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Frequent Contributor
LawStudentCivilis
Posts: 311
Registered: ‎06-14-2013
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Chase "Interest Charge Reversal"?

 

As I've mentioned on here a few times, I've recently closed one of my Chase cards.  When the statement cut for this month I had a new balance that was interest from the balance I paid off.  Fast forward to today and they credited the interest charge or more so it was listed as "interest charge reversal".  I did previously call and inquire about this fee, but the rep stated it was from last months balance and once I pay it, I will no longer owe anything on the card in the future.  I talked to this CSR quite a few days ago so I do not believe she had anything to do with it.  Any thoughts why my interest charge was reversed?

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GatorGuy
Posts: 351
Registered: ‎06-02-2013
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Re: Chase "Interest Charge Reversal"?

Probably a computer error that they just needed to catch up with.

If women didn't exist, all the money in the world would have no meaning. -- Aristotle
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Frequent Contributor
LawStudentCivilis
Posts: 311
Registered: ‎06-14-2013
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Re: Chase "Interest Charge Reversal"?

Yes, but the CSR said it was an interest charge from my previous balance. So, who knows. I printed it out because Chase can be shady.

Senior Contributor
john398
Posts: 3,526
Registered: ‎01-19-2009
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Re: Chase "Interest Charge Reversal"?


LawStudentCivilis wrote:

Yes, but the CSR said it was an interest charge from my previous balance. So, who knows. I printed it out because Chase can be shady.


Not sure if you have ever read your agreement but most Chase cards charge intrest on the average daily  balance if you had a balance on the previous statement and not the balance end statement end date

 

 

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GatorGuy
Posts: 351
Registered: ‎06-02-2013
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Re: Chase "Interest Charge Reversal"?


john398 wrote:

LawStudentCivilis wrote:

Yes, but the CSR said it was an interest charge from my previous balance. So, who knows. I printed it out because Chase can be shady.


Not sure if you have ever read your agreement but most Chase cards charge intrest on the average daily  balance if you had a balance on the previous statement and not the balance end statement end date

 

 


But you are still only charged interest if you haven't paid your balance in full on the due date.

If women didn't exist, all the money in the world would have no meaning. -- Aristotle
Starting Score: 777
Current Score:  761
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Open123
Posts: 4,219
Registered: ‎02-23-2011
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Re: Chase "Interest Charge Reversal"?


GatorGuy wrote:

But you are still only charged interest if you haven't paid your balance in full on the due date.


This would depend if there was a balance carried over from the prior month.

 

1.  If your prior balance had been paid in full, then so long as payment is made before the "due" date, there is no interest.  

 

2.  If prior balance was not paid in full, any charges made unless paid in full within 23 - 25 days (or, whatever they specify) will incur interest even if entire balance is paid in full by the due date.

 

3.  Not sure about Chase, but IIRC, Citi even has a condition where before the full grace by due date is applicable, the prior balance must have been paid in full within 23 or 25 days before the next "no interest if paid by due" date applies fully.

 

This could be what's happening with the Chase card.

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GatorGuy
Posts: 351
Registered: ‎06-02-2013
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Re: Chase "Interest Charge Reversal"?


Open123 wrote:

GatorGuy wrote:

But you are still only charged interest if you haven't paid your balance in full on the due date.


This would depend if there was a balance carried over from the prior month.

 

1.  If your prior balance had been paid in full, then so long as payment is made before the "due" date, there is no interest.  

 

2.  If prior balance was not paid in full, any charges made unless paid in full within 23 - 25 days (or, whatever they specify) will incur interest even if entire balance is paid in full by the due date.

 

3.  Not sure about Chase, but IIRC, Citi even has a condition where before the full grace by due date is applicable, the prior balance must have been paid in full within 23 or 25 days before the next "no interest if paid by due" date applies fully.

 

This could be what's happening with the Chase card.


I didn't understand what you meant by this. Could you explain further? Thanks.

If women didn't exist, all the money in the world would have no meaning. -- Aristotle
Starting Score: 777
Current Score:  761
Goal Score:      800
Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011
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Re: Chase "Interest Charge Reversal"?


GatorGuy wrote:

3.  Not sure about Chase, but IIRC, Citi even has a condition where before the full grace by due date is applicable, the prior balance must have been paid in full within 23 or 25 days before the next "no interest if paid by due" date applies fully.

 

This could be what's happening with the Chase card.


I didn't understand what you meant by this. Could you explain further? Thanks.


Let's say, on 3/1, the closing balance is $50.  Any new charges and the $50 must be paid in full within 25 days of 3/1 before the "no interest by due date" applies on the following statement's charges.

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LawStudentCivilis
Posts: 311
Registered: ‎06-14-2013
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Re: Chase "Interest Charge Reversal"?

Thanks everyone for clearing this up for me! I myself thought if you paid the balance before the due date, then no interest would be charged.  I PIF before the due date.  Which is why I called to talk to the CSR and she said it was from my previous balance.  Seriously, it's always something with the credit card side of Chase.  I'm always told something different, and they never can answer a simple question such as this.  I'm glad the "computer" must have caught the error and reversed my interest. I am literally smh, I got such a run around when I tried to close the card and transfer the CL, I had to contact EO.

Senior Contributor
john398
Posts: 3,526
Registered: ‎01-19-2009
0

Re: Chase "Interest Charge Reversal"?

Yes its kind of complcated so they get as much intreast as they can, I have sometimes paid my card off and than used it again and had intrest before I understood how it worked


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