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Frequent Contributor
new_earth
Posts: 417
Registered: ‎03-23-2013
0

Credit One interest question

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?

The Duck Card $7500 - DCU Visa Platinum $7100 - Amex Everyday $5000 - Amex Delta Skymiles $7700 - Amex BCE $2000 - Discover it $2500 - Chase Marriott $5000 - Chase Freedom $3500 - Chase Slate $2000 - Barclay Rewards MC $3300 - Ebates Visa $1800 - Macy's Amex $3000 - Bloomingdale's Amex $3000 - Walmart Discover $6000 - Chevron-Texaco Visa $3300 - PayPal SC $3200 - Home Depot $5000 - and too many other store cards
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Credit One interest question

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.

:smileysad:



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Credit One interest question

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



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
new_earth
Posts: 417
Registered: ‎03-23-2013
0

Re: Credit One interest question

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

The Duck Card $7500 - DCU Visa Platinum $7100 - Amex Everyday $5000 - Amex Delta Skymiles $7700 - Amex BCE $2000 - Discover it $2500 - Chase Marriott $5000 - Chase Freedom $3500 - Chase Slate $2000 - Barclay Rewards MC $3300 - Ebates Visa $1800 - Macy's Amex $3000 - Bloomingdale's Amex $3000 - Walmart Discover $6000 - Chevron-Texaco Visa $3300 - PayPal SC $3200 - Home Depot $5000 - and too many other store cards
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Credit One interest question


new_earth wrote:

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


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




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
new_earth
Posts: 417
Registered: ‎03-23-2013
0

Re: Credit One interest question

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?

The Duck Card $7500 - DCU Visa Platinum $7100 - Amex Everyday $5000 - Amex Delta Skymiles $7700 - Amex BCE $2000 - Discover it $2500 - Chase Marriott $5000 - Chase Freedom $3500 - Chase Slate $2000 - Barclay Rewards MC $3300 - Ebates Visa $1800 - Macy's Amex $3000 - Bloomingdale's Amex $3000 - Walmart Discover $6000 - Chevron-Texaco Visa $3300 - PayPal SC $3200 - Home Depot $5000 - and too many other store cards
Frequent Contributor
phillyguy12
Posts: 343
Registered: ‎03-16-2011
0

Re: Credit One interest question

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


Amx BCE-9000,Amx Zync-NSPL
Barclay's Mastercard-5600
Credit Union Visa-1200
Discover-1900, Khols-1000
Regular Contributor
shanac
Posts: 220
Registered: ‎09-20-2012
0

Re: Credit One interest question

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.


Current Score: EQ FICO 758 as of 4/15/14 TU FICO 789 as of 5/2013 EX 781 via Amex 6/12/13
Goal Score: 800 Gardening 10/12/13 until 8/2014 app for final PLUS Loan
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: Credit One interest question

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 :smileyvery-happy:


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Valued Contributor
indiolatino61
Posts: 1,479
Registered: ‎11-10-2012
0

Re: Credit One interest question


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

YIKES!!!!!

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