topic Incorrectly charged interest? in Credit Cards

Incorrectly charged interest?

EaglesFan2006 — Fri, 13 Apr 2012 17:42:20 GMT

I'm trying to figure out if I was incorrectly charged interest on my CC. Typically I pay off the entire balance but this time I paid off the balance that was on the statement. I was surprised to see an interest charge despite this. Shouldn't paying off the statement balance mean that I am avoiding interest. If not, is there an easy way to figure out what I would need to pay each month to avoid interest short of paying the entire balance?

Re: Incorrectly charged interest?

Anonymous — Fri, 13 Apr 2012 17:55:52 GMT

@EaglesFan2006 wrote:
I'm trying to figure out if I was incorrectly charged interest on my CC. Typically I pay off the entire balance but this time I paid off the balance that was on the statement. I was surprised to see an interest charge despite this. Shouldn't paying off the statement balance mean that I am avoiding interest. If not, is there an easy way to figure out what I would need to pay each month to avoid interest short of paying the entire balance?

Generally for cards with grace period, If you pay the full statement balance by due date, interest will be waived.

Be aware if you owe interest, it can take 2 cycles of PIF to get out of owing interest.

So it sounds like you should not owe any, but specific might help us understand better. .

Re: Incorrectly charged interest?

Walt_K — Sat, 14 Apr 2012 00:13:05 GMT

Also, did you do anything like a cash advance? Interest for that starts accruing immediately.

Re: Incorrectly charged interest?

IOBA — Sat, 14 Apr 2012 00:24:01 GMT

EaglesFan2006 - which cc was this?

Many cc's now calculate the daily average to figure out interest. So maybe the overlap between payment due date and the statement cycle allowed a small window of interest to be called.

Call up your cc. Tell them you are confused about why you were charged interest and ask if they will give you a goodwill credit.