a Macy's account. Good thing I set the money aside to pay this in full. I feel bad for anyone who charged a large amount, they'll be getting a nasty surprise.
Had the VERY same stuff just happen. I called a supervisor to complain about an "interest" charge of $10.67 due BEFORE I had accrued any interest as I always pay my balance to Macy's in full. The supervisor gave me such double speak I was nearly laughing! Basically I think he was waiting or me to ask "Do I have to pay this?" It was as if he was paranoid to tell me the same words. When I finally told him I was going to pay my balance in full WITHOUT the felonious interest he said "That is correct Madame. That is just fine." Whew! So what they are hoping is that you will go ahead and pay this interest in advance but it is not required.
I was also sent a Macy's Visa without requesting it. One of the clerks noticed that my standard Macy's card was expired and she said "I will take care of it right now." I had a worried moment when she asked for my SS#. Now I know why. When I had the supervisor on the phone I canceled this account (never called to validate it) and requested a new normal Macy's card.
The lesson folks, do NOT purchase anything on a card that you cannot pay off before interest is due. The corporations are ravenous rats who will screw you every which way and the small print is getting smaller!
Hey! Macy's can do whatever they want! And, what they want to do is take advantage of the customer with un-earned interest. So now, they have no grace period and now they can double-cycle bill! Oh, but we were advised in the small front notice that was sent out three months ago in legalise. So, what can you do? I just closed my account (a Marshall Field's account opened in 1977) and I urge you to do the same. As customers, we have rights, too!
DO NOT PAY THE INTERST! I clearly states on the bill "If you pay your New Purchase Balance of $"Whatever" by "Date" your Initial (And I love how they put that) Interest charge of $"Whatever" on your Revolving Account will be refunded on your next statement". This started happening a couple of years ago, and I called Macy's but so far nothing has happened and more customers need to make the FTC aware.
Please Go to the FTC (Federal Trade Commission) website and file a complaint, https://www.ftccomplaintassistant.gov
I am also contacting the BBB and Reporting it as Mail Fraud, but I cannot find an enforcing agency for my state.
They are ripping off Unaware customers and judging by some of these posts some of you are paying these charges for fear of a bad credit mark. DON'T PAY IT, it is NOT DUE. Even if they reported this balance unpaid to the credit agencies, you can dispute it and it will be taken off because they are ILLEGAL CHARGES and cannot be enforced.
Thanks for sharing this with us. I had no idea they would charge you an interest like that if you did not pay in full. After seeing this I plan to get rid of this Macy's Amex Card. It looks horrendous. I checked my interest rate and it is less than yours but still phenomenally HIGH.