topic Re: DISCOVER IT What is THIS!? in Credit Cards

DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 19:42:42 GMT

I don't understand how i incurred interest on a $0 balance ?

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 18:20:33 GMT

interest is from previous balance

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 18:33:35 GMT

@Anonymous wrote:
interest is from previous balance

i paid my previous balance !

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 18:40:03 GMT

Interest accrues daily. In the time between when the statement cut and when the balance was paid, interest accrued, which you now owe.

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 18:43:36 GMT

@Anonymous wrote:
Interest accrues daily. In the time between when the statement cut and when the balance was paid, interest accrued, which you now owe.

i don't understand. I was not charged interest on my last statement but this statement i have $0 so why am i charged interest ? interest accurs when your statement cuts! but there wasn't any balance to charged. I think its was an enternal. Im going see what they say and report back!

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 18:46:11 GMT

For a more full descriptoin: it is apparent that you had not paid in full from the previous statement. That ends the grace period and starts interest accruing on a daily basis. You would need to check online or overpay in order to wipe out the interest and reinstate the grace period. You might be able to see what the current amount is within your online account.

I would call Discover and explain the situation. Maybe they waive that additional interest fee. If not, you can ask what the current, up to the day balance is and pay it off, then refrain from charging until the end of the month to prove that the statement is cut at $0 and that no more interest is accruing.

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 18:53:01 GMT

@Anonymous wrote:
For a more full descriptoin: it is apparent that you had not paid in full from the previous statement. That ends the grace period and starts interest accruing on a daily basis. You would need to check online or overpay in order to wipe out the interest and reinstate the grace period. You might be able to see what the current amount is within your online account.

I would call Discover and explain the situation. Maybe they waive that additional interest fee. If not, you can ask what the current, up to the day balance is and pay it off, then refrain from charging until the end of the month to prove that the statement is cut at $0 and that no more interest is accruing.

I paid before the statement cuts so it reports $0 and not show im carrying a balance but now there's a balance which i rushed to see where it came from (fraud) and saw it was interest so i emailed them questioning about that. Lets see what they say. I guess nobody here can ever tell me if they too pay their bill in full each month and get charged interest for it.

Re: DISCOVER IT What is THIS!?

mongstradamus — Mon, 24 Nov 2014 18:52:22 GMT

@Anonymous wrote:
@Anonymous wrote:
For a more full descriptoin: it is apparent that you had not paid in full from the previous statement. That ends the grace period and starts interest accruing on a daily basis. You would need to check online or overpay in order to wipe out the interest and reinstate the grace period. You might be able to see what the current amount is within your online account.

I would call Discover and explain the situation. Maybe they waive that additional interest fee. If not, you can ask what the current, up to the day balance is and pay it off, then refrain from charging until the end of the month to prove that the statement is cut at $0 and that no more interest is accruing.
I paid before the statement cuts so it reports $0 and not carry a balance.

did you pay your min due? Usually that is due before statement cuts.

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 18:54:06 GMT

Definitely call them then. It could be some sort of clerical error.

One of your pictures shows you paying ~$90 in interest before this residual bit showed up. I would have guessed that they're from the same source, whatever it is.

Re: DISCOVER IT What is THIS!?

kkapdolee — Mon, 24 Nov 2014 18:55:32 GMT

I can't see your pics for some reason.

Do you happen to have a transaction go through as cash advance? To my knowledge, cash advance starts charging interest from the very day. I had a $20 charge go through as cash advance once and I had to pay interest even though I always PIF all my cards.

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 19:10:50 GMT

@mongstradamus wrote:
@Anonymous wrote:
@Anonymous wrote:
For a more full descriptoin: it is apparent that you had not paid in full from the previous statement. That ends the grace period and starts interest accruing on a daily basis. You would need to check online or overpay in order to wipe out the interest and reinstate the grace period. You might be able to see what the current amount is within your online account.

I would call Discover and explain the situation. Maybe they waive that additional interest fee. If not, you can ask what the current, up to the day balance is and pay it off, then refrain from charging until the end of the month to prove that the statement is cut at $0 and that no more interest is accruing.
I paid before the statement cuts so it reports $0 and not carry a balance.
did you pay your min due? Usually that is due before statement cuts.

i paid IN FULL. i paid it off. is that link not showing up ? i posted picture of my statement. looks like this ...

