So my husband and I took out a menards card with 6 months interest free financing. We hate cc so the only way we use them is on an interest free thing or we pay them in full every month.
We needed to get our roof reshingled so we purchased them on our new Menards Card.
Now normally I pay my bills WAY ahead of time but was in the middle of a job change so I do admit leaving it until way later than I normally would have.
Bill was due June 9th. I sent out both payments (both my husband and I have a card) in one envelope. 1st mistake...
I just happen to remember the day I mailed it b/c it was also getting mailed with my father's birthday card. His b-day was 9th of June. I mailed it out on am of the 5th -- very early. My dad who also lives in Illinois (which is where the MEnards payment was going) -- got his card on the 8th.
Funny how Menards didn't get my payment until the 10th. So I was charged $70.00 in late fines. And over $70 in interest plus my interest rate went up to 21% -- 45% APR on the one card!
I realize it was borderline with the post office, but you know they held it one day even if they got it on the 9th!
I have given Menards a choice. Either close my acct or give me a more reasonable rate.
That's what I don't get... how can credit card companies get aaway with such predatory lending practices!? The economy problem didn't start with the housing; it started with the credit cards and then people using their equity to get out of their credit card debt!
Product or Service Mentioned: Menards Credit Card.