Minimum interest charge?

[Gregory1776]

I have a 0% APR offer I am using for several months. I have been expecting to not pay any interest on the balance (excluding purchases that were made before the offer went into effect, which the interest and balance due has been paid off). well I get my statement and there's $.50 cents of interest on it. Cannot figure out why, called and asked, they were confused, and pointed me in the direction of there is a .50 cents minimum interest charge.

now my question is why?? Bizarre, never imagined seeing this. Looking for feedback or explanation.

*Interest charge is actually listed as fees charged.

[Tdatb64]

Could that 82 cents they charged you the presumptive minimum interest charge of 50 cents on be trailing interest from your balance prior to starting the 0% offer? You might have to make an extra payment specifying it's solely for the balance not covered by the offer.

[Kforce]

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Jumping to a conclusion that you paid off balance + interest but interest calculation was not up to date.

Hit with trailing interest.

Looks like 82c which would only be 2c-3c in real interest cost, but they have a minimum of 50c.

You wanted a guess !

@Tdatb64 was faster 

"You might have to make an extra payment specifying it's solely for the balance not covered by the offer." 

.or.

Pay 50c next statement, you are still in debt 32c+ more interest.

[Tdatb64]

Can't really tell because the left side of the screenshot is cropped off but mightn't it be that you've been charged this 50 cents twice, now, on an initial trailing interest of 32 cents? In the "?-to-date charged" box the first line says "$1.00", so I'm thinking I might be right. Check your previous statement to see if that line says "$0.50" and the "Balance Subject to Interest Rate" indicates "$0.32".

[Kforce]

Pretty sure it's trailing interest just hard to tell what amount, and if he still owes some or is now paid up.

[Gregory1776]

@Tdatb64 @Kforce 

that's exactly what I thought. Made a extra payment in February when I noticed interest being charged. Made the payment required to take care of that and then saw .50 cents. Last month, and again this month. 

I didn't have a moment, or the website wasn't allowing me to post the image. But it's not under interest it's under fees

[Tdatb64]

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@Gregory1776 wrote:

@Tdatb64 @Kforce 

that's exactly what I thought. Made a extra payment in February when I noticed interest being charged. Made the payment required to take care of that and then saw .50 cents. Last month, and again this month. 

I didn't have a moment, or the website wasn't allowing me to post the image. But it's not under interest it's under fees

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I'm thinking that because it's not the ACTUAL interest accrued but, rather, the MINIMUM they're willing to charge, for the sake of their accounting it might be considered as a "fee".  Google AI thinks so, too. According to the statement you had $0.82 subject to interest for the billing period. They added $0.50 minimum interest/fee so I think you'll need to pay them $1.32 to resolve it and to do it over the phone so you can make absolutely certain they apply that to the interest-accruing portion of your balance. I also think you'll have to do that after you make your regular payment but before the due date.

[Gregory1776]

@Tdatb64 
the First Lady I talked to yesterday didn't seem to know why that was and noted the payment I made that should have taken care of it. Didn't offer much information. I was under the impression that I'd be charged $0.50 cents a month until PIF
called just now and she said something about a $1.27 trailing interest or something and essentially deleted it. so I guess it's all good. Idk, confusing but fixed I guess.  

[dfwxjer]

Haha that's a funny ride, but glad it was resolved in your favor. 

[Tdatb64]

Fingers crossed...