03-26-2009 08:28 PM
03-26-2009 09:00 PM
they charged me a daily finance charge from last billing statement to the date I paid the card off. Before I pay it off, I would just like to know if I can dispute it.
There is nothing to dispute. It is a legitimate interest charge. The interest appearing on your statement was earned based upon the balance that you carried up to the statement closing date. After the statement closing date you still had not paid the full balance back until a few days later when Chase received the payment in full
Although you paid the amount due in full, the few additional days of interest earned until the balance was actually received by Chase, gets billed on the following month"s statement. It is called "residual" or "trailing interest".
Sometimes banks have been known to waive trailing interest upon request. They are not obligated to do so since technically they have actually earned the interest.
The only way to avoid trailing interest when paying off a revolved balance is to pay extra so that there is a small credit on the closing statement. Chase only accepts payments that are greater than balances by mail. You cannot make a payment greater than the current balance online.
03-26-2009 09:17 PM
03-27-2009 03:42 AM
CreditAble said: "Chase only accepts payments that are greater than balances by mail. You cannot make a payment greater than the current balance online."
However, I pay most of my bills using my banks "Bill Pay" option. Since I have Chase listed as a payee, I can overpay whenever I want. They've never refused an overpayment . . .
03-27-2009 07:01 AM - edited 03-27-2009 07:04 AM
You can dispute the balance with the CR. Often when going in for a mortgage or other large loan, you are waiting for balances to adjust. If you file a balance dispute with CR, this is a legitimate request since you have paid the balance down and the reported balance is no longer accurate.
I have at times done this and seen the balance adjusted on my CR in just a couple days to a couple weeks, saving me much of the normal 30-45 days to normally cycle.
You cannot dispute the finance charge with the bank. If you cannot pay more than the shown balance due, to include the finance charge, then you can mail the payment or you often can call Customer Service and explain that you need to make a payment to include the impending Finance Charge and they will often handle it over the phone for you. This I have done also for accounts that did not allow me to pay more than the current balance.
WARNING: I almost forgot. DO NOT dispute the balance of an Authorized User through the AU CR. This will result in the AU account being deleted from your report and will sometimes be IMPOSSIBLE to have reinserted (TU will not reinsert a deleted AU account - I learned the hard way having disputed the balance of my wife's visa on my report).
03-27-2009 07:21 AM
pay most of my bills using my banks "Bill Pay" option. Since I have Chase listed as a payee, I can overpay whenever I want. They've never refused an overpayment . . .
Thanks for that bit of info. I hadn't thought of using Bill Pay to "overpay".
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