@takeshi74 wrote:
@dapps06 wrote:On 12/13 my statement cut with a balance of around $1800, so naturally I was charged interest.
Balance amount doesn't mean that one "naturally" incurs interest. If the balance was from a cash advance then it would immediately accrue interest. If you were carrying a balance you may not be subject to a grace period and may incur interest. However, the amount of the balance on its own does not determine that.
@dapps06 wrote:It's my understanding that you only pay interest on balances remaining when your statement cuts
That is incorrect. Most use average daily balance. If the statement balance is subject to a grace period you can pay the statement balance and not incur interest.
@longtimelurker wrote:I don't think it really is that sneaky.
+1 It's up to the individual to read and understand the T&C's.
I stated the balance amount just to show there was a balance, not because I thought the amount had anything to do with whether interest was charged or not. My point was that if there is a balance I knew I'd pay interest.
