Credit Card Balance Question

[jacksont1981]

Hi everyone,

Just want to say thank you for all the wealth of information I have gained from this community. On my Capital One credit card, I paid the balance to 0 before my due date. When my new statement date cut, it says I have a balance of $2.03 due July 24th for finance charges. What finance charges if I paid the balance in full before my new statement date cut? I am so confused and also when do they report to the CRA's because my scorewatch has not alerted yet of a balance change which I was waiting to see what it will do to my score since it stated I have high utilization. I was excited to pay it down to 0 hoping for a score bump but no alert as of yet. See below what my statement says from Capital One

06/27/2014 INTEREST CHARGEURCHASES Interest Charge

$2.03

Current Balance:$2.03

[Gunnar419]

Did you have any charges on the account that you'd carried over from a previous month? Those would continue accruing interest after your statement cut.

I know it's frustrating when you're so close to zero, but you'll get there. Many companies (not sure about CapOne) will also do a mid-cycle report for you upon request, like after you pay off that little bit that's due.

[jacksont1981]

Hmm they would still carry over even if I paid this month the full balance due? I have not always paid in full every month so are those still accruing? If so, for how long will this happen? 

[coldnmn]

Yes it would if you pay statement balance and it was not paid in full any new purchases are also charged interest. If you notice there is statement balance and current balance. By paying current balance it might have been avoided.

[jacksont1981]

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@coldnmn wrote:

Yes it would if you pay statement balance and it was not paid in full any new purchases are also charged interest. If you notice there is statement balance and current balance. By paying current balance it might have been avoided.

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Thank you coldnmn, you learn something new every day. So going forward, I plan on PIF every month. What should I be clicking on to do so?

• Select Amount
   Minimum Payment $2.03
   Last Statement Balance $2.03 (As of 06/27/2014)
   Current Balance $2.03

[user5387]

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@jacksont1981 wrote:

Hi everyone,

Just want to say thank you for all the wealth of information I have gained from this community. On my Capital One credit card, I paid the balance to 0 before my due date. When my new statement date cut, it says I have a balance of $2.03 due July 24th for finance charges. What finance charges if I paid the balance in full before my new statement date cut? I am so confused and also when do they report to the CRA's because my scorewatch has not alerted yet of a balance change which I was waiting to see what it will do to my score since it stated I have high utilization. I was excited to pay it down to 0 hoping for a score bump but no alert as of yet. See below what my statement says from Capital One

06/27/2014 INTEREST CHARGEURCHASES Interest Charge

$2.03

Current Balance:$2.03

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If you've been carrying a balance, you may have residual interest, and would need to pay the balance in full for two successive months.

Another way of handling it might be to call the CC company and ask them if they'll give you a "payoff amount" that will clear things out if you pay that specific day.