topic Re: Confused asf... in Credit Cards

Confused asf...

pip3man — Sun, 26 Jun 2016 12:16:35 GMT

So I paid my full balance mid billing cycle. Statement generated today and I was hit with interest charges. Didn't use the card last billing period so no additional purchases that could have triggered interest. Not only that my minimum payment showing up as the full amount of the interest charge. I was in the impression that the minimum would be $25 since the balance is just $83. Is it just me or something doesn't seem right? I tried to call them but they said their systems are down so wouldnt be able to help me until it's back up again.

Re: Confused asf...

UncleB — Sun, 26 Jun 2016 12:25:39 GMT

@pip3man wrote:
So I paid my full balance mid billing cycle. Statement generated today and I was hit with interest charges. Didn't use the card last billing period so no additional purchases that could have triggered interest. Not only that my minimum payment showing up as the full amount of the interest charge. I was in the impression that the minimum would be $25 since the balance is just $83. Is it just me or something doesn't seem right? I tried to call them but they said their systems are down so wouldnt be able to help me until it's back up again.

I would definitely call them about that... it looks strange to me as well.

If the interest were 'legit' it could be that since the entire remaining balance is interest perhaps (?) their system is prompted to make that amount the minimum payment (I'm going so far out on a limb that I can hear it cracking... I've never seen that personally) but you say the interest shouldn't be there either, so none of it makes sense.

You mentioned their systems are down when you call... perhaps this is part of that as well, and when you call this will all be easily and quickly corrected.

My fingers are crossed for ya... let us know how it turns out - I'm genuinely curious now.

Re: Confused asf...

gibeon — Sun, 26 Jun 2016 12:32:45 GMT

Was any part of the balance for the month any type of cash advance or government fee (which often codes as a cash advance)? Those start accruing interest immediately, and can make your whole balance start accruing interest (if I'm remembering their t&c's correctly).

Re: Confused asf...

redpat — Sun, 26 Jun 2016 12:39:55 GMT

If you ran a balance in the prior billing cycle and paid if off in this current billing cycle the interest does accrue.

Re: Confused asf...

fedxboy — Sun, 26 Jun 2016 12:41:55 GMT

Who knows.....?.> I would say it's residual interest since you were carrying a balance of over 7k and you just made that payment 10 days before the due date. What were the minimum payments before?

Re: Confused asf...

pip3man — Sun, 26 Jun 2016 12:48:31 GMT

@gibeon wrote:
Was any part of the balance for the month any type of cash advance or government fee (which often codes as a cash advance)? Those start accruing interest immediately, and can make your whole balance start accruing interest (if I'm remembering their t&c's correctly).

Ooh no absolutely not, never done a cash advance and I pay close attention to certain purchases that would count as one. The entire balance all came from regular purchases. I'll just call back again in the next hour and see what they say. Hopefully it's a system glitch

Re: Confused asf...

UncleB — Sun, 26 Jun 2016 12:52:24 GMT

@pip3man wrote:
@gibeon wrote:
Was any part of the balance for the month any type of cash advance or government fee (which often codes as a cash advance)? Those start accruing interest immediately, and can make your whole balance start accruing interest (if I'm remembering their t&c's correctly).

Ooh no absolutely not, never done a cash advance and I pay close attention to certain purchases that would count as one. The entire balance all came from regular purchases. I'll just call back again in the next hour and see what they say. Hopefully it's a system glitch

Knowing all of that (and that this is a Sunday, and that the first time you call the "system was down") if I were a betting man I would put money on it being a 'glitch'.

It's one heck of a glitch, though... wow.

Re: Confused asf...

redpat — Sun, 26 Jun 2016 12:55:15 GMT

Do you have a PDF statement to look at?

Re: Confused asf...

pip3man — Sun, 26 Jun 2016 13:07:14 GMT

@UncleB wrote:
@pip3man wrote:
So I paid my full balance mid billing cycle. Statement generated today and I was hit with interest charges. Didn't use the card last billing period so no additional purchases that could have triggered interest. Not only that my minimum payment showing up as the full amount of the interest charge. I was in the impression that the minimum would be $25 since the balance is just $83. Is it just me or something doesn't seem right? I tried to call them but they said their systems are down so wouldnt be able to help me until it's back up again.
I would definitely call them about that... it looks strange to me as well.

If the interest were 'legit' it could be that since the entire remaining balance is interest perhaps (?) their system is prompted to make that amount the minimum payment (I'm going so far out on a limb that I can hear it cracking... I've never seen that personally) but you say the interest shouldn't be there either, so none of it makes sense.

You mentioned their systems are down when you call... perhaps this is part of that as well, and when you call this will all be easily and quickly corrected.

My fingers are crossed for ya... let us know how it turns out - I'm genuinely curious now.

B, I honestly have no idea but whatever it is I'm just hoping they can fix it. I hate that I'll post a balance this month and I was trying so hard to avoid that... but oh well it is what it is. I do appreciate ya concern... I won't stress it anymore, it's 9am now so I'm gonna attempt placing a second call through... we got this!!

