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Regular Contributor
lolabelle
Posts: 146
Registered: ‎11-03-2009

Finance charge on $0 balance after large sum paid?

Does this make sense?  I have no minimum finance charge on this card, so should be $0 where there is no balance.  Last month, I had a large balance.  I paid it in full on 10/15 (before the last payment was due).  Statement closing date was 11/2.  Payment due date is 11/29.  Today I receive a bill for a finance charge of $31 and change.  What am I missing?

Starting Score: 732 (EQ)
Current Score: EQ 08 - 837! Whoo!! (5/14/14);EQ 04 - 795! (5/15/14) 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: Just keep swimming...


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Established Contributor
voidman
Posts: 532
Registered: ‎06-07-2008

Re: Finance charge on $0 balance after large sum paid?


lolabelle wrote:
Does this make sense?  I have no minimum finance charge on this card, so should be $0 where there is no balance.  Last month, I had a large balance.  I paid it in full on 10/15 (before the last payment was due).  Statement closing date was 11/2.  Payment due date is 11/29.  Today I receive a bill for a finance charge of $31 and change.  What am I missing?



Was the balance revolved?
-void
Regular Contributor
lolabelle
Posts: 146
Registered: ‎11-03-2009

Re: Finance charge on $0 balance after large sum paid?

Thanks for the response.  I'm not sure what that means.  The statement says:

 

Previous balance = $5,300

Purchases and Adjustment = 0

Periodic Rate Finance Charges = $31.01

Days in Billing Cycle = 32

Closing Date = 11/02/09

Payment Due Date = 11/29/09

 

On statement, it says Payment of $5,300 was made on 10/16, bringing account to $0 balance. 


Starting Score: 732 (EQ)
Current Score: EQ 08 - 837! Whoo!! (5/14/14);EQ 04 - 795! (5/15/14) 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: Just keep swimming...


Take the FICO Fitness Challenge
Established Contributor
voidman
Posts: 532
Registered: ‎06-07-2008

Re: Finance charge on $0 balance after large sum paid?


lolabelle wrote:

Thanks for the response.  I'm not sure what that means.  The statement says:

 

Previous balance = $5,300

Purchases and Adjustment = 0

Periodic Rate Finance Charges = $31.01

Days in Billing Cycle = 32

Closing Date = 11/02/09

Payment Due Date = 11/29/09

 

On statement, it says Payment of $5,300 was made on 10/16, bringing account to $0 balance. 


btw, welcome to the forum. 

 

Did you pay in full i.e. pay the statement balance of the previous month before the due date?

 

-void
Established Contributor
Revike
Posts: 720
Registered: ‎05-04-2007

Re: Finance charge on $0 balance after large sum paid?


lolabelle wrote:

Thanks for the response.  I'm not sure what that means.  The statement says:

 

Previous balance = $5,300

Purchases and Adjustment = 0

Periodic Rate Finance Charges = $31.01

Days in Billing Cycle = 32

Closing Date = 11/02/09

Payment Due Date = 11/29/09

 

On statement, it says Payment of $5,300 was made on 10/16, bringing account to $0 balance. 


The previous statement would have closed about 10/2/09 and the payment due at that time included interest through 10/2.

 

The $31.01 on the 11/2 statement would be interest accrued on the balance from about 10/2 until your payment on 10/16 ...

Established Contributor
Posts: 739
Registered: ‎06-30-2007

Re: Finance charge on $0 balance after large sum paid?

the grace period expires on the due date ,t if there any balance the statement balance left you pay for the whole cycle or if PIF current cycle but did not the last one. you pay number of days in the current cycle till PIF, so if PIF on day 10 you will pay for 9 days on the next statemt, but you will gave your grace period back
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Regular Contributor
lolabelle
Posts: 146
Registered: ‎11-03-2009

Re: Finance charge on $0 balance after large sum paid?

Ah, okay.  That makes sense.  Thanks very much for the responses!  :smileyhappy:

Starting Score: 732 (EQ)
Current Score: EQ 08 - 837! Whoo!! (5/14/14);EQ 04 - 795! (5/15/14) 748 (TU - 5/21/12); 760 (EX - 4/16/12 AMEX pull)
Original Goal Score: 760+ EQ --> decimated!
New Goal Score: Just keep swimming...


Take the FICO Fitness Challenge

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