Banks are the corrupt foundations of Capitalism, don't trust them

Sometimes ago, I received a pre-approved line of credit for the amount of $25,000 form a financial institution. What sounded good was that for 1 year the interest rate on transferred amounts from other institutions to this would be only 1.99%, however any carried forward ballance on purchases would be 17.99%.

Well, It seemed like a good opportunity to consolidate some of the debts from other institutions for which my L of C rate was higher. So, I accepted the offer. The offer was in a form of Platinum Master Card.

So, I transferred many of my balances from other accounts to this and started using this card for purcahsing purposes as well.

After receiving my first statement, I notices that I was already charged 4% on the amount that was transferred as transaction fee. Well, I called and had this issue resolved. Then, I paid the amount equal to the my ballance resulted from using this card in purchssing things and kept the ballance resulted from the debt consolidation.

The second statement that I received surprised me when I noticed how much I was charged for interest; that absolutely didn't sound 1.99% annual rate. So, I called again, and raised my objection. It was redicilus when I was told that any payment made would first be applied to the low interest part of the ballance (1.99%) and if anything is left it would be applied to the ballance of the high interest part.

Well I was really angry and told the representaive of the institution that:"so what is the purpose of -pay only 1.99% for a year- if I am already being charged 18%?" and you know what? I told him to close my account, and again I told him that I would write about the issue on my blog. And here it was.

Do not believe these bastards. If something comes form them that sounds really good, believe me there is something hidden in it. After all, that's how capitalism works and is based on: deceive people and win big time.