Re: Confused asf...

pip3man — Sun, 26 Jun 2016 13:12:50 GMT

@fedxboy wrote:
Who knows.....?.> I would say it's residual interest since you were carrying a balance of over 7k and you just made that payment 10 days before the due date. What were the minimum payments before?

Here you go... what do u think?

Re: Confused asf...

pip3man — Sun, 26 Jun 2016 13:16:52 GMT

@redpat wrote:
Do you have a PDF statement to look at?

No, the PDF didnt generate yet. It's usually there 24hrs after the statement closes so maybe later this evening or tomorrow it would show up.

Re: Confused asf...

RonM21 — Sun, 26 Jun 2016 15:00:06 GMT

I'm guessing something isn't right also. I get interest accrual and all, but it still doesn't seem.like it makes sense.

Re: Confused asf...

bada_bing — Sun, 26 Jun 2016 15:45:41 GMT

It typically takes two billing cycles of PIF to reset a grace period on an account after

you have been carrying a balance. Did you carry a balance past the due date in the last cycle?

That would do it and the interest looks about right for interest accrued on charges as they happened,

depending on timing.

Re: Confused asf...

newhis — Sun, 26 Jun 2016 15:50:13 GMT

@pip3man wrote:
@fedxboy wrote:
Who knows.....?.> I would say it's residual interest since you were carrying a balance of over 7k and you just made that payment 10 days before the due date. What were the minimum payments before?

Here you go... what do u think?

So your card was at $0 on Apr 27, you only did regular purchases for $7,124.84 until May 26 and you PIF before the due date?

Or you had the balance for several thousand before Apr 27, paid something during May, didn't use the card for new purchases and PIF before the June close date?

If you didn't use the card in Apr/May because you had the balance and it wasn't on 0% then they calculate interest and charge them in the closing date. So I think this is normal. Maybe I'm wrong.

Re: Confused asf...

Anonymous — Mon, 27 Jun 2016 05:57:44 GMT

@pip3man wrote:
So I paid my full balance mid billing cycle. Statement generated today and I was hit with interest charges. Didn't use the card last billing period so no additional purchases that could have triggered interest. Not only that my minimum payment showing up as the full amount of the interest charge. I was in the impression that the minimum would be $25 since the balance is just $83. Is it just me or something doesn't seem right? I tried to call them but they said their systems are down so wouldnt be able to help me until it's back up again.

Something similar happened to me when I paid off a large balance. What I figured out happened is even if you pay it off, you're still charged interest on the days the balance was whatever the large amount was. I paid off around $1800 on a card a few days into a new statement and so I was only charged interest for the 20 or so days with the lower balance and then the few days of the higher balance. It looked odd to me until I reread how they accrue interest. That's why I've started paying off little by little so my interest doesn't have a chance to accrue before i pay off the remainder before the statement closes. I hope that makes sense.

Re: Confused asf...

Imperfectfuture — Mon, 27 Jun 2016 06:16:40 GMT

Haven't had interest yet, so do not know how to read. Has a call been placed yet?

Re: Confused asf...

JagerBombs89 — Mon, 27 Jun 2016 11:42:26 GMT

You would have to look at your PREVIOUS statement. According to your statement, you have a due date of June 23rd. That means, you previous statement had a due date of May 23rd. Whatever the balance was for your previous statement had to be paid in full by May 23rd or interest would accrue on all future purchase.

For instance: if your balance from the previous statement was $1,000 and had a due date of May 23rd, you had to pay $1,000 to avoid interest. If you only paid $500 by May 23rd, then you would carry interest for the remaining $500, plus every purchase made between May 23rd and your last payment, June 15th.

Re: Confused asf...

newhis — Mon, 27 Jun 2016 14:05:54 GMT

@JagerBombs89 wrote:
You would have to look at your PREVIOUS statement. According to your statement, you have a due date of June 23rd. That means, you previous statement had a due date of May 23rd. Whatever the balance was for your previous statement had to be paid in full by May 23rd or interest would accrue on all future purchase.

For instance: if your balance from the previous statement was $1,000 and had a due date of May 23rd, you had to pay $1,000 to avoid interest. If you only paid $500 by May 23rd, then you would carry interest for the remaining $500, plus every purchase made between May 23rd and your last payment, June 15th.

That's right. So my guess is that OP didn't use the card, the balance was generating interests at $7,124.84 from May 27th - June 14th (the day it was PIF), so it generated $82.45 in interest. I think the APR is around 18-19%.

I didn't know that if the amount left is only interest then that's the min they ask.

Re: Confused asf...

Creditplz — Mon, 27 Jun 2016 14:52:30 GMT

When I read your post I knew it was Capital One... They did the same thing to me twice.. Just give them a call and they'll typically refund you or tell you what had happened ! I was refunded $44 and 29

Re: Confused asf...

pip3man — Mon, 27 Jun 2016 19:26:24 GMT

Hey brethren just a quick update - so I did give them a call and apparently it wasn't a glitch as I hoped it would be. However, the account manager was just as clueless as I was regarding the interest charge and why the mimimum payment was $86 as opposed to $25. No comprehensive or acceptable reason was given but she gladly refunded the interest charge and reset the grace period. Still a mystery that remains unsolved but at least I got my $$ back