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Low-Interest Card Turns Into High-Interest Debt?

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Mar 28, 2008 12:11 am US/Pacific

Low-Interest Card Turns Into High-Interest Debt?

(CBS 5) A credit card customer asked CBS 5 to Investigate This: Why his deal for a low-interest credit card resulted in high interest penalty?

Doug Horan said his special deal for a Chase Mileage Plus Card with 2.99 percent interest came in the mail. So Horan transferred $28,000 dollars in debt from another card over to his Chase card. But he soon noticed something strange.

Horan already had a balance on his Chase card with a rate of 24 percent, and the balance transfer of $28,000 had an interest rate of 2.99 percent as promised. But his payments, which he thought would be split between both balances, were being applied to debt with the low interest rate.

Our video report has more.

(© MMX, CBS Broadcasting Inc. All Rights Reserved.)

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