Synchrony Card Zero Balance-Still Charged Minimum Payment

[PhilL]

I have the Venmo Cashback card backed by Synchrony Bank. I was dealing with balance chasing on it, creating a situation where I had a balance of over $2,500 nearly maxed out. However, over the past month or so, I've paid it over entirely (before the monthly statement closed).

When the monthly statement closed, I was perplexed that the card still required a minimum payment (albeit a small one of $5.60) as the balance was now $0.00. However, the balance chasing has stopped (they've lowered my credit line to $1,320).

What is going on here?

I find it odd they would still charge a minimum payment where there is no more balance.

[JoeRockhead]

Could be a trailing interest charge. Have you called them to inquire as to an explanation?

[PhilL]

I haven’t, mainly because the amount is so low.

That said, no charges were listed on the statement for the cycle, which is one reason I'm baffled.

[Snook_on_the_Line]

you were carrying a balance so the 5.60 is probably'trailing interest' 

it's the amount of interest accrued between the  statement date and the date they processed your payment.   

[SouthJamaica]

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@PhilL wrote:

I haven’t, mainly because the amount is so low.

That said, no charges were listed on the statement for the cycle, which is one reason I'm baffled.

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As @JoeRockhead and @Snook_on_the_Line have said, it's probably for interest that will be posted at the end of the cycle.

[Snook_on_the_Line]

And when the statement posts it may be more or less than that amount.        Some cards issuers will list the min payment as the amount of trailing interest that has already accrued while others will list it as what will accrue by your next payment date.