I just pd off my Sears card. The statment end date was 8/7/07. Payment was due 8/4/07. I paid it off completely on 7/24/07. How come I received a bill in the mail for more interest? I thought if I paid something off before the due date I would be done with the account, not receive another bill for interest. If I pay the $20 interest they are asking am I going to get another bill next month for $5?
They wait until the statement closes. From there they calculate how much interest to bill you for that month. Since the statement is already closed they always apply it to the next month. Interest is from the month before.
You will notice if you can go back to the first month there was no interest charge. It would be nice if they could add the interest between the due date and close date to give us the chance to pay again to PIF and be done. But they delay it until the next month.