Hello everyone, this is my first post and I’d greatly appreciate some guidance. For the past two months, I thought I was paying my credit card balance off in full, however I still accrued interest charges. I can best explain this by giving examples.
Lets assume my September statement had a balance of $200, and I knew I was going to receive a $40 credit for something I returned. Therefore, instead of sending $200, I sent $160. The same thing occurred the following month, only a merchant overcharged me $90 for something I bought. So, instead of sending the new balance I accumulated during October, I just sent $90 less.
I thought I could do this and it would make my balance paid in full, but I was wrong. Both months I was charged interest fees because the credit card company didn’t receive a payment in full from me… even though with the credits I received I had a zero dollar balance. I didn’t know this would happen, because if I did, I obviously would’ve just paid the extra few dollars! The balances were much higher than I used in the example above, so my interest fees were about $40 each month.
So, my question is, is this how all credit card companies work? I want to fight it, but if this is something I should’ve known, I’m not even going to bother. Thank you in advance for your help.
