Forgive me, but I really need to rant about shitty customer service.
I’ve been burned bad by misinformation from ignorant and/or misleading
reps. This time however, it involves our credit card company, Bank of
We received one of those offers where we can take a $10,000 loan for 6
months with no APR. Since we needed a short term loan we thought, “Hey,
we’ll take that, use part of it, put the rest in the bank, earn interest
on it, then pay it back in 6 months.”
Does a six month interest free loan of $10K sound too good to be true?
We thought so. So we called customer service and double checked. We ran
through various scenarios including asking,
So if we take this loan, and say make $1000 in purchases using our
credit card, at the end of the month, if we only pay $1000 towards
our credit card bill, we won’t have to pay interest, right?
So we don’t have to pay the entire balance each month which would
include this $10K loan, right?
It’s a good thing we double checked today. It turns out in the fine
print, “which we read multiple times”, there was this opaque clause that
now makes sense since I know what it means:
By making a balance transfer and/or using these checks, you understand
that future payments will be applied to Promotional balances prior to
any existing or new regular balances on the account.
So simply put, if we take the loan, and make $1000 in purchases, and
then pay $1000 towards our bill, we’ll now have $9000 as an interest
free loan and a $1000 balance generating tons of interest.
Now you might say that’s what you get for not reading the small print.
Perhaps. But it bothers me that the amount of effort they put forth into
making the message clear that this is a “0% Promotional APR for 6
months!!!” dwarfs the effort to make the big catch very clear.
It was obvious to me that they want consumers to take the loan and then
not be able to pay it off at the end of 6 months because they want
interest paying customers. But I figured we’d be safe if we paid it off
in 6 months. Not so. What infuriates me is that we called customer
service and they egregiously misinformed us (which is a pattern with
some other financial institutions I’ve dealt with).
In any case, we’ve figured out an easy way to take advantage of this
offer and get a $10,000 loan free for 6 months. Simply take the loan
with no balance on the card and stop using that credit card for 6 months
till you pay it back. Use another card. I think it’d be great if
thousands, nay millions, of people did just that and sent a big “Fuck
You” to B of A. But that’s just me being vindictive. Not to mention I’d
have to get a Slashdot sized crowd to read
Ok, rant over. Thank you for your patronage.