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How do you guys do that? The interest gets calculated the day they cut the statement, so it's impossible to get a zero balance.
PIF a few days before the statement generates.
Hi Tanner -- I did that already. I noticed today that JCP posts the interest the day the statement cuts. I have interest on the account from 6/24/11 to 7/2/11 when I Paid in Full.
So now on 7/24/11 for this month's statement they will hit me for that period of time, won't they? I can't seem to get ahead. They won't let me pay ahead because they say there is nothing to pay.
If you are paying interest, then it could be a problem.
Online payment usually can't be more than amount owed but some allow amount owed + 10%. You can mail a check or push the online payment from a bank account with online billpay through your bank.
Greg, I am going to the PO tomorrow to send a rush check to them. Hopefully it will hit in time.
Unfortunately I haven't done online billpay yet w/ my bank. It seems too complicated, though I will do it eventually. I usually go online and pay each account that way. I guess that's motivation to get with the program. Luckily I noticed this today or I'd be freaked. I wish I could just close this stupid account (and my first premier). I'm stuck for now.
@Booner72 wrote:Hi Tanner -- I did that already. I noticed today that JCP posts the interest the day the statement cuts. I have interest on the account from 6/24/11 to 7/2/11 when I Paid in Full.
So now on 7/24/11 for this month's statement they will hit me for that period of time, won't they? I can't seem to get ahead. They won't let me pay ahead because they say there is nothing to pay.
Hey, Booner72!
If I'm understanding this correctly, you paid in full on 7/2. You now see what's called "residual interest" on your account, and you're thinking that you will have to pay additional interest on that amount, so you'll never, ever get it paid to zero. Am I understanding that correctly?
If that is your concern, then do not be concerned. You won't be charged interest on the residual interest. If you pay that amount now showing on your account by the due date, you'll be at zero.
Rest easy!!
@Uborrow-Upay wrote:
@Booner72 wrote:Hi Tanner -- I did that already. I noticed today that JCP posts the interest the day the statement cuts. I have interest on the account from 6/24/11 to 7/2/11 when I Paid in Full.
So now on 7/24/11 for this month's statement they will hit me for that period of time, won't they? I can't seem to get ahead. They won't let me pay ahead because they say there is nothing to pay.
Hey, Booner72!
If I'm understanding this correctly, you paid in full on 7/2. YES You now see what's called "residual interest" on your account, and you're thinking that you will have to pay additional interest on that amount, so you'll never, ever get it paid to zero. Am I understanding that correctly? I'm not seeing any amount of interest due at this point on the account online. The CSR said nothing would be due. Yet I fear that there will be, well I guess you could call it residual interest....anyway... interest that doesn't get calculated until the day the statement cuts from the period of time from the last statement 6/24 - when I paid in full 7/2/11. My current balance is zero.
If that is your concern, then do not be concerned. You won't be charged interest on the residual interest. If you pay that amount now showing on your account by the due date, you'll be at zero. There is no amount now showing.
Rest easy!! Can I rest easy? Is it paid in full? I'm so confused because I've never paid in full before. I've never had to care about this kind of thing, ie., my credit score..
Thank you so much!
@Booner72 wrote:
@Uborrow-Upay wrote:
@Booner72 wrote:Hi Tanner -- I did that already. I noticed today that JCP posts the interest the day the statement cuts. I have interest on the account from 6/24/11 to 7/2/11 when I Paid in Full.
So now on 7/24/11 for this month's statement they will hit me for that period of time, won't they? I can't seem to get ahead. They won't let me pay ahead because they say there is nothing to pay.
Hey, Booner72!
If I'm understanding this correctly, you paid in full on 7/2. YES You now see what's called "residual interest" on your account, and you're thinking that you will have to pay additional interest on that amount, so you'll never, ever get it paid to zero. Am I understanding that correctly? I'm not seeing any amount of interest due at this point on the account online. The CSR said nothing would be due. Yet I fear that there will be, well I guess you could call it residual interest....anyway... interest that doesn't get calculated until the day the statement cuts from the period of time from the last statement 6/24 - when I paid in full 7/2/11. My current balance is zero.
If that is your concern, then do not be concerned. You won't be charged interest on the residual interest. If you pay that amount now showing on your account by the due date, you'll be at zero. There is no amount now showing.
Rest easy!! Can I rest easy? Is it paid in full? I'm so confused because I've never paid in full before. I've never had to care about this kind of thing, ie., my credit score..
Thank you so much!
Yes, you can rest easy. Here is what is going on. You're normally used to carrying a balance, so you get charged interest each statement. When your last statement was cut, let's say the balance was $500. And they calculated the interest you owed to be $5. So you had a statement balance of $505. You paid the $505 by the due date. But the $505 was the balance as of the date of the statement. Since you're carrying a balance month to month, you're not in a grace period. So there is interest accrual from the date your statement was cut until the date they received and applied your payment. That interest is what you are seeing now, that is what is being referred to as residual interest. But they don't charge interest on top of that. Once you pay that, you'll have a zero balance.
I always solved this problem by paying a little extra by using my bank's billpay service. I do that before the statement cuts and it should cover whatever interest that may accrue until my payment arrives. If the account has a negative balance it will report as 0. Then if you don't use the card anymore thay mail you a check with the balance.
He will have interest on the amount owed from the date of the statement (6/24) until the date it was paid (7/2 or whatever date it was recorded).
The amount owed does NOT cover the interest until the next due date.