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The Chase Prime Visa is literally one of the most PREDATORY, borderline ILLEGAL cards in the entire credit card industry.
Charge $1000 on this card, pay off $900. You should only be charged interest on $100, but the interest is for the full $1000. Yeah, GTFO. Show me any other charge card that does this.
People make mistakes with auto-pay. Sometimes despite one's best efforts or a family medical emergency, you miss paying off the full balance one month. I get this card has no annual fee and Chase has to make their profits somehow, but this is legit the most predatory way to do it. Zero-forgiveness in this card, so if you do sign up, make sure you never under any circumstance miss the full payment, even by missing one cent or by one day.
I'd rather carry Chase Freedom Flex + Discover IT cards (both with no annual fee), take advantage of staggered 5% cashback on all Amazon purchases for two quarters of a calendar year (including this holiday quarter), and just not deal with the BS.
A lot of you out there are chasing a $200 gift card carrot, but the 100% accrued balance interest penalty stick may hit you back a lot harder in the long run...
Declined with an over 800 credit score.
If you visit the page for this, you can do a pre-qualify check before actually applying.
Also, right after you get approved, you can grab a referral link to have friends/family use and you can get another $50 per each approved referral. (Up to $500)
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You have $0 balance, or a new account You make $1000 worth of purchases. Your statement is issued with a statement balance of $1000 on November 1, 2023 with a due date of November 27, 2023.
You begin accruing interest from the date the statement was issued on a daily basis based on your DPR (APR/365). Everyday, that accrued interest charge is added to your balance, and next day your DPR is calculated on that new balance with added accrued interest charge from day prior and so on (compounding interest). This occurs daily until your due date.
If you make a payment on the due date, you have accrued 27 days of interest, if the statement balance is paid in full, the accrued interest does not carry over to your next statement, it's done and over with. If you do not pay the balance in full, Say you make a $900 payment, then you have not satisfied the terms and conditions of most all credit cards and the accrued interest charges from the 27 days will be added to your next statement.
Hold up, this is incorrect. You're not charged interest from the day the statement is issued. You're charged interest only if you don't pay in full by your due date. Interest starts on your due date, on the unpaid amount of the statement balance by that date. Not on the day the statement is issued.
The Chase Prime Visa is literally one of the most PREDATORY, borderline ILLEGAL cards in the entire credit card industry.
Charge $1000 on this card, pay off $900. You should only be charged interest on $100, but the interest is for the full $1000. Yeah, GTFO. Show me any other charge card that does this.
People make mistakes with auto-pay. Sometimes despite one's best efforts or a family medical emergency, you miss paying off the full balance one month. I get this card has no annual fee and Chase has to make their profits somehow, but this is legit the most predatory way to do it. Zero-forgiveness in this card, so if you do sign up, make sure you never under any circumstance miss the full payment, even by missing one cent or by one day.
I'd rather carry Chase Freedom Flex + Discover IT cards (both with no annual fee), take advantage of staggered 5% cashback on all Amazon purchases for two quarters of a calendar year (including this holiday quarter), and just not deal with the BS.
A lot of you out there are chasing a $200 gift card carrot, but the 100% accrued balance interest penalty stick may hit you back a lot harder in the long run...
no they dont, I have this card and it literally says on the statement: interest charge is added to your daily balance until paid in full
Don't feel bad. Years ago they just sent me a letter telling me they were closing my savings and checking account and refused to tell me why. Just out of nowhere. We had to scramble to get all our funds out of the bank and switch over to a new bank. Insanity at its finest.
This card, they never sent my statement in the mail. I couldn't figure out how to log into my account for months. I finally had the thought to check my credit history and see this card on there, had an insane time trying to scout out any way to pay off my card. They didn't email me, either. I was furious when I found out I'd missed the payment deadline by a week. They did waive the fee after I threw a fit over the phone. I will never use this card again.
Hold up, this is incorrect. You're not charged interest from the day the statement is issued. You're charged interest only if you don't pay in full by your due date. Interest starts on your due date, on the unpaid amount of the statement balance by that date. Not on the day the statement is issued.
yah For any carried over balance, you begin accruing interest from statement date to due date from what it says on Chase.
The 5% savings is great on every Amazon purchase. Why do you have a credit card if you can't pay it off each month? You'll never catch up at that rate.
It says my application is under review and they will send me something in writing within 30 days. Is there a reason why this happens? I have a high credit score. I actually kind of regret applying because of the potential ding to the credit score.
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Charge $1000 on this card, pay off $900. You should only be charged interest on $100, but the interest is for the full $1000. Yeah, GTFO. Show me any other charge card that does this.
People make mistakes with auto-pay. Sometimes despite one's best efforts or a family medical emergency, you miss paying off the full balance one month. I get this card has no annual fee and Chase has to make their profits somehow, but this is legit the most predatory way to do it. Zero-forgiveness in this card, so if you do sign up, make sure you never under any circumstance miss the full payment, even by missing one cent or by one day.
I'd rather carry Chase Freedom Flex + Discover IT cards (both with no annual fee), take advantage of staggered 5% cashback on all Amazon purchases for two quarters of a calendar year (including this holiday quarter), and just not deal with the BS.
A lot of you out there are chasing a $200 gift card carrot, but the 100% accrued balance interest penalty stick may hit you back a lot harder in the long run...
Also, right after you get approved, you can grab a referral link to have friends/family use and you can get another $50 per each approved referral. (Up to $500)
Sign up for a Slickdeals account to remove this ad.
What happened?
You begin accruing interest from the date the statement was issued on a daily basis based on your DPR (APR/365). Everyday, that accrued interest charge is added to your balance, and next day your DPR is calculated on that new balance with added accrued interest charge from day prior and so on (compounding interest). This occurs daily until your due date.
If you make a payment on the due date, you have accrued 27 days of interest, if the statement balance is paid in full, the accrued interest does not carry over to your next statement, it's done and over with. If you do not pay the balance in full, Say you make a $900 payment, then you have not satisfied the terms and conditions of most all credit cards and the accrued interest charges from the 27 days will be added to your next statement.
Charge $1000 on this card, pay off $900. You should only be charged interest on $100, but the interest is for the full $1000. Yeah, GTFO. Show me any other charge card that does this.
People make mistakes with auto-pay. Sometimes despite one's best efforts or a family medical emergency, you miss paying off the full balance one month. I get this card has no annual fee and Chase has to make their profits somehow, but this is legit the most predatory way to do it. Zero-forgiveness in this card, so if you do sign up, make sure you never under any circumstance miss the full payment, even by missing one cent or by one day.
I'd rather carry Chase Freedom Flex + Discover IT cards (both with no annual fee), take advantage of staggered 5% cashback on all Amazon purchases for two quarters of a calendar year (including this holiday quarter), and just not deal with the BS.
A lot of you out there are chasing a $200 gift card carrot, but the 100% accrued balance interest penalty stick may hit you back a lot harder in the long run...
Open another Amazon account
Don't feel bad. Years ago they just sent me a letter telling me they were closing my savings and checking account and refused to tell me why. Just out of nowhere. We had to scramble to get all our funds out of the bank and switch over to a new bank. Insanity at its finest.
Sign up for a Slickdeals account to remove this ad.
Sign up for a Slickdeals account to remove this ad.