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Macy's still charged interest!!

Regular Contributor

Macy's still charged interest!!

Last month I received a balance transfer check offer for 0% interest until Sept '11 from my Citi MC so I decided to take advantage of it and pay off my Macy's.  I get my bill from Macy's today and I'm being charged interest when it was paid in full!!  Smiley Mad  I called cs and was told it was the interest from the statement date to the date it was paid off.  I asked why the interest, I paid it in full.  She said because I was a payment customer, not a PIF, I was being charged the last months interest.  She also stated this went into effect last month and Macy's was trying to get customers to PIF to avoid being charged the last months interest.  I am furious!  I'll never pay another penny in interest to Macy's again!

Filed BK 07/07/15 Discharged 10/07/15
Starting scores 11/2015 EQ 567 TU 487 EX 531
Current scores 02/2017 EQ 649, TU 642, EX 651

Cap 1 QS 5000 Cap 1 QS 6500, PenFed Promise 2500, NFCU GoRewards 8000 NFCU CLOC 4000
In the garden until 2018
Message 1 of 13
12 REPLIES
Frequent Contributor

Re: Macy's still charged interest!!

This doesn't seem out of the ordinary to me.

 

If you had paid the prior month balance in-full, then made new charges and paid current month in full there would be no interest.  But if you did NOT pay the prior month in-full, and paid in-full current month, you still owe interest on the prior month balance. 

 

Seems right to me. Guys, correct me if I'm wrong.

AMEX Blue Cash - $15k, Lowes/GECRB - $10K, PNC - $10K, CIti Diamond Preferred - $10K, Home Depot/Citi - $7590, Best Buy Store/HSBC - $7400, Citi Platinum Select - $7150, Best Buy RZMC/HSBC - $5750, Dillards/GECRB - $4350, Discover More - $3600, Cap 1 Cash Rewards - $3000, Amex HHonors - $2000, State Farm - $2000, Cap 1 MTV - $1500
Message 2 of 13
Regular Contributor

Re: Macy's still charged interest!!

I paid previous balance and all charges for the month on 11/02.  And I made no charges until after my next billing date  on 11/08.  I also did a BT on my Orchard to Citi and was not charged any interest. 

Filed BK 07/07/15 Discharged 10/07/15
Starting scores 11/2015 EQ 567 TU 487 EX 531
Current scores 02/2017 EQ 649, TU 642, EX 651

Cap 1 QS 5000 Cap 1 QS 6500, PenFed Promise 2500, NFCU GoRewards 8000 NFCU CLOC 4000
In the garden until 2018
Message 3 of 13
Established Contributor

Re: Macy's still charged interest!!

Well, you owe interest from the day when the prior statement cut to the day when you paid the balance off. There is nothing unusual about that.

Message 4 of 13
Senior Contributor

Re: Macy's still charged interest!!

It usually takes 2 months of PIF to get past the interest.   The earlier you pay after the statement closes, the less interest you owe on the following statement.

Message 5 of 13
Valued Contributor

Re: Macy's still charged interest!!

A couple of things to consider:

 

First, many, but not all, cards offer a "grace period", if your balance on your last staement was zero and you PIF before the end of the grace period no interest is owed.  But if you owed a balance on the previous statement, you owe at least the interest on the prior month's balance.

 

There was also something called something like average balance or something like that, that allowed them to charge effectively an extra month's interest.  That was outlawed by the Dodd-Franks act I believe.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Message 6 of 13
Regular Contributor

Re: Macy's still charged interest!!

I understand what you all are saying.  Where I'm still a little unclear is why Macy's is charging me one last months interest and Orchard didn't.  And the Macy's cs rep stated this was something that went into efffect last month.

Filed BK 07/07/15 Discharged 10/07/15
Starting scores 11/2015 EQ 567 TU 487 EX 531
Current scores 02/2017 EQ 649, TU 642, EX 651

Cap 1 QS 5000 Cap 1 QS 6500, PenFed Promise 2500, NFCU GoRewards 8000 NFCU CLOC 4000
In the garden until 2018
Message 7 of 13
Moderator Emeritus

Re: Macy's still charged interest!!

If you look in the CC agreement and often on your statement, you'll see that they can charge interest using a couple of different methods (e.g. avg. daily balance) and I believe they get to choose. Some of my CCs will remain at $0 after PIF when I had carried a balance and others will charge interest.

Message 8 of 13
Regular Contributor

Re: Macy's still charged interest!!

I got out my statement and read the very fine print on the back.  And it's all clear to me now.  I was under the impression I still had a grace period if the balance was PIF.

Filed BK 07/07/15 Discharged 10/07/15
Starting scores 11/2015 EQ 567 TU 487 EX 531
Current scores 02/2017 EQ 649, TU 642, EX 651

Cap 1 QS 5000 Cap 1 QS 6500, PenFed Promise 2500, NFCU GoRewards 8000 NFCU CLOC 4000
In the garden until 2018
Message 9 of 13
Moderator Emerita

Re: Macy's still charged interest!!

At least you've gotten your balance away from them and their crazy rates!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 10 of 13