Received my credit card statement today and was shocked to see Finance Charge amounting to RM19.25. I remember paying the full amount before the payment due date. So just to confirmed me right, I dug out last months statement. The due date was 27 Feb and I made the payment on 12 Feb.
Furious, I called the customer service. Well, let me explain that I am the Sup-card holder. So the teller told me that the finance charge is not for me, but for the primary card holder. Duh! OK! But what is the charge for? Is it late payment? Or what finance charge?
She told me that we did not pay the previous amount in full. Ok, I know I paid 12cents short. So the bank is charging me RM19.25 for not paying 12cents!!??
RM19.25/12cents is 160042%. So effectively they are charging us 192500%per annum. Ah Long also dun charge so much.
So she explained that based on Bank Negara blah blah blah, even if we pay 1 cents short, they will calculate the interest based on the whole previous month's transaction. I was like WHAT THE???
This is really RIDICULOUS. Banks are blood sucking. Why Bank Negara come out with such regulation? The bank is already earning so much and u come out with such regulation so that they can earn more???
She further explained that this regulation is announced. I asked if it is written behind the statement (you know the whole page of small prints behind the statement). She said no, but they have sent out memos to all card holders. Somewhere July last year. Ok, our bad for not reading the memo carefully (dun remember receiving it though).
Asked to waive it...but since I am not the primary card holder they can't do it. Only when the primary cardholder calls then they will waive it. DUH!!! As if the primary card holder will disagree with me and prefer paying the RM19.25 finance charge as a penalty of not paying 12 cents.
So next time, please becareful when making payment. Dun pay them even 1 cent short.