Final Interest Charge On Credit Balances

[Anonymous]

In the past, when I've paid off my final balance on a credit card, I usually got the next statement with a bill for a few $$$ -- $3-$5 or so -- which I assumed was financing/interest charges for a partial month where there was the balance.  Then I paid off that miniscule amount and the card was finally at $0.00.

So last month I'm within striking distance of paying off a Discover Card.....owe about $272-and-change....so I figure I'll save myself the time of paying a small sum next month by overpaying with about $280 or so.   Any surplus I figure they'll cut me a check in a few months if I don't use it by charging anything.

Anyway, I just got the statement and there was NO final charge.   I basically have the difference as a credit between my $272-and-change final balance of April and the $280 I paid in early May.

What gives ?   Does this final tiny charge not get hit if you overpay ?   Did the CC companies eliminate it ?

[NinComPoop]

I would wait an extra cycle before thinking your in the clear.  Did you have a large balance you were paying down or do you usually PIF but happened to carry a balance for a month?

[Madison]

You get a finance only charge which is relatively small. If you call the credit card company and ask them to wave the interest charges they will do it. However, the first person you talk with generally will say the can't. Ask to speak to supervisor and they will. I have had this done 8 times when paying off credit cards.

[FocusOnFICO]

Madison's advice is good.  Another option is available if you are comfortable speaking with your CCC.  In the past, I have called and asked the CS rep to give me the pay off amount as of the day I'll be sending the funds.  Any time I have done that I have not been billed for any other interest.

[Creditaddict]

Discover use to be 2 cycle billing, so when you paid off something, you would see charges for interest the next month. they may not be 2 cycle billing anymore and therefore your payoff would be the end.