topic Re: Chase charged me interest on a paid-in-full balance in Credit Cards

Chase charged me interest on a paid-in-full balance

sunshine7157 — Wed, 17 Oct 2012 16:06:50 GMT

Is this right? I had to take an emergency cash advance against my Chase Freedom. I was charged a $39 cash advance fee immediately. I paid my entire card balance off before the due date. My statement just came out with an interest fee on it. I was under the impression that no interest is charged if paid in full?

Re: Chase charged me interest on a paid-in-full balance

scarrollprint — Wed, 17 Oct 2012 16:11:19 GMT

no interest on PIF is usually in reference to purchases only.

Cash advances generally have their own interest rate (plus the fee) and then generally the interest is calcuated from the date the cash advance was issued....

Thus why CA are so horriable from the get go.

Re: Chase charged me interest on a paid-in-full balance

orl22 — Wed, 17 Oct 2012 16:19:45 GMT

Cash advances are like Balance Transfer. There's a fee per transaction. Looks like $10 or 3% whichever is greater.

Re: Chase charged me interest on a paid-in-full balance

DeadSpider — Wed, 17 Oct 2012 17:02:07 GMT

Next time try to have BT checks around and deposit to your checking at only 3% fee total.

If this was an emergency then payup or find a friend to loan from.

Re: Chase charged me interest on a paid-in-full balance

compassion101 — Wed, 17 Oct 2012 17:11:51 GMT

For cash advance, interest is usually charged on most cards from the date of the advance, whether you pay in full or not. This is different than purchases, and is seperate/additional to the cash advance fee.

A good card for small cash emergencies is walmart discover, which does not charge interest on cash advance from walmart stores if PIF (up to certain amount).

Re: Chase charged me interest on a paid-in-full balance

ChesterPDexter — Wed, 17 Oct 2012 17:33:11 GMT

Yes, aside from the fee, you had to pay some interest. If you take an advance on the 1st and pay it on the 12th, you pay for 12 days of interest. They compute it each day on cash advances, with no grace period. Since you had it for a short period of time, I bet the interest charge is small (depending on how much your advance was for and what the APR is, of course.) But for very short periods of time, it seems to me (when I do it, anyway) to be a very fair charge for borrowing the money on the spot. Then again, I've used USAA which has no cash advance fee. Sorry yours charged you a fee, but when it's an emergency, I guess you do what you have to do.

Re: Chase charged me interest on a paid-in-full balance

webhopper — Wed, 17 Oct 2012 17:46:44 GMT

scarrollprint wrote:
no interest on PIF is usually in reference to purchases only.

Cash advances generally have their own interest rate (plus the fee) and then generally the interest is calcuated from the date the cash advance was issued....

Thus why CA are so horriable from the get go.

Cash advances start accruing interest the moment the cash advance is made, there is no grace period as there is with purchases. Cash Advance fees are typical. Discover charges a fee for cash advances. NFCU does not.

Re: Chase charged me interest on a paid-in-full balance

sunshine7157 — Wed, 17 Oct 2012 18:03:09 GMT

Thanks for the answers! The interest charge was very small- I was just not expecting it. I thought the cash advance fee I was charged immediately was to cover the immediate interest charges & that if I didn't pay it in full, I would then be charged interest. Lesson learned. I've never used any cash advance before & probably never will again as this was hopefully a once-in-a-lifetime situation. I just had to wire money to my kids asap on a Sunday (no banks open). They were travelling cross-country, hit an elk & totaled their truck.

Re: Chase charged me interest on a paid-in-full balance

webhopper — Wed, 17 Oct 2012 18:05:58 GMT

sunshine7157 wrote:
Thanks for the answers! The interest charge was very small- I was just not expecting it. I thought the cash advance fee I was charged immediately was to cover the immediate interest charges & that if I didn't pay it in full, I would then be charged interest. Lesson learned. I've never used any cash advance before & probably never will again as this was hopefully a once-in-a-lifetime situation. I just had to wire money to my kids asap on a Sunday (no banks open). They were travelling cross-country, hit an elk & totaled their truck.

OMG I hope they are ok.... you know, that's what CCs are for, and you're blessed to have been able to take care of the situation using the cards in your wallet

Re: Chase charged me interest on a paid-in-full balance

somnipotent — Wed, 17 Oct 2012 18:08:09 GMT

Read over your cardholder agreement. It's in there. Cash advances have a different fee schedule.

Re: Chase charged me interest on a paid-in-full balance

trumpet-205 — Wed, 17 Oct 2012 19:07:52 GMT

sunshine7157 wrote:
Thanks for the answers! The interest charge was very small- I was just not expecting it. I thought the cash advance fee I was charged immediately was to cover the immediate interest charges & that if I didn't pay it in full, I would then be charged interest. Lesson learned. I've never used any cash advance before & probably never will again as this was hopefully a once-in-a-lifetime situation. I just had to wire money to my kids asap on a Sunday (no banks open). They were travelling cross-country, hit an elk & totaled their truck.

