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DISCOVER IT What is THIS!?

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Irisa
Senior Contributor

Re: DISCOVER IT What is THIS!?

OP, what is your payment due date? 

Message 21 of 46
Anonymous
Not applicable

Re: DISCOVER IT What is THIS!?

OP, if you don't mind me asking, what's the Open and Close Date of your billing cycle? It should say at the top right corner of your statements. Also, what is your current Purchase APR?

Message 22 of 46
Anonymous
Not applicable

Re: DISCOVER IT What is THIS!?


@Anonymous wrote:

OP, if you don't mind me asking, what's the Open and Close Date of your billing cycle? It should say at the top right corner of your statements. Also, what is your current Purchase APR?


 

-----------------------------------------------------------

Previous balance:            $1,490.09

Payments and Credits:  - $1,490.09

Purchases:                    +$0.00
Balance Transfers:        +$0.00

Cash Advances:            +$0.00

Fees Charged:              +$0.00 

Interest Charged:         +$26.80

New Balance:                $26.80

-----------------------------------------------------------

 

Open Date: Oct 6, 2014- Close Date: Nov 23, 2014

 

TRANSACTIONS 

Payments and Credits

Oct 24 -  INTERNET PAYMENT - $200

Nov 19 - PAYMENT - THANK YOU - $1,200

Nov 20 - INTERNET PAYMENT  - $90.09

 

FEES  

Interest Charges

INTEREST CHARGE ON PURCHASES:                     $26.80

INTEREST CHARGE ON CASH ADVANCES:             $0.00

INTEREST CHARGE ON BALANCE TRANSFERS:    $0.00

TOTAL INTEREST FOR THIS PERIOD:                      $26.80 

 

2014 Total Year-to-Date

TOTAL FEES CHARGED IN 2014:                               $0.00

TOTAL INTEREST CHARGED IN 2014:                       $26.80

Message 23 of 46
Anonymous
Not applicable

Re: DISCOVER IT What is THIS!?

And how about your purchase apr?

Message 24 of 46
Anonymous
Not applicable

Re: DISCOVER IT What is THIS!?

15.99%

Message 25 of 46
Irisa
Senior Contributor

Re: DISCOVER IT What is THIS!?

Is this a new account?   Those dates do not seem correct. Both of my accounts only include a month (October 20- November 19 and October 6 - November 5).  Yours is for almost 7 weeks. When was the payment due for this statement?  If you don't mind me asking. 

Message 26 of 46
Anonymous
Not applicable

Re: DISCOVER IT What is THIS!?


@Irisa wrote:

Is this a new account?   Those dates do not seem correct. Both of my accounts only include a month (October 20- November 19 and October 6 - November 5).  Yours is for almost 7 weeks. When was the payment due for this statement?  If you don't mind me asking. 


they've pushed my due date up.  

 

  • Minimum Payment Due
  • $26.80
  • Payment Due Date
    Dec 18, 2014

 

Oct 06, 2014 - Nov 23, 2014     balance: $28.80    

Sep 06, 2014 - Oct 05, 2014     balance $1,490.09   paid nov 19.    

Aug 06, 2014 - Sep 05, 2014      

Julyl 06, 2014 - Aug 05, 2014

Message 27 of 46
jamie123
Valued Contributor

Re: DISCOVER IT What is THIS!?

This happened to me with Bank of America, and yes, not all lenders do this.

 

It is a very convoluted way for CC companies to charge interest and is VERY hard to explain and I can't remember all the details to explain it. All I remember is to pay my Bank of America CC in full shortly after it posts to NOT be charged interest.

 

Oh...Now I remember...

 

Say your due date is the 1st of the month.

You haven't used your card at all in June and your balance is $0 on July 1st.

You charge $1000 during the month of July.

Your posted balance is $1000 on August 1st.

You charge another $500 in August bringing your balance to $1500 but only pay $750 before the due date of September 1st leaving a $750 balance. (You are now carrying $250 from the previous month.)

 

You say to yourself, "I better get this under control and pay this card in full this month and don't charge on this card at all during the month of September."

 

On September 15th you pay your reported balance in full including the small interest they charged for carrying the $250 from July. You should now have a $0 balance.

 

When they calculate your October 1 statement you are surprised that instead of a $0 balance your balance is $2.22. What!

 

They charged interest on the $250 from September 1st until September 15th when it was paid!

 

Yes, some CC companies are charging interest for EVERY day until the balance is paid!

 

I told you it was convoluted ahead of time!


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 28 of 46
lord_kinbote
Established Contributor

Re: DISCOVER IT What is THIS!?

From Discover;

 

Q: How is interest accrued if balance is not paid in full by due date.

 

A: "if the account wasn't paid off in full it would start earning interest, the interest would go all the way back to the last time the account was paid off in full."

 

Wow, avoid those interest charges.  However, I guess this is to be expected.

Message 29 of 46
Anonymous
Not applicable

Re: DISCOVER IT What is THIS!?


@akula wrote:

From Discover;

 

Q: How is interest accrued if balance is not paid in full by due date.

 

A: "if the account wasn't paid off in full it would start earning interest, the interest would go all the way back to the last time the account was paid off in full."

 

Wow, avoid those interest charges.  However, I guess this is to be expected.


im so confuse but my 15 month 0% APR ended last billing period thats why i made sure i paid in full before my statement cuts which i did. it says $0 balance but when my statement cut today it now says $28 due dec 18. which was why im so confused. i email them asking how im incuured interest on a $0 balace ? still waitibng for a response. you said they charge interest starting from last time i paid in full ? but last time was still my 0% intro. 

Message 30 of 46
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