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not being charged interest

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Established Contributor

not being charged interest

It's not that I'm complaining but in the last couple months 2 of my secured credit cards from 2 different lenders have failed to charge me interest and I think it's kind of strange.  Both have a pretty small balance.  Last month it was my StellarOne Visa.  I've looked all over the statement and the website and nothing for interest charge.  What's really bizarre about that is that I had a dispute with a merchant and they gave me a partial credit back including a partial interest charge back.  This month it was my USAA AmEx.  Again not on the statement I got from them and nothing on the website.  But the previous months on the same day every month is the interest charge. 

 

Was just curious if anyone else had this happen??

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




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Established Contributor

Re: not being charged interest

Anyone??

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 2 of 11
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Frequent Contributor

Re: not being charged interest

Perhaps you have a 21-30 day grace period AFTER your statement cuts before interest kicks in?

Source: Wells Fargo college credit card, had balances report 12/24 months and never paid a dime in interest because of the 25 day grace period.
As of 1/10/2014 EX FICO - 748. EQ FICO - 728. Trans FICO - 755

WellsFargo - $3,000 AMEX BCE - $18,000 Chase Freedom - $4,000



Message 3 of 11
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Established Contributor

Re: not being charged interest

Weird because both cards have had small balances for a couple months now.  One is totally paid off but I use it for monthly stuff I already budget for like my newspaper, car insurance, etc that wants to pull from a CC.  The other one I had some vacation related expenses took longer to pay off than expected but will be done this month with so will be $0.  Oh well not complaining but can't hardly see how 2 different banks would miss charging me interest. 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 4 of 11
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Valued Contributor

Re: not being charged interest

The card can have a balance, but if you pay at least the statement balance each month, you are not charged interest because any remaining balance is in a grace period until your next due date.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 5 of 11
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Established Contributor

Re: not being charged interest

I want to know more about this newspaper.  Do people still buy these things?  lol jk! Smiley Tongue

 

 

Yeah like the above states, if you pay it off within the grace period then no interest. 

Message 6 of 11
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Blogger

Re: not being charged interest

Is there anything on the Terms and Conditions/Consumer Agreement that specifies a minimum interest charge?

Message 7 of 11
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Frequent Contributor

Re: not being charged interest

You dont have to pay before the statement cuts to avoid interest, that is only so it reports no balance to your credit report. You can let a balance report, and if you still PIF before the due date then you will not be charged interest. I am assuming this is what you did. There really is nothing weird about not being charged interest...

 

I highly doubt the banks "failed" to charge you interest. If you owed them interest, they would know it. 

Message 8 of 11
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Established Contributor

Re: not being charged interest

I think every is missing the point that I clearly made that I did not in fact PIF these 2 cards and have been carrying a small balance for a couple months and will continue to carry a balance until probably July.  (yes I know that's bad but it is what it is)  I'm well aware if I pay before the due date I won't be charged interest and I'm well aware of how the grace period works.  My question had to do with 2 different card issuers that I've had balances with since about January didn't charge me interest and just curious if someone else ever had this happen.  Obviously I'm happy they didn't but was a bit puzzled about it. 

Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
(7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)

Current (2016): EQ 605 (FICO)/TU 657 (FICO)/EX 646 (FICO)




Message 9 of 11
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Established Contributor

Re: not being charged interest


@mt2va wrote:

I think every is missing the point that I clearly made that I did not in fact PIF these 2 cards and have been carrying a small balance for a couple months and will continue to carry a balance until probably July.  (yes I know that's bad but it is what it is)  I'm well aware if I pay before the due date I won't be charged interest and I'm well aware of how the grace period works.  My question had to do with 2 different card issuers that I've had balances with since about January didn't charge me interest and just curious if someone else ever had this happen.  Obviously I'm happy they didn't but was a bit puzzled about it. 


Check your T & C's like HiLine mentioned. If it's really bothering that much or if you're just curious, then call the company and find out why.


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

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