Cash advance fee is mostly there to cover ATM fee other operator charges. Interest on cash advance is immediately, with or without PIF.

Re: Chase charged me interest on a paid-in-full balance

sunshine7157 — Wed, 17 Oct 2012 19:16:09 GMT

webhopper wrote:
sunshine7157 wrote:
Thanks for the answers! The interest charge was very small- I was just not expecting it. I thought the cash advance fee I was charged immediately was to cover the immediate interest charges & that if I didn't pay it in full, I would then be charged interest. Lesson learned. I've never used any cash advance before & probably never will again as this was hopefully a once-in-a-lifetime situation. I just had to wire money to my kids asap on a Sunday (no banks open). They were travelling cross-country, hit an elk & totaled their truck.
OMG I hope they are ok.... you know, that's what CCs are for, and you're blessed to have been able to take care of the situation using the cards in your wallet

Thank you! They are both ok-neither walked away with even a scratch. The elk and the truck didn't fare as well, however. They were coming from Minnesota to California. The elk got them in Montana. I have now added both of them as authorized users on my cc's. I never realized how difficult it could be to get money from point A to point B outside of normal business hours. Many lessons learned and provisions made as a result. Yes, I do feel fortunate that I had the cash advance option even though it came with surprises (out of my own ignorance).

Re: Chase charged me interest on a paid-in-full balance

youngandcreditwrthy — Wed, 17 Oct 2012 22:53:15 GMT

My Discover Motiva has a "cash over" option too that works at certain stores, like Kroger, and it's like the Wmt Discover "quick cash" option which I've actually and did not get charged a dime of interest/fees :-D

Bad thing with these options:
Wmt Discover has a $100 daily limit
Discover Motiva has a $120 daily limit

It's great that credit can be so useful!! I actually had to take a cash advance in July for an emergency and have since paid it off :-) yay!!!

Re: Chase charged me interest on a paid-in-full balance

jordanmedical — Wed, 17 Oct 2012 23:19:20 GMT

NFCU does charge a 50 cent fee for CA, but no other fees if you get it at any bank that takes visa (and doesn't charge a fee) or at an nfcu branch.

Glad your kids are okay, that's what really matters :)

Re: Chase charged me interest on a paid-in-full balance

ccnewcc — Thu, 18 Oct 2012 00:32:09 GMT

sunshine7157 wrote:
Is this right? I had to take an emergency cash advance against my Chase Freedom. I was charged a $39 cash advance fee immediately. I paid my entire card balance off before the due date. My statement just came out with an interest fee on it. I was under the impression that no interest is charged if paid in full?

Okay so i'm confused. I get that the CA is charged interest immediately without any grace period, but you PIF the entire balance. Shouldn't the balanace at the time you pay it show the full up to date balance?

Re: Chase charged me interest on a paid-in-full balance

creditnocash — Thu, 18 Oct 2012 00:38:55 GMT

ccnewcc wrote:
sunshine7157 wrote:
Is this right? I had to take an emergency cash advance against my Chase Freedom. I was charged a $39 cash advance fee immediately. I paid my entire card balance off before the due date. My statement just came out with an interest fee on it. I was under the impression that no interest is charged if paid in full?
Okay so i'm confused. I get that the CA is charged interest immediately without any grace period, but you PIF the entire balance. Shouldn't the balanace at the time you pay it show the full up to date balance?

yes and no. its like with mortgages.

if you get it the 12th of sep they are charging your per diem interest. (the 12th to the 1st of next month)

same with cash advances. its x amount percent from the day you take it out to the day you pay it. even if pif.

so like you said they charged interest because from the day you took it to lets say you pif your whole card in 7 days.

they charge you 7 days worth of interest on the cash advance only.

hope this helps.

edit: missed the last question. and no because they only charge interest on the statement. they cant post per day interest on your transactions.

Re: Chase charged me interest on a paid-in-full balance

ccnewcc — Thu, 18 Oct 2012 00:55:01 GMT

creditnocash wrote:
ccnewcc wrote:
sunshine7157 wrote:
Is this right? I had to take an emergency cash advance against my Chase Freedom. I was charged a $39 cash advance fee immediately. I paid my entire card balance off before the due date. My statement just came out with an interest fee on it. I was under the impression that no interest is charged if paid in full?
Okay so i'm confused. I get that the CA is charged interest immediately without any grace period, but you PIF the entire balance. Shouldn't the balanace at the time you pay it show the full up to date balance?
yes and no. its like with mortgages.
if you get it the 12th of sep they are charging your per diem interest. (the 12th to the 1st of next month)
same with cash advances. its x amount percent from the day you take it out to the day you pay it. even if pif.
so like you said they charged interest because from the day you took it to lets say you pif your whole card in 7 days.
they charge you 7 days worth of interest on the cash advance only.
hope this helps.

edit: missed the last question. and no because they only charge interest on the statement. they cant post per day interest on your transactions.

