Paying off balances

[kroberts67]

I've paid off several cards dropping my UT quite a bit so I'm excited...  then last night 2 cards that previously carried balances cut statements with a balance still:  $1.17 and the other $1.07.  UGH!  Slightly frustrating!

Is there a way to avoid this?  When paying them off I was under the impression that paying the current balance would do it but when statement cut they added more interest.  Do you normally just deal with it or is there a way to find the true accrued balance when paying off?  I have another I paid off with a statement cut date of the 20th but even if i wanted to pay an extra few bucks it wont let me on a zero bal account. 

[Anonymous]

You are dealing with residual interest, that results from carrying a balance.

You can always call and ask if they'll give you the payoff amount, or maybe try overpaying slightly.

PSECU has a way of paying in full, without this problem.

[drkaje]

Chase has gotten me a few times with residual interest.

I was trying to pay before the statement closed so the account would post a $0 balance.

[Anonymous]

http://www.bankrate.com/finance/credit-cards/is-interest-after-credit-card-payoff-legal.aspx

[Kenny]

I just pay it off early before the statement close date and then check back to make sure no charges have gone through.

[kroberts67]

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@KennyS2006 wrote:

I just pay it off early before the statement close date and then check back to make sure no charges have gone through.

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That's exactly what I did.  There were no pending payments and I paid before statement close.

[kroberts67]

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@Anonymous wrote:

http://www.bankrate.com/finance/credit-cards/is-interest-after-credit-card-payoff-legal.aspx

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Thank you, it makes sense that I would have that interest running from my last statement date until now;  however, working for a finance company I am so used to seeing the actual balance on accounts/loans so I just assumed it would bring it to zero.  To have a buck with change left over is driving the OCD part of my brain insane.  If this is the worst of my problems though, I'll take it.  

[Anonymous]

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@kroberts67 wrote:

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@KennyS2006 wrote:

I just pay it off early before the statement close date and then check back to make sure no charges have gone through.

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That's exactly what I did.  There were no pending payments and I paid before statement close.

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If you are carrying a balance, there is typically no grace period.  So there would be accrued interest from the previous statement date.

[kroberts67]

Strange though, $1.17 was left after paying off a balance of $75 on one account, and $1.07 was left after paying a balance of $3500 on another.  Same statement dates.  I would have thought the big account would have the typical full month's interest ($30-40).