Jump to content

WTH? I PIF'd my card earlier this month, and I still got stuck with interest?


clc222
 Share

The last post in this topic was posted 2341 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

So, I've got this card with an issuer that shall not be named (let's call it "The Voldemort card" :D ). I had a $4100 balance on it on 8/3, added ~$400 in charges on it between 8/8 and 8/15... I PIF'd the card on 8/20. I just got my statement -- $37 owed.

 

WTH?

 

Is this an average daily balance thing?

 

Link to comment
Share on other sites


So, I've got this card with an issuer that shall not be named (let's call it "The Voldemort card" :D ). I had a $4100 balance on it on 8/3, added ~$400 in charges on it between 8/8 and 8/15... I PIF'd the card on 8/20. I just got my statement -- $37 owed.

 

WTH?

 

Is this an average daily balance thing?

 

As you said you had a balance of $4100 on 8/3, which sounds like it originated from a prior statement so of course you are going to pay interest on it

Link to comment
Share on other sites

So, I've got this card with an issuer that shall not be named (let's call it "The Voldemort card" :D ). I had a $4100 balance on it on 8/3, added ~$400 in charges on it between 8/8 and 8/15... I PIF'd the card on 8/20. I just got my statement -- $37 owed.

 

WTH?

 

Is this an average daily balance thing?

 

Leedspaddy is right.

 

Sounds like you carried a balance. There's also residual interest the following month after you finally pay off the balance.

Link to comment
Share on other sites

Trailing interest. Unless you were PIF the month before also, you will owe interest as there is no grace period on what rolled over.

At least you caught it. A number of people have been burned by not checking their next statement after paying a card off, missing the new balance of interest only and now being late.

Edited by Fragman
Link to comment
Share on other sites

10 points to everyone who's answered my question. 15 points to Hege for asking probing question instead of just answering (sorry, Bud -- the Voldemort card only offers 1.5% rewards :D )

 

Yes, I kind of knew this was a residual/trailing interest thing... Yes, I was kind of trolling with my question. If I can't contribute with knowledge, I can at least (try to) contribute by setting an example. Honestly, I asked the question as much for genuine curiosity if there'd been a mistake as I did to (hopefully) grab the attention of those (like me) who are digging our ways out of the holes we've dug for ourselves.

 

Just because you've paid an account in full doesn't mean you've really settled the account.

 

 

I think Frag hit my point perfectly. I tend to check my regularly used cards daily, and my irregularly used cards weekly. Two assumptions I never make are that:

- I don't owe anything

- A charge hasn't been made to a card that I don't carry

 

 

Voldemort == Cap One, for those who really must know :P

 

Now, the (real, not trolling) question is -- what would happen if I'd of combined this card last week (before the statement cut)? Hmmm....

Now, the (real, not trolling) question is -- what would happen if I'd of combined this card last week (before the statement cut)? Hmmm....

Link to comment
Share on other sites

 

Now, the (real, not trolling) question is -- what would happen if I'd of combined this card last week (before the statement cut)? Hmmm....

 

 

Now, the (real, not trolling) question is -- what would happen if I'd of combined this card last week (before the statement cut)? Hmmm....

 

 

I don't know.

 

I don't know.

Link to comment
Share on other sites

  • Admin

 

10 points to everyone who's answered my question. 15 points to Hege for asking probing question instead of just answering (sorry, Bud -- the Voldemort card only offers 1.5% rewards :D )

 

Yes, I kind of knew this was a residual/trailing interest thing... Yes, I was kind of trolling with my question. If I can't contribute with knowledge, I can at least (try to) contribute by setting an example. Honestly, I asked the question as much for genuine curiosity if there'd been a mistake as I did to (hopefully) grab the attention of those (like me) who are digging our ways out of the holes we've dug for ourselves.

 

Just because you've paid an account in full doesn't mean you've really settled the account.

 

 

I think Frag hit my point perfectly. I tend to check my regularly used cards daily, and my irregularly used cards weekly. Two assumptions I never make are that:

- I don't owe anything

- A charge hasn't been made to a card that I don't carry

 

 

Voldemort == Cap One, for those who really must know :P

 

Now, the (real, not trolling) question is -- what would happen if I'd of combined this card last week (before the statement cut)? Hmmm....

Now, the (real, not trolling) question is -- what would happen if I'd of combined this card last week (before the statement cut)? Hmmm....

 

 

Good thinking! Another helpful thing to do is find a post no one has tried to answer, and give a vague (but not incorrect) answer - assuming you don't really know the exact answer. Someone will come along behind you and correct you, thus giving the OP an answer, or at least a good start.

Link to comment
Share on other sites

Read your cardholder agreement. Different cards vary regarding regaining a grace period. Some require you to pay balance in full for multiple months before regaining a grace period. Once you forfeit your grace period, you pay interest on purchases from the moment you make them. As you can imagine, this is big money for the banks and big hits to your accounts. The reason card companies offer zero percent introductory periods is to condition the consumer into carrying a balance. And it works with 90 percent of the population.

Edited by spacemule
Link to comment
Share on other sites

The last post in this topic was posted 2341 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      185291
    • Most Online
      2046

    Newest Member
    BREAURHODES0624
    Joined
×
×
  • Create New...

Important Information

Guidelines