The banks were forced to comply with this law. They should have acted on their own. This is why we cannot depend on them to do what is best for its customers. This proves they do not care about their customers. Their statement that they are “pleased to inform you how you will benefit” is not sincere.

My bill had a statement that annoyed me. It said:
Si el Pago Mínimo de este estado no es recibido para la fecha indicada, usted podría incurrir en un cargo por pago en atraso de hasta $39.00.

The bill does have a minimum amount, it is $0.00.
The strict reading of this is that if I do not go to the bank and make a payment of zero I could bet late charge.

The government’s objective may have been to help me handle my account better but the bank found a way to confuse its customers.

I should not be forced to enter an e-mail address that you will sell to telemarketers. Your statement “(no será públicado)” does not give me any assurance that the bank will respect my privacy. I entered a fake e-mail address so feel free to make profit off of it.
NoEmail@Required.net

Another example of a promotional rate that the bank may offer is through the Customer Service Center where an agent may offer a qualifying customer a reduced rate on an existing balance owed. This rate again is tied to a specific time period that the agent will disclose. Once this period expires any remaining balance owed will then return to the actual interest rate on the account. These offers are limited and once given are not offered again to the customer.

If you have any questions, please feel free to contact our Service center at 800-981-9505 PR or 800-268-8274 US/USVI. Hope this helps.

According to the Credit Card law the when the promotional period expires the Bank has the right to change the rate. I had a promotional rate when I was first issued the card. This later was forfeited due to a late payment and my rate was increased exasperatedly!!! - but after paying the card on time for various months I requested and was granted a rate reduction. My current rate has an expiration date, however my understanding is that my current rate is NOT a ‘promotional’ rate and therefore when it expires I have the right to appeal any rate increase by the Bank becasue there is no LEGITIMATE reason for the Bank to increase the rate. Please confirm this. Thank you.

Carlos,
Según tu ejemplo, si el 15 de abril es la fecha límite del pago mínimo y pagas el 20 de abril, sí se te cobraría un late charge. Para evitar el late charge, debes realizar el pago mínimo en o antes de la fecha límite del pago.

Ana,
Lamentablemente, estos pagos dirigidos por el cliente se tienen que procesar manualmente, por eso es que no se ofrece una alternativa automatizada en TeleBanco. En ausencia de instrucciones específicas, el Banco aplica el pago del cliente, primero al pago mínimo requerido, y el exceso se aplica al balance con el interés más alto para el cliente. Es sumamente válida su observación. Lo tomaremos como sugerencia para mejorar el servicio de pagos por TeleBanco e Internet. Gracias.

Gracias

gracias