Why can banks charge me interest twice on my credit card but claim it is only once?
The first time was when they debited my credit card, saying that I owed them the interest, but they did not give me the money to extend my loan, which they do for every other vendor I pay with a credit card. They say the interest was part of the original loan, and I must repay it.
Are they breaking the law by extending my loan, not giving the money, and claiming they charge x% interest when they charge 2x% if the credit card interest is 20%?
Why can banks charge me interest twice on my credit card but claim it is only once?
The first time was when they debited my credit card, saying that I owed them the interest, but they did not give me the money to extend my loan, which they do for every other vendor I pay with a credit card. They say the interest was part of the original loan, and I must repay it.
Are they breaking the law by extending my loan, not giving the money, and claiming they charge x% interest when they charge 2x% if the credit card interest is 20%?
Doesn't this become predatory lending at 40%?