Double Interest?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Double Interest?

Postby tonic889 » Mon Dec 20, 2010 10:44 pm

I was late paying the November bill by 2 days (due date 11/12, paid statement balance in full on 11/14) on my Citi Mastercard. I was charged $40 worth of interest for failing to pay during the grace period, which I understand. However, then I was charged ANOTHER $40 worth of interest on my statement ending in December, despite paying in full and on time. I was informed by Citi that basically I have to pay on time for two consecutive cycles before I am eligible again for the grace period.

I'd like to know if this practice is common place. I think it is outrageous and have requested a copy of my Cardholder agreement. I have excellent credit, almost always pay my bill on time, and don't see why I am still being penalized in December for something that happened in the previous cycle. Until I get the cardholder agreement, I'm not even sure it is legal. I am strongly considering closing my account but wanted to know if this kind of double interest penalty is common or just specific to Citi before I go through the hassle of changing cards. Any input would be appreciated. Thanks!

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Jan 02, 2011 2:22 am

What I think you're experiencing is this-

Credit Card Grace Period
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Postby infomaniac » Sat Jan 08, 2011 3:47 pm

That is likely what the original poster is experiencing.

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