I typically pay my statement balance in full every month but was surprised when I got a $12.45 interest charge this past statement. My previous balance was $1,569.24 and I had $1,561.69 in payments and credits ($1542.24 strictly payments). Somehow I had an oversight of $27 when I paid (I pay from two bank accounts). I made both payments within two weeks of the satement date, yet the balance subject to interest was $654.10.
I could understand this but my statement reads on how to avoid interest "If you pay your statement's New Balance in full by the due date we will not charge you interest on any new transactions that post to the purchase segment (fair enough and straightfoward). If you have been paying your account in full with no Interest Charges, but then you do not pay your next New Balance in full, we will charge interest on the portion of the balance that you did not pay." I take that to mean that only the $27 unpaid balance should have been charged interest, not the average daily balance or however they calculated to get $654.10.
Does someone out there understand how they got the balance subject to interest? I have no cash advances. I pay in full every month except this one so there are no lingering balances prior. I do not understand why it wasn't simply the $27 subject to interest based on the literature on my statement.
The representative I spoke with thankfully credited me the interest charge as well as reset my grace period, which I assume (read: hope) means that as long as I pay in full again I will not be subject to any more interest.
American Express Blue Cash $30,000 | Capital One Quicksilver $16,500 | Chase Sapphire $8,000 | SunTrust Platinum Rewards $6,000 | Best Buy $9,400 | Home Depot $6,000
