Credit Cards

[1111mel]

I had a statement balance with payment due on 5/11.  I made a payment on 5/4 and then paid the rest of the balance on 5/13.

They slapped me with a $50 finance charge.  I have done this dozens of times with them and it has always been that as long as I paid it in full before the next statement date I never paid a penny in interest.

They refused to remove the finance charge so I cut it up.  However, I'm not going to tell them that because I want to keep it as an open account for my scores.

Credit Cards suck!

[Ulan]

Let me see: You complain about a finance charge that they finally gave you, because you regularly didn't PIF by the due date, as you think the (on average) 40 day free float they give you isn't enough? Did I get that right?

Message Edited by Ulan on 05-21-2009 09:10 AM

[YoungEntrepeneur]

Just because you paid off before the statement closed doesn't mean you that they won't charge you interest. If you read the card agreement, it says that there's a 20 day grace period before any finance charges are applied to the account. There are about 27-28 days in a billing cycle so if the charges posted at the beginning of your last statement, it makes sense for them to charge you interest since it has been more than 20 days since the charges posted to your account. I know you may not like this but I'm just giving you a breakdown of how all this works.

[rbbyrbsn]

let me get this. you have been paying off balance after the due date and this is the first time had interst applied? if isn't a resualt of exprreing 0% promo ,sometihing wrong if you got charged $50 for a 3day balance

[wmarat]

I bet, you know, that inactivity is a good reason to close accounts.

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1111mel wrote:

I had a statement balance with payment due on 5/11.  I made a payment on 5/4 and then paid the rest of the balance on 5/13.

They slapped me with a $50 finance charge.  I have done this dozens of times with them and it has always been that as long as I paid it in full before the next statement date I never paid a penny in interest.

They refused to remove the finance charge so I cut it up.  However, I'm not going to tell them that because I want to keep it as an open account for my scores.

Credit Cards suck!

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[1111mel]

The person I talked to on the phone wouldn't do anything, but lovely customer service via email is refunding my $50 on my next statement.

Wow, that was a nasty reply that got Kudo'd...........Maybe you should go back to bed and start over.

I actually do know how to use credit responsibly and to my advantage that isn't freeloading, that is called being smart with your credit !!!

And thank you for reminding me why I took a break from this site.  It is supposed to be supportive and helpfull, not nasty.

So I think I'll take that break again.............Good Luck with your credit scores!

Message Edited by 1111mel on 05-21-2009 02:33 PM

[YoungEntrepeneur]

nasty replies? Why bother asking then?

[Ulan]

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1111mel wrote:

The person I talked to on the phone wouldn't do anything, but lovely customer service via email is refunding my $50 on my next statement.

Wow, that was a nasty reply that got Kudo'd...........Maybe you should go back to bed and start over.

I actually do know how to use credit responsibly and to my advantage that isn't freeloading, that is called being smart with your credit !!!

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It's nice that you found such an understanding CSR. My reply was composed of a question. I understood that you repeatedly paid your balance after the due date and did not expect to pay any finance charges for that. I wanted to know whether I understood that correctly. I probably didn't, otherwise I don't see what's particlularly smart about it. But I'm definitely open to an explanation of how I'm seeing this wrong here.

[Scamp]

*pokes head in thread door*

Okay, just a general reminder to all to please be friendly, respectful, and supportive in your posts.

[YoungEntrepeneur]

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Scamp wrote:

*pokes head in thread door*

Okay, just a general reminder to all to please be friendly, respectful, and supportive in your posts.

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agreed