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Contributor
SoCalBound
Posts: 96
Registered: ‎06-24-2012
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What am I missing? Interest Charges on BoA cc

[ Edited ]

So, I've been trying to clear off all my credit cards so I can put in some apps, but apparently they are all plotting against me... first with CapOne not allowing me to prepay my annual fee and reporting it as a balance instead of a cleared off card ($39 on a $500 card is nearly 10%~)

 

Now it's BoA and interest charges

 

It's a BoA Platinum Plus Visa

BoA due date 07/22/12

Paid $303.75 on 07/19/12

Paid $185.08 on 07/20/12

Leaving a balance of $0

Statement closed with a balance of $4.42 of interest charges

 

under the transaction it lists:

 

 

Transaction date: 07/25/2012

Card type:Visa
Transaction type:Bank Charges
What is this charge?

Interest Charged on Purchases is the sum of interest on your credit card account for purchase transactions. For detailed information, please refer to your Interest Charge Calculation on your monthly statement.

How can I prevent this charge in the future?

If your credit card is used for retail purchases only, has a grace period and is paid in full each month by the payment due date, then you will avoid paying interest on those purchases.  If you pay less than the full balance, pay after the payment due date, or if your credit card does not have a grace period, then you will pay interest on those purchases.  Please note, cash advances and balance transfers have no grace period, which means they start accruing interest as soon as the transaction is made. This will result in interest due, even if your balance is paid in full.

 

Am I missing something with this one? I used it only as retail purchases and paid in full 2 days prior to the due date.

Zync NPSL, BCP ($2000), Chase United ($2000) Chase Amazon ($1500), Chase Freedom ($3000), Discover More ($2000), Paypal Extras ($5000), Citi Forward ($2000), Orchard $2000, Amazon ($5000)
Pre-App Scores: TU98 779, TU04 797, EQ 682, EX 788 (Amex) 8/12
Established Contributor
flowfaster
Posts: 787
Registered: ‎08-30-2011
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Re: What am I missing? Interest Charges on BoA cc

Call or do and an online chat.   It may very well be an error.

Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Regular Contributor
noobody
Posts: 223
Registered: ‎06-21-2012
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Re: What am I missing? Interest Charges on BoA cc

did you PIF last month? the key word is EACH month.

Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
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Re: What am I missing? Interest Charges on BoA cc

I have that same card and that has happened to me too sometimes when making multiple payments in a week right before payment due time.
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Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
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Re: What am I missing? Interest Charges on BoA cc


noobody wrote:

did you PIF last month? the key word is EACH month.



+1.  If you were revolving a balance previously, this is just the interest catching up with you if you will.  Next month, if you PIF by the due date, you will have zero interest charges. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Contributor
SoCalBound
Posts: 96
Registered: ‎06-24-2012
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Re: What am I missing? Interest Charges on BoA cc

Grrr. I get it now. (Duh Me)  I tend to leave balances on the BoA card since there's not a lot of incentive to push a lot of money though it monthly.

 

Now the question... how will apping for credit go with 3 balances instead of 1 being seen

 

180/2000 (this was my intended balance card)

38/500

4.42/500

 

 

Zync NPSL, BCP ($2000), Chase United ($2000) Chase Amazon ($1500), Chase Freedom ($3000), Discover More ($2000), Paypal Extras ($5000), Citi Forward ($2000), Orchard $2000, Amazon ($5000)
Pre-App Scores: TU98 779, TU04 797, EQ 682, EX 788 (Amex) 8/12
Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Re: What am I missing? Interest Charges on BoA cc

You are still only at 7.4% Utilization in total.  I would think you would be fine to app for other cards with this Util.  although all card issuers are different.  But I've seen alot of folks approved for many different cards with much higher util.  GL


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Frequent Contributor
Scuba
Posts: 455
Registered: ‎06-08-2008
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Re: What am I missing? Interest Charges on BoA cc

What I like about BOA, the only thing, is they allow me to overpay on my cc when I pay out of my BOA checking account.  Only one balance posted to my CR just last week when an out of cycle reporting was sent in (change of world points to cash back).  I didn't expect that and then paid $20 more than the then balance and a credit balance posted.  I have been dong that for years.

 

Cap1 and once and ahwie AMEX allows me to do that but I cant figure out how or when with them. 

 

Moderator
Revelate
Posts: 9,762
Registered: ‎12-30-2011
0

Re: What am I missing? Interest Charges on BoA cc

[ Edited ]

Scuba wrote:

What I like about BOA, the only thing, is they allow me to overpay on my cc when I pay out of my BOA checking account.  Only one balance posted to my CR just last week when an out of cycle reporting was sent in (change of world points to cash back).  I didn't expect that and then paid $20 more than the then balance and a credit balance posted.  I have been dong that for years.

 

Cap1 and once and ahwie AMEX allows me to do that but I cant figure out how or when with them. 

 


Heh, I like BOFA for other reasons than just this, but I have to admit it was awfully convenient when trying to pretty my reports (for nothing except a BOFA CLI it turned out) this month and pre-paid pretty much the entire balance about a week before it'd close; wound up with a large negative number, but on closing after the pending charges had cleared, $65 reported instead of close to a maxxed out limit.  Something like a 15 point swing in my FICO score from Jun -> July which this ability factored heavily into.

 

Very handy feature.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Contributor
SoCalBound
Posts: 96
Registered: ‎06-24-2012
0

Re: What am I missing? Interest Charges on BoA cc

[ Edited ]

I remember in the past having credits on my BoA account, I just totally didnt think about the interest hitting. 

 

CapOne allows you to pay 110% of what you currently owed, I usually push a lot of money through this card monthly even though it has only a $500 limit. I had just paid off around $400 before due date.  Then a $10 charge went through before statement close, I tried to wrap the annual fee into that payment, but i could only pay $11.  If that happens again, I will know better to push from my bank account or wrap into a larger payment

 

I've patiently waited two years with no applications.  I really wanted a good shot at some decent prime cards this time around since I'm going to take a huge hit to my AAoA

 

I feel bad for my BoA card, they were the first to give me a chance, via a secured card, however they are also my best interest rate and offer no rewards and not a large limit so my payments to them are much more "sloppy" than to the other two.  But building a relationship with that card would do me much better long term than continuing to run money through a CapOne $500 card because it offers 1% rewards

Zync NPSL, BCP ($2000), Chase United ($2000) Chase Amazon ($1500), Chase Freedom ($3000), Discover More ($2000), Paypal Extras ($5000), Citi Forward ($2000), Orchard $2000, Amazon ($5000)
Pre-App Scores: TU98 779, TU04 797, EQ 682, EX 788 (Amex) 8/12

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