DISCOVER IT What is THIS!?

[Anonymous]

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@yfan wrote:

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@Anonymous wrote:

but i made $1,2-- after $200 so why was i not charged interest for $1,200 but only $200 ?

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You may well have been - it depends on the charge dates, accural, etc. Or, it may be that the $1200 you paid later is for charges that were made later (than 10/23). Or it may be that more interest is coming in your later bills. We have no idea, and I doubt you want to - or should - disclose your itemized trasactions here. Whatever it is, you owed interest, and that's pretty clear.

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Thank you for your message about the interest charges on your statement. I understand your interest in knowing how these charges are assessed to your Discover® account, and I will be happy to assist you today!

The interest on your current statement accumulated on the balance you carried from your closing date of 10/05/14, until your payment in full was received on 11/20/14. Allow me to explain how this works.

Interest charges are not assessed on purchases as long as you pay your balance in full every month. However, if you do not pay the balance in full every month, or if your balance includes a cash advance or balance transfer, interest charges will accrue daily until your payment in full is received.

However, I definitely value your business, so I am happy to remove the interest charged of $26.80.  You will see a credit online within 72 hours.  From this statement forward, as long as you pay your statement balance in full each month, you will no longer be assessed interest charges. (Remember this is not the case with cash advances and balance transfers.)

I appreciate the opportunity to be of service and hope this response was helpful. Thank you for choosing to use Discover since 2013, and  I wish you a wonderful afternoon! 

[Irisa]

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@yfan wrote:

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@Anonymous wrote:

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. 

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You pay interest if the day the promotional period ended, your account was not paid in full. It's that simple. It has nothing to do with the date your statement cuts, etc. etc. If your card was issued on January 1 for an 18 month 0% promo, your card must be paid in full on June 30 of the following year, even if your state "cuts" on July 15. And you pay interest on the entire unpaid amount, not just the amount you charged after the end of the promo period.

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Yfan is correct. You have to be careful with those promo ending dates. Discover starts charging interest  on the daily balance beginning the day your 0%apr promo ends even if the payment isn't due yet.  

[Irisa]

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@Anonymous wrote:

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@yfan wrote:

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@Anonymous wrote:

but i made $1,2-- after $200 so why was i not charged interest for $1,200 but only $200 ?

---

You may well have been - it depends on the charge dates, accural, etc. Or, it may be that the $1200 you paid later is for charges that were made later (than 10/23). Or it may be that more interest is coming in your later bills. We have no idea, and I doubt you want to - or should - disclose your itemized trasactions here. Whatever it is, you owed interest, and that's pretty clear.

---

Thank you for your message about the interest charges on your statement. I understand your interest in knowing how these charges are assessed to your Discover® account, and I will be happy to assist you today!

The interest on your current statement accumulated on the balance you carried from your closing date of 10/05/14, until your payment in full was received on 11/20/14. Allow me to explain how this works.

Interest charges are not assessed on purchases as long as you pay your balance in full every month. However, if you do not pay the balance in full every month, or if your balance includes a cash advance or balance transfer, interest charges will accrue daily until your payment in full is received.

However, I definitely value your business, so I am happy to remove the interest charged of $26.80.  You will see a credit online within 72 hours.  From this statement forward, as long as you pay your statement balance in full each month, you will no longer be assessed interest charges. (Remember this is not the case with cash advances and balance transfers.)

I appreciate the opportunity to be of service and hope this response was helpful. Thank you for choosing to use Discover since 2013, and  I wish you a wonderful afternoon! 

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It's great you won't have to pay that interest after all.  Glad it worked out for you.  

[kkapdolee]

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@jamie123 wrote:

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!

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That doesn't sound convoluted at all actually; that sounds completely obvious. Isn't that how credit cards are supposed to work? If you don't pay up your entire balance before the due date, then interest is charged on the remainder until you pay up. How can you expect otherwise unless you're in a 0% apr period? I don't get it.

[Anonymous]

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@kkapdolee wrote:

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@jamie123 wrote:

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!

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That doesn't sound convoluted at all actually; that sounds completely obvious. Isn't that how credit cards are supposed to work? If you don't pay up your entire balance before the due date, then interest is charged on the remainder until you pay up. How can you expect otherwise unless you're in a 0% apr period? I don't get it.

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i was 0% apr but i had a 0 balance this statement closing but they charged me from last statement which did not show any interest until they added it today i guess. 

[tcbofade]

Wow.  I see both sides of this one...glad you were able to get it resolved to your satisfaction, OP.  Good for you!