As an A-lister and a frequent traveler, I switched from flying exclusively Delta to flying Southwest most of the time two years ago. I also decided 8 months ago to get the Rapid Rewards Visa from Chase. I had previously been using the Delta Skymiles credit card. All was well until October came and I paid my payment 2 days late. Whoa!, watch out if you do that, Chase applies late fees the day after its late, no grace period like American Express, then they apply interest not only for the month I was late (even though I paid it in full), but also for the next month (also paid in full). They explain this because once you are one day late, they apply a last in, first out method of applying payments to charges and thus you are a revolver. Based on my calculations, it turns out to be about 480% interest. Aren't there laws against such rates?
I figured I won't do that again, let me see if I can get it waived. Nope, nothing doing, Chase is a greedy bunch. They made me feel like a dead beat for paying two days late. I wonder if Southwest values their A-listers the next time it comes to picking a credit card partner. Chase certainly doesn't. Account closed. I thought I would warn others.
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