Do you know that Banks make money from your money. The banks use the balance in your checking or savings account by loaning to customers and charging interest, that may vary with the type of loan. For example bank may charge 3% for Mortgage, 4.5% for Home Equity or 6% for short term loan, or 8% for auto loan. Bank also charges for over-draft or monthly maintenance fee, if your balance goes below a minimum balance. I hate all bank charges, but I hate most the late-payment penalty. As all the charges are computed by the computer system, and if you are not checking your credit card or bank statements, you will hardly notice these charges.
I check my bank account, most of my credit cards statement every months, and if I see that any credit card or bank has charged me late-payment or interest on unpaid balance, if I missed my payment for any reason, for last month, and I have been making all payments within the due dates, I will immediately call the customer service and request the associate to refund any late payment and any interest. If the associate refuses, then I will ask to speak to the Supervisor. Most of the time, if my account is in good standing and had no late payment in the past the associate will refund the charges. But, if the associate refuses, or says that he/she does not have the authority, then I say to the Supervisor that if I do not refund for the late-payment or interest charges, I will cancel my account and they will lose my business. No associate or the supervisor want to lose customers, as their job depends on customer’s satisfaction.
Most of the Banks and credit card companies offer some kind of incentives to attract and retain customers. These incentives can be in the form of cash-back, reward points that can be used for statement credit or gift cards or credit towards purchase of air-line tickets or hotel stays.
I am always on the look out for bonus incentives from banks and credit card companies, which can be through regular mail or through emails.
Rambler's Corner 