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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Macy's Grace Period?

i charged about 700 worth of stuff on dec 17th. 

my statement closed the 21st with the transactions on there. 

i was planning on scrapping together the whole 700 to pay macys by the 21'st this month but my statement says 0  balance subject too the 24.25 insane interest rate? 

i can pay it and still get by but it would be much easier with the extra 1600 dollars that id have by feb 21st. 

 

does that mean i have until feb 21st to pay without interest? hmm. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
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Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
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Re: Macy's Grace Period?

I'm sure I understand.  If the transactions are on the latest statement, how is it that there's not a payment due?  Do you have some type of deferred promo?  But if the statement says "subject to 24.25% interest" then I would bet that you will incurr interest (about $15).  If you were going to pay it in full anyway, but want to do a little float for yourself, why not just pay a portion now (50%) and pay the rest Feb 21st?  That way you cut that interest  incurred in half.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: Macy's Grace Period?


Rhaeny wrote:

I'm sure I understand.  If the transactions are on the latest statement, how is it that there's not a payment due?  Do you have some type of deferred promo?  But if the statement says "subject to 24.25% interest" then I would bet that you will incurr interest (about $15).  If you were going to pay it in full anyway, but want to do a little float for yourself, why not just pay a portion now (50%) and pay the rest Feb 21st?  That way you cut that interest  incurred in half.


no it says payment due 30$ 

but in the amount subject to interest it says 0$ so thats why i was confused. 

i had a 43$ charge last month and pushed the payment through so it was only my shopping from that day on the card.

recap

balance right now is 743 and 0 subject to interest  30 min payment. 

i already took the hit for the util i was just thinking maybe because it was soo close to the statement date that they gave me the grace period and interest would only accur if i dont pay in full by the 21st of feb. 

id rather just pif then take the 15 dollars in interest

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
Rhaeny
Posts: 1,507
Registered: ‎07-24-2011
0

Re: Macy's Grace Period?


creditnocash wrote:

Rhaeny wrote:

I'm sure I understand.  If the transactions are on the latest statement, how is it that there's not a payment due?  Do you have some type of deferred promo?  But if the statement says "subject to 24.25% interest" then I would bet that you will incurr interest (about $15).  If you were going to pay it in full anyway, but want to do a little float for yourself, why not just pay a portion now (50%) and pay the rest Feb 21st?  That way you cut that interest  incurred in half.


no it says payment due 30$ 

but in the amount subject to interest it says 0$ so thats why i was confused. 

i had a 43$ charge last month and pushed the payment through so it was only my shopping from that day on the card.

recap

balance right now is 743 and 0 subject to interest  30 min payment. 

i already took the hit for the util i was just thinking maybe because it was soo close to the statement date that they gave me the grace period and interest would only accur if i dont pay in full by the 21st of feb. 

id rather just pif then take the 15 dollars in interest


You know, I can honestly say that at one point in my life that I wouldn't think twice about paying $15 bucks interest (throwing money out the window).  As a matter of fact I would have called the person that wouldn't do it a cheapskate!  I mean what is $15 bucks?

 

I tell ya, what years of experience, financial collpase and then to finally financial responsibility will do to a persons thought process.  You couldn't get me to pay one penny of interest if I don't have to.  The words I would say now are, "Why would you give them money if you don't have to, that's just stupid".  

 

Two thumbs up to you!


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: Macy's Grace Period?


Rhaeny wrote:

You know, I can honestly say that at one point in my life that I wouldn't think twice about paying $15 bucks interest (throwing money out the window).  As a matter of fact I would have called the person that wouldn't do it a cheapskate!  I mean what is $15 bucks?

I tell ya, what years of experience, financial collpase and then to finally financial responsibility will do to a persons thought process.  You couldn't get me to pay one penny of interest if I don't have to.  The words I would say now are, "Why would you give them money if you don't have to, that's just stupid".  

Two thumbs up to you!


thank you. ive only paid interest one time since i got my first cc. and its only because of carelessness. i let a 12 month no interest promo expire at best buy and they charged me the 65$ i incurred over the year. the worst part about was i figured it out and for some reason was 3 dollars short on it. (i called and pif and had the payment moved specifficaly towards that) oh well lesson learned 

 

otherwise i pif everymonth and actually feel guilty when i dont. 

hence my original question. i plan on paying off 3k out my 4k reporting by the end of next month (1200 is on another 0% deal at best buy) lol but i put at least 100 a month towards that. on a 2 year deal. 

 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
visorboy1974
Posts: 1,132
Registered: ‎05-17-2010
0

Re: Macy's Grace Period?


creditnocash wrote:

i charged about 700 worth of stuff on dec 17th. 

my statement closed the 21st with the transactions on there. 

i was planning on scrapping together the whole 700 to pay macys by the 21'st this month but my statement says 0  balance subject too the 24.25 insane interest rate? 

i can pay it and still get by but it would be much easier with the extra 1600 dollars that id have by feb 21st. 

 

does that mean i have until feb 21st to pay without interest? hmm. 


You have until Jan 21 to PIF or whatever you haven't paid will generate an interest charge.  

Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
0

Re: Macy's Grace Period?

From personal exp with my macys card i only get charged interested if the balance has been there for a full statement. My due dates are the 12 and statement ends on the 17 of every month. I charged 100 to it on december 10 (online) and didnt get a min payment due or was charged interested.
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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: Macy's Grace Period?

Thanks that's what I meant about the grace period. Like it will charge interest from today till the feb payment if not pif but like I said I can pif to avoid the 15 dollars but it would be tight.

Just paid my car payment and insurance so every other check I get this upcoming month will be going towards balances
Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Macy's Grace Period?


creditnocash wrote:
Thanks that's what I meant about the grace period. Like it will charge interest from today till the feb payment if not pif but like I said I can pif to avoid the 15 dollars but it would be tight.

Just paid my car payment and insurance so every other check I get this upcoming month will be going towards balances

You have to pay your statement balance by the due date, to avoid interest.  


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