Karl wrote:
My bank offered to merge my existing credit card with another it had
recently acquired, which had a slightly lower interest. I was told by
customer service that the $1000 balance on the old card would
be transferred to the new card, and the old card cancelled.
So a couple of weeks ago, the old card disappeared from my online
banking,
and a letter came in the mail notifying me the old card was cancelled
and
welcoming me to my new card.
But the balance from the old card has yet to show up on the new card
in
online banking. I have received no statements in the mail concerning
either
card.
Anybody have any idea what's going on here? And how long should I
wait
before I contact the bank about this?
Don't you worry - the $1000 will show up sooner or later. This isn't a
legal opinion I have - I was in a similar situation. Contact the bank
and ask them what's going on. Some might say that's not a smart thing
to do because you don't want to remind the issuer that you owe them
$1000, but I disagree, because the issuer does know, even if it doesn't
appear so and the $1000 balance will inevitably show up on your new
card and with interest charged for all the days past the due date that
you didn't pay (though there may be no late payment fees charged or
they can be easily waived with enough complaining).
Alternatively, you can just make payments on whatever balance does show
up and pay extra, which will eventually be credited to the missing
$1000 balance. But I'd just call the bank and ask what's up.
