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On a credit card, for people struggling unable to pay it off in full every month, what's the difference between "annual percentage rate" and "monthly interest rate" for unpaid balance? (lemmy.world)

submitted 1 month ago by LemmyKnowsBest@lemmy.world to c/personalfinance@lemmy.ml

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For example some credit cards have ridiculous monthly interest like 29.9%

While offering a low 0.9% APR.

Please explain.

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[–] LemmyKnowsBest@lemmy.world 5 points 1 month ago* (last edited 1 month ago) (2 children)

LOL, true story: last time I was there I wanted JUST an oil change. NOTHING else. (Because they have a propietary oil filter otherwise I would DIY it). Shoulda cost no more than $300. But the liaison lady said, "according to our records you are due for your 'Service A 'and I told her 'no I am not due for my Service A, I just had it done at a non- Mercedes dealership so that's why it's not in your records. All I need is an oil change right now. I do not need Service A."

3 hours later they come back at me saying they did the Service A and they changed my wipers (although I literally just changed my own wipers the day before!) 😡

and they topped off all my fluids which did not need topping off because I do that myself, and they charged me for it, so what I expected to be a $300 quick trip ended up 3 hours and over $2,000. 🤦🏼‍♀️ I was livid.

So why am I sitting here contemplating giving them more money? I'm glad I posted this question here because I will listen to the advice of the Lemmy guy who suggests follow the service schedule in the owner's manual. Don't listen to the dealership mechanic, they will always want more money.

[–] papertowels@mander.xyz 3 points 1 month ago* (last edited 1 month ago)

Okay yeah if they charge 2k to do like $90 worth of service at jiffy lube, they're just fleecing people. Even worse that you'd just done all of these things recently.

[–] twack@lemmy.world 2 points 1 month ago

Yea uhh that's just a straight up scam then. Don't go to that dealership anymore. And report them to Mercedes corporate