Shandrew (shandrew) wrote,
Shandrew
shandrew

A financial experiment

Let's say that one day you go to your usual ATM, and you absent-mindedly put in your credit card instead of your ATM card. How much do you think you'll be charged? My guess was $2 + min finance charge ($1.50).

(highlight for answer!)

After putting in a PIN, which the machine happily accepts even though it has nothing to do with your credit card, the machine will take your request for money and hand you cash! Then you'll find on your bill (MBNA/BoA) a $10 "ATM transaction fee" and a $1.50 minimum finance charge. On the bill they are friendly enough to calculate that on your $80 transaction you have just paid 172.50% APR.

Card will be cancelled after i cash it out for a couple plane tickets...
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