Bama87 wrote: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.
I'm looking at my BCE Rates and Fees Table (also called a Schumer Box?) and it says they won't charge interest "if you pay your entire balance by the due date each month". There is no mention about penalties if you make multiple payments. So I guess multiple payments are okay, so long as they total the amount due on the statement before the due date.
The records from previous months would be helpful, but I agree it sounds like the interest and finance charges are just due to paying less than the balance on the statement produced in mid-June.
So a residual finance charge isn't the same as 'living and growing' interest? It is just interest on purchases (and a little interest on interest) that comes with a grace period to pay? You don't pay less on a residual finance charge by paying before the due date? But you could be charged interest on a late payment on a residual finance charge?
I use the BCE a lot and the $100 reporting will be week-old transactions so I won't be carry the same charges as a balance month to month - just paying them off and replacing them with new grocery purchases.