Like most households, we have a couple of credit cards. We don't really use them, though, being believers in the Dave Ramsey way of life. To a point--I use a credit card when I travel and submit expense reports for reimbursement.
Our expense reporting cycle is typically 3-4 weeks, which is a long time to be out of pocket. On some business trips, I might spend $500-$1,000 or more (on my last trip to the UK, I spent well over $5,000). Our budget is pretty close as it is, so loaning my company an extra couple thousand dollars directly out of my checking account is out of the question.
Around the Thanksgiving holiday, we missed our credit card bil due date by a few days. Not that we didn't have the money--we were celebrating with family and friends from out of town, and the last thing on our mind was feeding the Chase beast.
Until the bill showed up. Finance charges of several hundred dollars in addition to a late fee. I promptly called and complained. They waived the fees, and I thought all was good, right?
Well, December's bill came, which is due on January 31. Much to our surprise, there was a finance charge of nearly $82. There was no previous balance; only about $1,800 worth of charges. Upon calling Chase, they informed us that because we were late, they are going to be charging us a finance charge on each bill's current balance for the next two months (December and January's billing periods). When did that become fair play?
What an asinine penalty. Credit card companies are evil; the more of us that can stop using them, the better off our economy will be.