fees? on BCE

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Aug 21, 2014 6:13 pm

nismoZtuner wrote:Pending charges, they lag it. I try to avoid using my card 1 week before my payment is due but I messed up last month. I didn't have my usual gas card and charged gas on the BCE...


1 week before the payment is due? Or 1 week before the statement is cut? Or you mean you purchased gas and then forgot about it a month later?
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nismoZtuner
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Postby nismoZtuner » Thu Aug 21, 2014 6:20 pm

CarefulBuilder14 wrote:1 week before the payment is due? Or 1 week before the statement is cut? Or you mean you purchased gas and then forgot about it a month later?


I make sure I don't have a balance, so I don't use my card for one week before my statement closes. So for example my due date is on the 19th of every month so I avoid using it one week before the 19th..
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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Aug 21, 2014 6:40 pm

nismoZtuner wrote:I make sure I don't have a balance, so I don't use my card for one week before my statement closes. So for example my due date is on the 19th of every month so I avoid using it one week before the 19th..


I understand that such a practice can help you make sure a statement reports with a zero balance. I still don't see how interest was triggered, though.

I will avoid making any payments on cards when there are still pending charges from the last cycle. I think that should be a reliable way to avoid interest.
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nismoZtuner
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Postby nismoZtuner » Thu Aug 21, 2014 7:59 pm

Well I guess it's business but now this will make me make sure I don't have anything reporting on my accounts.. must be $0 balance unless it's the prg..
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Postby supercoolman » Fri Aug 22, 2014 2:28 am

I always pay once per month on the latest balance after statement cut including whatever the new posted charges appeared after the statement cut and never had this happen on my BCE. I don't understand how it's possible in this case unless a balance was carried from previous statement after the due date, but before the current statement cut date

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onion
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Postby onion » Fri Aug 22, 2014 6:43 am

I make purchases up until the 19th (my statement as well) and pay that same day. Never had an issue. I've even made purchases during the billing cycle with no adverse effects.
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Postby yfan » Fri Aug 22, 2014 9:17 am

CarefulBuilder14 wrote:If I understand this correctly, you can't avoid interest if you make multiple payments on a card between the statement date and the due date?

Example: The statement date is August 1 and the balance is $1,000. The due date is August 25.
A payment of $500 on August 10 and another on August 15 triggers interest on the last $500 of purchases from their dates of purchase to August 15. The first payment would be considered less than PIF, so interest would accumulate, even though the card was paid in full by the due date.
But a payment of $1,000 on August 15 would be considered paid in full and escape interest because there was no balance remaining after the first (and only) payment came in.

Is that right?

No. As long as you pay your bill in full by the due date, you will not be charged interest, regardless of how many chunks it is broken into between the statement date and the due date.

At least, that is how it should be. What I tend to do, however, is pay down larger purchases before the billing cycle even closes, thereby only allowing a smaller amount to reflect as the balance on the statement. Then I PIF the statement balance in one payment before the due date.

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Postby djrez4 » Fri Aug 22, 2014 9:45 am

I think you bumped into the end of the grace period on some purchases, but I can't tell for sure just by looking at one month of info.

What "Nash" (why in the world did he pick that?) is saying is that if you make a purchase on June 15, and your statement closes on July 1, you can pay by July 22 without accruing interest. If you don't make a payment and that purchase rolls over onto the next statement, you are charged interest not only on the second statement, but retroactively on the first.
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Postby MemberSince99 » Fri Aug 22, 2014 9:51 am

I guess they had to pick SOME fake name that we could sort of understand. I had one IT recruiter who contacted me who had actually picked a dog's name like Spot or Rover or something (I kid you not) and another who had a girl's name but the voicemail he left was a male voice though the thick accent made the message almost incomprehensible to me.


I actually wrote the guy who had the dog's name and told him hey you might want to consider changing your fake American name, you are using a dog's name and that just is a big joke and looks ridiculous to us. His response was what do you care what my name is all you should care is if I get you a job. Well buddy if you were any good at even doing that maybe we could talk but who is going to take you seriously.....

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Postby Bama87 » Fri Aug 22, 2014 12:54 pm

CarefulBuilder14 wrote:If I understand this correctly, you can't avoid interest if you make multiple payments on a card between the statement date and the due date?

Example: The statement date is August 1 and the balance is $1,000. The due date is August 25.
A payment of $500 on August 10 and another on August 15 triggers interest on the last $500 of purchases from their dates of purchase to August 15. The first payment would be considered less than PIF, so interest would accumulate, even though the card was paid in full by the due date.
But a payment of $1,000 on August 15 would be considered paid in full and escape interest because there was no balance remaining after the first (and only) payment came in.

Is that right?


I have never heard of that. I can tell you for a fact that is not how Discover or Capital One do business, so I doubt AMEX would try that.

I am with djreaz on this one. I think that amount just escaped you.



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