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CC interest strikes again

November 6th, 2006 at 04:39 pm

You remeber that cc that I paid off before the end of my billing cycle...well they hit me with $25.00 interest. Is this legal? I paid the card off before the next billing cyle...I am red hot right now Angry Smiley 005 are there any recourse, I did close this account because the interest was way too high. Now instead of my lovely blance of $758.68 it's now $781.68...crooks

3 Responses to “CC interest strikes again”

  1. frugalmomof1 Says:

    Check your cardmember agreement for terms and conditions.
    It won't hurt to call and ask them to waive the interest since you paid off the balance.

  2. Jay Says:

    Not sure if I understand what you're saying correctly, and I don't read your blog everyday, but I'm taking a shot in the dark here:

    Let's say you carry a balance $100 on your card. At the beginning of a billing cycle you charged another $100 (balance $200 now). You then pay $200 before the end of the billing cycle. You'd still be responsible for finance charges and interest on the initial $100 balance for however many days in the billing cycle you maintained that balance.

    Your best bet is to call the credit card company next time, beforehand, and get a payoff amount, or else pay extra and wait for them to send you a check back.

    You may be able to call in and get the charges reversed if you find a nice customer service rep. I'd give it a shot.

    Best of luck.

  3. Amber Says:

    Thanks guys I will call

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