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Credit One interest question

Frequent Contributor

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?

Message 1 of 11
10 REPLIES
Mega Contributor

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.

Smiley Sad



EQ FICO 548 3/3/16
Message 2 of 11
Mega Contributor

Re: Credit One interest question

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



EQ FICO 548 3/3/16
Message 3 of 11
Frequent Contributor

Re: Credit One interest question

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

Message 4 of 11
Mega Contributor

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.




EQ FICO 548 3/3/16
Message 5 of 11
Frequent Contributor

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?

Message 6 of 11
Frequent Contributor

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

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Message 7 of 11
Frequent Contributor

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.

iPhone. iTypos. iApologize

Current Score: EQ FICO 764 TU FICO 776 EX FICO 753
Goal Score: 800
Message 8 of 11
Valued Contributor

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 Smiley Very Happy


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


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Message 9 of 11
Valued Contributor

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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Message 10 of 11