topic Minimum payment?? Help! in Credit Cards

Minimum payment?? Help!

Anonymous — Tue, 10 Jan 2012 13:25:16 GMT

Hi,
Im new to credit cards. And Im confused I need help.

I paid off my balance to $0 before the statement date and check today that I have a minimum payment due on feb?

Is this normal? You pay your card even without balance???

Re: Minimum payment?? Help!

pizzadude — Tue, 10 Jan 2012 13:30:09 GMT

Possibly a residual interest payment ?? What is the amount due, is it small, like several dollars only ?

Re: Minimum payment?? Help!

Anonymous — Tue, 10 Jan 2012 13:33:43 GMT

About $4. What is residual interest? Is that normal to be charged? Am I always gonna pay that even if i dont use thecard?

Re: Minimum payment?? Help!

pizzadude — Tue, 10 Jan 2012 13:37:58 GMT

It depends on how your CC calculates interest for your charges ~ does a grace period apply to all new charges ??

Re: Minimum payment?? Help!

Anonymous — Tue, 10 Jan 2012 13:40:49 GMT

Honestly, I really dont know. :/

I paid it off before my cut off date.

Re: Minimum payment?? Help!

Anonymous — Tue, 10 Jan 2012 13:49:08 GMT

Look at the statement detail which will explain how they computed interest (if it is interest and not some type of fee.) If you still don't understand it, call the number associated with the account and get a customer service representative to explain it to you. That's what they get paid for - it's their job!

Re: Minimum payment?? Help!

RyVision — Tue, 10 Jan 2012 15:43:38 GMT

@Anonymous wrote:
About $4. What is residual interest? Is that normal to be charged? Am I always gonna pay that even if i dont use thecard?

LOL Ok, lemme guess, just for fun here, this is on your BoA right? (if not it's just to familiar for me not to laugh)

Re: Minimum payment?? Help!

pizzadude — Tue, 10 Jan 2012 16:23:05 GMT

@Anonymous wrote:
Look at the statement detail which will explain how they computed interest (if it is interest and not some type of fee.) If you still don't understand it, call the number associated with the account and get a customer service representative to explain it to you. That's what they get paid for - it's their job!

+1.

Give 'em a call they should be able to explain it to you.

Re: Minimum payment?? Help!

Anonymous — Tue, 10 Jan 2012 16:39:24 GMT

@Anonymous wrote:
Hi,
Im new to credit cards. And Im confused I need help.

I paid off my balance to $0 before the statement date and check today that I have a minimum payment due on feb?

Is this normal? You pay your card even without balance???

You state that you paid before the statement date but did you pay before the due date?

Re: Minimum payment?? Help!

LS2982 — Tue, 10 Jan 2012 17:02:11 GMT

@Anonymous wrote:
About $4. What is residual interest? Is that normal to be charged? Am I always gonna pay that even if i dont use thecard?

Sounds like interest charged to me. Or possibly card insurance

Re: Minimum payment?? Help!

Anonymous — Tue, 10 Jan 2012 17:33:18 GMT

I called them and said its the interest from my last statement. I paid it off before my cut off date. And yes its my BoA.
The lady said i wont be charge anymore once i paid that and not use it again.

Anybody here have an idea If I can request a credit limit increase without them doing a hard pull?

Re: Minimum payment?? Help!

Anonymous — Tue, 10 Jan 2012 17:35:12 GMT

And yes I paid before the due date

Re: Minimum payment?? Help!

RyVision — Tue, 10 Jan 2012 18:31:04 GMT

@Anonymous wrote:
I called them and said its the interest from my last statement. I paid it off before my cut off date. And yes its my BoA.
The lady said i wont be charge anymore once i paid that and not use it again.

Anybody here have an idea If I can request a credit limit increase without them doing a hard pull?

Ok, I PIF'd my BoA ahead of statement cut and I got a similar charge for interest (it stated it on the page near the amount). It was about 4 and change, no big deal.

The CLI thing I don't have enough info to give much of an opinion really. I've tried a few times for CLI's on my small BoA and never happens in 4 years, they ask if I'll allow an HP and I say "no, I have other cards I can use, not a big deal".