Grace period question

printosaur · ‎10-22-2013

Has anyone asked their cc to forgive residual interest charges on an open card because they paid their full balance on the statement, and thought they would have a grace period on purchases the next month?

Did the cc waive the interest?

How else can you wipe out the interest that accrues from the end of the end of the billing cycle until the cc receives your payment?

Countingpennies · ‎10-22-2013

This is why it is important to read the terms on your CC. Some CC's have no grace period, if you have a balance, you will be charged interest on that balance and new purchases. The only way to avoid this is pay the balance before the statement. It's an endless cycle, that's hard to break. I would use this card as little as possible. I assume you only have it to build your credit. I would get another card with decent terms ASAP.

I don't know if you can get the interest waived or not, you can always call and try. Just because you 'thought' there would be a grace period isn't a good reason for them to credit the interest back, but you have nothing to lose by trying.

FinStar · ‎10-22-2013

@Countingpennies wrote:
This is why it is important to read the terms on your CC. Some CC's have no grace period, if you have a balance, you will be charged interest on that balance and new purchases. The only way to avoid this is pay the balance before the statement. It's an endless cycle, that's hard to break. I would use this card as little as possible. I assume you only have it to build your credit. I would get another card with decent terms ASAP.

I don't know if you can get the interest waived or not, you can always call and try. Just because you 'thought' there would be a grace period isn't a good reason for them to credit the interest back, but you have nothing to lose by trying.

+1

Some lenders are flexible with crediting the remaining residual finance charge as a one-time courtesy but others are not. Therefore OP, as mentioned above by Countingpennies, be sure to familiarize yourself with that particular lender's T&C as it relates to finance charges/calculations and grace periods.