If you are like me that check his/her credit card statement every month to see how much interest been charged by the credit card issuer then let me share with you my little experience.
I have been using my credit card for the past 3 years or more, but recently I noticed that the interest been charged by one of of my card issuer shot up from an interest rate of 15% to 19.20% APR, at first I thought maybe its the credit crunch stuff, as I am not an account nor finance guy, I thought I give my bank a call and get an explanation as to why my credit card interest rate has shot up my savings account rate remain stagnant.
Well, spoke to this lovely guy probably based in India, wasn't much of any help has he could not explain to me why the rate had gone up from 15 to almost 20%, but he was kind enough to inform me that the rate goes up based on the calculation done by one of their computer system.
That was not good I rant on the phone, after 15 minutes of heated debate (poor bloke), he decided to take the interest rate back to 15.9%.
As a selfish guy, I thought I try my luck, and ask for a refund based on the high interest I have been charged in the past couple of months, I would love to say I won, but he wasn't willing to give me a refund, but I am happy with the final outcome.
Lesson learnt, don't let your bank or any financial institution rip you off. A call for an explanation and clarity is what it takes
