topic Re: Minimum payment/Interest question in Credit Cards

Minimum payment/Interest question

CF_Frost — Wed, 22 Oct 2014 14:33:16 GMT

I'm kicking myself today, because I was confident I had paid the outstanding balance on my CSP but apparently the minimum payment did and I failed to pay the statement balance. The due date was 10/19 and I paid in full today.

Am I going to get hammered with interest? Will they hate me? HELP

Re: Minimum payment/Interest question

Dw4250 — Wed, 22 Oct 2014 14:51:34 GMT

So you made the min payment before the due date, and PIF today? Why would they hammer you for that? It may cost you a few nickels tops, but they will not AA for that...

Re: Minimum payment/Interest question

CF_Frost — Wed, 22 Oct 2014 14:54:57 GMT

The account was on autopay to draft the minimum payment amount, so it drafted on the due date. I've never not PIF so I was concerned about the interest.

Re: Minimum payment/Interest question

uswala — Wed, 22 Oct 2014 14:57:52 GMT

If you are not on 0% APR they will charge you a small interest or their minimum interest, whichever is the higher. That is what I think, though I always pay in full the day statement cuts, so do not have first hand experience with this situation.

Re: Minimum payment/Interest question

Chris679 — Wed, 22 Oct 2014 23:53:02 GMT

Key thing here is that you usually lose the grace period if you do not PIF. You will pay next to nothing on that balance since you paid it so quickly but don't use it this month for new purchases or you could owe a lot on those. Check your cardholder agreement to be sure.