-----------------------------------------------------------

Previous balance: $1,490.09

Payments and Credits: - $1,490.09

Purchases: +$0.00
Balance Transfers: +$0.00

Cash Advances: +$0.00

Fees Charged: +$0.00

Interest Charged: +$26.80

New Balance: $26.80

-----------------------------------------------------------

Payments and Credits

Oct 24 - INTERNET PAYMENT - $200

Nov 19 - PAYMENT - THANK YOU - $1,200

Nov 20 - INTERNET PAYMENT - $90.09

Fees

TOTAL FEES FOR THIS PERIOD $0.00

Interest Charges

INTEREST CHARGE ON PURCHASES: $26.80

INTEREST CHARGE ON CASH ADVANCES: $0.00

INTEREST CHARGE ON BALANCE TRANSFERS: $0.00

TOTAL INTEREST FOR THIS PERIOD: $26.80

2014 Total Year-to-Date

TOTAL FEES CHARGED IN 2014: $0.00

TOTAL INTEREST CHARGED IN 2014: $26.80

Re: DISCOVER IT What is THIS!?

CreditCuriosity — Mon, 24 Nov 2014 19:12:02 GMT

Don't have to conveince us, give them a call!

Re: DISCOVER IT What is THIS!?

MarineVietVet — Mon, 24 Nov 2014 19:26:21 GMT

@Anonymous wrote:
I don't understand how i incurred interest on a $0 balance ?

Here are edited pictures. OP please remove those links. They contain profanity which is not allowed on the forums.

Re: DISCOVER IT What is THIS!?

slicemans — Mon, 24 Nov 2014 19:25:25 GMT

CALL DISCOVER NO ONE HERE CAN HELP YOU HERE

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 19:45:01 GMT

@MarineVietVet wrote:
@Anonymous wrote:
I don't understand how i incurred interest on a $0 balance ?

Here are edited pictures. OP please remove those links. They contain profanity which is not allowed on the forums.

which links ? where ? i think i deleted them if you were referring to the links that i posted with the pictures but didn't know contain profanity

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 20:37:45 GMT

Yes, you paid in full by the time the statement cut, but Discover compounds interest daily. So you had a balance of approximately 1,500. But you didn't really pay for most of it until around Day 15 of the billing period. So that means, from Day 1 - Day 14 of that cycle, you were accumulating interest daily.

Does that make sense?

Re: DISCOVER IT What is THIS!?

rlx01 — Mon, 24 Nov 2014 20:40:54 GMT

@Credit_Dominion: that's misleading. You don't know his due date.

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 20:44:55 GMT

@rlx01 wrote:
@Anonymous: that's misleading. You don't know his due date.

Even so. theoretically speaking, in this one billing cycle, you could see he made three different payment spread throughout the cycle. And considering he paid a bulk of that weeks after his first payment of $200, that's already a couple weeks of accumulating interest of the remaining $1290.09

Re: DISCOVER IT What is THIS!?

lord_kinbote — Mon, 24 Nov 2014 21:07:39 GMT

@Anonymous wrote:
Yes, you paid in full by the time the statement cut, but Discover compounds interest daily. So you had a balance of approximately 1,500. But you didn't really pay for most of it until around Day 15 of the billing period. So that means, from Day 1 - Day 14 of that cycle, you were accumulating interest daily.

Does that make sense?

No that does not make sense to me. If he PIF'd before the due date, why would there be interest? Interest is only incurred AFTER the due date, not before. From what I read in your post, it sounds like you are trying to say if one makes a charge on their credit card, they immediately start accruing interest - and that is simply not the case, unless it was a cash advance.

OP, why the delay? Let's hear it from the horses mouth - aka Discover.

Re: DISCOVER IT What is THIS!?

Anonymous — Mon, 24 Nov 2014 21:13:18 GMT

@akula wrote:
@Anonymous wrote:
Yes, you paid in full by the time the statement cut, but Discover compounds interest daily. So you had a balance of approximately 1,500. But you didn't really pay for most of it until around Day 15 of the billing period. So that means, from Day 1 - Day 14 of that cycle, you were accumulating interest daily.

Does that make sense?
No that does not make sense to me. If he PIF'd before the due date, why would there be interest? Interest is only incurred AFTER the due date, not before. From what I read in your post, it sounds like you are trying to say if one makes a charge on their credit card, they immediately start accruing interest - and that is simply not the case, unless it was a cash advance.

OP, why the delay? Let's hear it from the horses mouth - aka Discover.

that's what i said! i'll report back