Credit One interest question

[new_earth]

To those who have or have had a Credit One CC, how does the interest work? I know there is no grace period, but when do they actually charge the interest? When the statement cuts?

The reason I am asking is because I just paid off my entire balance, which was $75 for the annual fee and $90+ I used for a purchase. The annual fee was due 6/1 with no interest added and the $90 hadn't even hit with a statement yet. when I made my payment for the entire balance, I owe $0 and have my full $300 CL available.

So I am thinking if you pay before the statement cuts there is no interest?

[LS2982]

At statement cut. The only way to avoid carrying a balance reporting is to call in before the statement posts and get the payoff amount.

[LS2982]

Youll always pay interest on the card no matter what. Thats why it is a low grade subprime card.

[new_earth]

how is that though when I show total $0 balance now and full $300 CL available?

[LS2982]

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@new_earth wrote:

how is that though when I show total $0 balance now and full $300 CL available?

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I does not matter when you pay it, interest hits on the statement cut.

[new_earth]

well the first statement had already cut for the AF, and they apparently didn't charge interest on that at all, seems they may not on just fees, only purchases.

So I guess on the next statement I will see an interest charge on the $90 purchase I used this month, even though it's paid. So a few dollars of interest on that amount will be on my new statement?

[phillyguy12]

yes you will see the intrest at some point, they post interest when the statement cuts because there is no grace on purchases, my last statement cut with 0 bal but i am still expectiong to see a few dollar interest charge coming next month

[shanac]

I agree--you WILL see the interest. There is absolutely no way around it. I've has the card for 6 years so I know from experience.

[nicholasyud]

u paid interest as soon as you swipe your card even it's only $1.

I get rid of them as soon as i can

[indiolatino61]

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@LS2982 wrote:
Youll always pay interest on the card no matter what. Thats why it is a low grade subprime card.

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YIKES!!!!!