Consumer complaint received 2022-03-06
Product: Credit card or prepaid card — General-purpose credit card or charge card
Issue: Fees or interest — Charged too much interest
Company: JPMORGAN CHASE & CO. (CA)

Per the Credit Card Statement Information Section : Because we apply payments in excess of your minimum payment first to higher rate balances, you may not be able to avoid interest charges on new purchases if you have another balance at a higher interest rate unless you pay your balance ( or Interest Saving Balance ) in full each month. 


Per the members at Chase : " Individual 1, generally, the minimum payment will be applied to interest charges, fees, and principal from your most recent statement starting with the lowest APR balance ( XXXX ). Amounts over the minimum payment will then be applied starting with the highest APR balance ( XXXX ). '' Per Cardmember Agreement : When you make a payment, generally, we first apply your minimum payment to the monthly obligation for any Flexible Financing Offer balances with special payment obligations which require repayment of the balance over a pre-selected number of billing periods, and then to the balance on your monthly statement with the lowest APR. 
Any payment above your minimum payment would generally then be applied to the balance on your monthly statement with the highest APR first. 
If you do not pay your New Balance or Interest Saving Balance, as shown on your statement, in full each month, you may not be able to avoid interest charges on new purchases. 


All.statements indicate that any payments above the Minimum Payment will be allocated to the items with the highest APR. Yet in my case this clearly has not been occurring and attempting to speak with them results in nothing but repeated conversations, lack of clarity, and most recently a lack of reply. 


XXXX Statement : {$990.00} at 19.99 % APR {$990.00} at 0.00 % APR {$680.00} at 0.00 % APR This would indicate that once I pay the minimum payment of {$41.00}, then any additional payment should be allocated to the {$990.00} at 19.99 % APR balance. So for this statement I make the following payments : - {$210.00} on XX/XX/XXXX - {$1200.00} on XX/XX/XXXX So as the paid value exceeds the Minimum {$41.00}, I would expect the excess payments to be allocated to the 19.99 % APR and for that value to no longer exist by the next statement. Yet come around to the XXXX statement and then I see this. 


XXXX Statement : {$890.00} at 19.99 % APR Interest Charged- {$15.00} {$720.00} at 0.00 % APR So for some reason that I have yet to be properly explained, majority of the payment went towards the lower APR value than the highest that they have indicated. No new purchases were made during this time, only balance payments were made. 


After contacting them again I have not yet received a satisfactory reply and my most recent reply has yet to be answered after 5 business days when they notified me they received the message and that I should receive a reply in XXXX business days. I emailed them on XXXX XXXX, received the XXXX day reply that day. It is now XX/XX/XXXX and I have yet to actually receive a reply still. 


As far as I can tell, I've repeatedly made large payments which should have decreased the 19.99 % APR balance, and while it has decreased, it has not decreased the way I would expect it too based on how they've described it in their agreement.