Home Depot Complaint - Revolving Balance Issue
The Home Depot credit card statement recently became very unclear and confusing as the accounting method was modified. With the account, promotional balances are recorded separately from current transactions. Historically, when the monthly payment was applied, any paymenht above the current statement's transaction amount was applied to the promotional balances. Now, Home Depot offers a revolving balance on the monthly statement that I simply do not understand. The current month's payment is applied to 1) the purchases from the previous month, 2) then to any purchases on the card since the previous statement, and 3) finally to the promotional balances. Strangely, the subsequent statement does not indicate how the prior month's payment was applied. Granted, credit laws have changed. Home Depot is the only card we use that is taking advantage of this practice. It is confusing. I believe the promotional offers to be an incentive, however the billing practice is deceiving. Like many, we are do-it-yourselfers; we spend a significant amount of money with The Home Depot. Our final promotional purchase balance expires in January 2011. We will discontinue the account at that time.