Dang, so thats messed up. That is, if I understand you correctly.

So, if I log in to my account to pay my bill electorniclly (before the statement cuts), I am only shown the balance as of today minus the interest on the CA cuz they don't daily post that?

So then the statement cuts, and I am shown how much interest has accumulate on that CA?

So, it can basically take two full statements to cut before I am actually done paying of the CA, right?

Re: Chase charged me interest on a paid-in-full balance

creditnocash — Thu, 18 Oct 2012 01:09:44 GMT

ccnewcc wrote:
creditnocash wrote:
ccnewcc wrote:
sunshine7157 wrote:
Is this right? I had to take an emergency cash advance against my Chase Freedom. I was charged a $39 cash advance fee immediately. I paid my entire card balance off before the due date. My statement just came out with an interest fee on it. I was under the impression that no interest is charged if paid in full?
Okay so i'm confused. I get that the CA is charged interest immediately without any grace period, but you PIF the entire balance. Shouldn't the balanace at the time you pay it show the full up to date balance?
yes and no. its like with mortgages.
if you get it the 12th of sep they are charging your per diem interest. (the 12th to the 1st of next month)
same with cash advances. its x amount percent from the day you take it out to the day you pay it. even if pif.
so like you said they charged interest because from the day you took it to lets say you pif your whole card in 7 days.
they charge you 7 days worth of interest on the cash advance only.
hope this helps.

edit: missed the last question. and no because they only charge interest on the statement. they cant post per day interest on your transactions.
Dang, so thats messed up. That is, if I understand you correctly.

So, if I log in to my account to pay my bill electorniclly (before the statement cuts), I am only shown the balance as of today minus the interest on the CA cuz they don't daily post that?

So then the statement cuts, and I am shown how much interest has accumulate on that CA?

So, it can basically take two full statements to cut before I am actually done paying of the CA, right?

no.

if you make a payment and pay the ca (say you pif everything on the card)

once they recieve payment thats when they stop charging interest.

it just doesnt post until the statement.

so say you take the ca on the 1st and your statements ends the 21st.

if you pay on the 7th in full and dont use the card the only thing that will show up onn the statement will be the interest.

to my knowledge a ccc cannot double charge interest on interest. but i could be wrong on this.

Re: Chase charged me interest on a paid-in-full balance

ccnewcc — Thu, 18 Oct 2012 01:19:26 GMT

creditnocash wrote:
ccnewcc wrote:
creditnocash wrote:
ccnewcc wrote:
sunshine7157 wrote:
Is this right? I had to take an emergency cash advance against my Chase Freedom. I was charged a $39 cash advance fee immediately. I paid my entire card balance off before the due date. My statement just came out with an interest fee on it. I was under the impression that no interest is charged if paid in full?
Okay so i'm confused. I get that the CA is charged interest immediately without any grace period, but you PIF the entire balance. Shouldn't the balanace at the time you pay it show the full up to date balance?
yes and no. its like with mortgages.
if you get it the 12th of sep they are charging your per diem interest. (the 12th to the 1st of next month)
same with cash advances. its x amount percent from the day you take it out to the day you pay it. even if pif.
so like you said they charged interest because from the day you took it to lets say you pif your whole card in 7 days.
they charge you 7 days worth of interest on the cash advance only.
hope this helps.

edit: missed the last question. and no because they only charge interest on the statement. they cant post per day interest on your transactions.
Dang, so thats messed up. That is, if I understand you correctly.

So, if I log in to my account to pay my bill electorniclly (before the statement cuts), I am only shown the balance as of today minus the interest on the CA cuz they don't daily post that?

So then the statement cuts, and I am shown how much interest has accumulate on that CA?

So, it can basically take two full statements to cut before I am actually done paying of the CA, right?
no.
if you make a payment and pay the ca (say you pif everything on the card)
once they recieve payment thats when they stop charging interest.
it just doesnt post until the statement.
so say you take the ca on the 1st and your statements ends the 21st.
if you pay on the 7th in full and dont use the card the only thing that will show up onn the statement will be the interest.
to my knowledge a ccc cannot double charge interest on interest. but i could be wrong on this.

Okay i get it. So i just won't be able to see what the interest is untill the statement actually cuts.

Lesson I'm learning is stay away from CAs haha

Re: Chase charged me interest on a paid-in-full balance

AmExcelent — Thu, 18 Oct 2012 02:21:51 GMT

If you want to PIF and your card let's you pay more than the current balance, just overpay by amount of the CA * [(APR/100)/365] * the number of days since the CA was taken out. Hope that helps.