fees? on BCE

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nismoZtuner
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fees? on BCE

Postby nismoZtuner » Thu Aug 21, 2014 3:51 pm

My closing date is on every 19th of the month, I paid of my entire balance in full on August 5th...by the following day my balance was updated to $0.

Image

But now that the month closed I`m getting these fees:

Posted on August 19 for $.49 (Interest Charge on Promotional Balances)
Posted on August 19 for $.55 (Interest Charge on Purchases)
Total fees: $1.04

-I know its not a lot but why am I getting these fees if I payed my balance in full before the closing date? has this happened to anyone before?
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22


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onion
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Postby onion » Thu Aug 21, 2014 4:01 pm

Those shouldn't be there, from what I've read on google. Call them up and get your money back.
FICO TU - 728 - 8/14
FICO EX - 716 - 7/14
FICO EQ - 740 - 7/14

Bank of America Cash Rewards - $2,400
Best Buy - $3,000
American Express Blue Cash Everyday - $8,000
American Express Everyday - $10,000
Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)
American Express Platinum - NPSL
Barclaycard Arrival+ - $3,000
Capital One Yamacard - $11,000

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nismoZtuner
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Postby nismoZtuner » Thu Aug 21, 2014 4:12 pm

onion wrote:Those shouldn't be there, from what I've read on google. Call them up and get your money back.


I`m on chat with some Amex representative an he tells me its a " residual finance charge"
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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nismoZtuner
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Postby nismoZtuner » Thu Aug 21, 2014 4:18 pm

Nash: Hi, welcome to American Express Chat. My name is Nash. How can I help you today?
Nash: We have not heard from you for some time. Do you wish to continue to chat?
you: Hi, I`m taking a look at my BCE and i see i have some interest fees? why am i being charged interest if i paid my balance in full on august 5th?
Nash: Thank you for responding and apologies for the automatic warnings.
Nash: I understand your concern regarding the interest charges, please don't worry now, I am here to help. I'll check it for you.
Nash: Am I chatting with ---?
you: yes
Nash: Thank you for confirming.
Nash: Please allow me a moment while I look into your account.
you: okay
Nash: Thank you for waiting. I'll be with you in just a moment.
Nash: I have checked your account and see that you have been charged residual finance charge..
you: residual finance charge?
Nash: Let me explain..
Nash: As per statement generated on 6/18 your Statement balance was $108.88 and we received payment of $60 due to which interest of $1.02 charged for that statement....
Nash: When payment for the full balance is not received, your balance is then carried forward into the next statement resulting in two months of interest...
Nash: the first month of interest is billed because the full payment is not received.
Nash: The second month resulted in additional interest to cover the time we last billed you, up until the full payment was received.
Nash: That's why interest of $0.04 charged in second statement..
Nash: $1.04*
you: i see
Nash: After the second statement if you pay the full balance and pay on time you would not see another finance charges in the 3rd statement.
Nash: You can also check this information online..\
Nash: let me provide you the link...
Nash: Click Here to check this information online
you: i will check the link, thank you
Nash: Let me know if you need any help.
you: thanks
Nash: I really appreciate your kind understanding and co-operation in this regard!
Nash: Have an Excellent day!
Nash: Take care! (Smile)

***link info***
Why do I have finance charges when I have paid in full?
Even though you paid in full, you may have accrued interest charges on your unpaid balance(s) from the previous billing period(s) up until the date your payment in full was received.

Purchase finance charges will not accrue after two billing statements are paid in full consecutively by the payment due date.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

MemberSince99
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Postby MemberSince99 » Thu Aug 21, 2014 4:37 pm

This is why I never carry a balance. It's just foolishly throwing money away.

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onion
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Postby onion » Thu Aug 21, 2014 4:42 pm

So you just didn't PIF?
FICO TU - 728 - 8/14

FICO EX - 716 - 7/14

FICO EQ - 740 - 7/14



Bank of America Cash Rewards - $2,400

Best Buy - $3,000

American Express Blue Cash Everyday - $8,000

American Express Everyday - $10,000

Discover It Chrome - $500 (AU on fiancée's card, helping her build credit)

American Express Platinum - NPSL

Barclaycard Arrival+ - $3,000

Capital One Yamacard - $11,000

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Aug 21, 2014 4:54 pm

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?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

MemberSince99
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Postby MemberSince99 » Thu Aug 21, 2014 4:56 pm

So they say and I've heard this before as well, yes I think you are correct Careful. I'm not sure I buy it but that's what I've heard.


Just better to avoid it altogether and not carry a balance. Then you never have to worry about this.

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Aug 21, 2014 5:24 pm

I'm going to let a small balance ($100) report on the BCE each month for scoring purposes in case I do decide to open any new credit. Everything else I will pay off within days of posting.

Interestingly, as I don't expect to fly anywhere soon and my PRG has gone into non-use for everything else, it might become a card on which I never have a balance report. I know from CK and Credit.com that it has appeared on my credit reports, though, so a record of its use must exist as an intra-statement 'high credit'.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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nismoZtuner
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Postby nismoZtuner » Thu Aug 21, 2014 6:02 pm

onion wrote:So you just didn't PIF?


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...
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22



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