@joxnard805 wrote:
I am a little confused how interest is charged.
My billing cycle for 02/09/15-03/08/15 showed statement balance of $79.55, which min. payment due date is 04/05/2015. I purchased over $1400 worth of stuff throughout that billing cycle, and i tend to pay it down before the statement cuts, in this case i left this balance of $79.55.
well due date came along on 04/05/2015 and i forgot to pay the min. payment, and called the next day to pay it and was also waived the late fee.
@i am now looking at statement 03/09/15-04/08/15, and they are charging me interest of $28.09 based on $1322.94 @Anonymous.99%
is interest amount based from previous billing cycle 02/19/15-03/08/15? if its not, none of my statements carry a balance of $100 or more.
Interest is charged on an average daily balance. If you purchased $1400 worth of stuff throughout the cycle (early in the cycle) then the $1322 makes sense.
ETA: And as a preemptive note, you'll likely get charged a bit of residual interest on your next statement as well, since the last one wasn't paid in full.
