CreditOne grace period?

[money_talks]

I paid off my entire balance and since I have a fee waiver, I thought my balance would report to 0 to the CRAs. But I found out today they charged me interest anyways on my average daily balance.

Is this the way it works or was there some error? Under what circumstances would you pay no interest at all? Make no purchases?

[xerostatus]

If i recall correctly, creditone does NOT have a grace period (interest starts to accrue immediately once the charge posts).

So, yeah in order not to be charged any interest all you have make 0 purchases.

Gosh, it seems like only yesterday I was still muddling around with companies like creditone.

[ac921ol]

*and yes they charge as soon as you swipe the card, its also a $90+ AF on the card.

I still have credit one, they waived my fee until end of March, I have an AU on the account which is $20 a year, I will get some sort of refund when I cancel in March, but wanted to help my wife get some AAOA since my Cred1 is 6 years old, but I plan on cancelling in March when the AF kicks in.

My balance is at $0 and will stay at $0 until I cancel.

[money_talks]

Thanks.

Well at least FP won't charge interest as long as you pay your previous statement balance in full.These shark cards always have someway to make money off you.

If CreditOne did what FP does, then CreditOne would be a somewhat decent card.

[nyancat]

Remember, when you cancel the card, you'll still have it on your report for ten years so there are no immediate negative effects to getting out of this mess.

[SunriseEarth]

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@money_talks wrote:

I paid off my entire balance and since I have a fee waiver, I thought my balance would report to 0 to the CRAs. But I found out today they charged me interest anyways on my average daily balance.

Is this the way it works or was there some error? Under what circumstances would you pay no interest at all? Make no purchases?

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Correct.  As soon as a transaction posts, they charge interest.  This is why I intend on paying mine off and closing, before AF waiver runs out.