Quick question on when (date) boa charges interest

[Lexi0000]

So I've had this card for 3 years now and this is prob the 2nd time I'm being charged interest. The due date was the 16th but I paid off the balance yestrday the 17th.
I had previously made another payment, so that was the 2nd payments this month.

This morning I checked my account and I saw an interest charge, which wasn't there yesterday when I paid off the balance.

I though they charged interest at the end of the billing cycle which is usually the 18.

Can someone explain how this works?

[Anonymous]

Recommend reading your statement on the page that says "Paying Interest"..it's very clear that to avoid finance charges you need to pay it by the due date (not the day after)..that's then your grace period ends and you paid your previous bill in full by the previous due date.

[NRB525]

Yes, you need to make the payment on or prior to the Due Date on the statement if you are PIF.

FWIW, I am carrying 0% APR Balance Transfers on both my old BofA cards, and I am able to also make charges during the month to take advantage of the BofA Deals, to get 10% or 5% back on certain transactions. I make a payment soon after these charges that includes the minimum payment, plus the new charge, plus a bit extra, and I've not been charged interest in the year I've been trying this. It maintains the 0% status of the BT. BofA is good about clearing the current items, so it should be possible to avoid interest.

[OmarGB9]

Paying after the due date would incur at least the minimum interest charge.

[Lexi0000]

Ok thanks guys.

[Lexi0000]

Sorry, I've got on more question.

My bill came out today still with last month' balance + the interest. When I paid it off last Saturday, I received a message saying it will post on that day, the 17th. Why is a balance still showing on my statement?? 

[Lexi0000]

I just saw that they've refunded me the purchase interest .
They must have realized their mistake!

[takeshi74]

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@Lexi0000 wrote:
I though they charged interest at the end of the billing cycle which is usually the 18.

Can someone explain how this works?

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For any cycle the order of events is:

Cycle start

Cycle end/statement date (balance reported for most cards)

Grace period (if applicable)

Payment due date

Cycles overlap a bit so the following cycle's end date typically falls shortly after the prior cycle's payment due date.

If you carried a balance it can take a coouple of cycles of paying full to address any residual interest.