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Stare At Me | I paid off my credit card account and they still charge me interest????? |
I paid off a $3000 account two weeks prior to the due date. Then I get a statement the following month and they charged me interest even though there's $0 balance.......
This isn't the first time I paid off an account then the following month they charged me interest. So is this legal????????????
Additional Details
No, there's absolutely no fees of any kind on any of cc accounts. No annual fee, no maintenance fee, nothing. It was just pure interest. I paid off $3000 and next month they had some arbitrary figure like $450 and interest for that. |
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pun9175181970
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Did you pay off your bill when it's due or do you borrow? If you pay some, they will charge you interest on the remaining about. Once you owe them money, the interest keeps adding up until you paid the principal about and the interest up til the date they receive the check.
ie. January 1 - you charged $5000, you paid $2000 on Jan 20.
Feb 1 - your bill will be $3000 plus interest from Jan 20 to Feb 1.
If you still ddin't pay it, it will keep adding interest until you paid it off ALL.
So, don't borrow unless you can manage it and the rate is lower than your saving's account.
ie. $5000 in the bank getting 1%
Credit card debt at 5%
You should pay the debt (5-1=4% extra)
Also they are not tax deductible, you have to pay tax on your bank earnings.
Do not borrow unless you have to borrow to invest in a higher return.
ie. borrow at 7% to buy a house that will return 10% annually
borrow at 7% to buy stock rather than buying stocks on margin at 9%. |
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tedrfandthedog
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Yes, you paid 2 weeks interest. NEXT month you will pay nothing. |
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SamanthaSays
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You should take a second look at your Grace Period !
Some credit cards offer a fairly short Grace Period while others offer a 30 day GP.
If you are still confounded after reviewing the fine print, contact your CC company or bank right away and ask why they are charging you when and to quote the terms in your agreement that entitle them to charge you . |
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bonitakale
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Depends on their rules. Most credit cards I'm familiar with would not charge, if the account was at zero the previous month.
BUT, if you owed anything at all the previous month, you basically have no grace period -- you still owe interest for the first couple of weeks of the month you paid for.
And cash advances have no grace period, usually. |
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Johnny
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Yes this is legal, they have us by the balls the creeps. I always send and extra twenty dollars any time I pay off an account and then they send me the left over amount. Credit card companies charge way to much and if you are late just one time they start charging you the max amount until you have at least 3 months of consistent payments and that depends on the credit card company. |
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Yanda
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You need to contact their legal department. No they cannot charge you interest on a 0 balance. They can only charge you interest if you had a 0 balance for part of the month and owed them something for the other half of the month. Go on their website, read their terms and conditions and then sock it to them. This will probably just be a computing error. Banks fo this all the time too. |
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Felani Perez
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Call them, they ususally take it off. |
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Jim M
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I'd call them, I am sure they will reverse it, though if you read the find print you will see that finance charges are accrued prior to the due date of the bill. |
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Brian A
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Like others have said, if you have been previously carrying a balance that balance accrues interest every day, not just when you receive a statement. So, if you received a bill with a $3000 balance on 10/1 and paid it off 10/15, your account would have continued accruing interest from 10/1 to 10/15. $450 would be an insane amount of interest though, so it sounds like there is more to this story. |
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Patricia S
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Without knowing the exact dates and reading your contract, I'll still make a suggestion.
Before paying the interest, call the card company and speak to them. Insist that you believe the charge is in error. Tell them you will cancel the card if you are not satisfied. Rather than lose your business, they just may remove the charge. |
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TONY S
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Perhaps it is a service fee.
Many credit cards have a monthly service fee, which is similar to an annual service fee.
It costs money to keep the account open. |
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krixty
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you got to cancel it...once you pay it off basically what you are doing is having your whole maximum available and because its still yours you got to pay the interest ..you know if you don't use it its your decision they are letting you have the credit available. Once you pay it off you got to cancel it and that way you don't pay anything. They will keep charging you the interest until you cancel it. |
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